BANKS/BANKING: Provides with respect to "Transfer of Death" (TOD) beneficiary designations for investment accounts

HB 489 clarifies that Louisiana residents can use "Transfer of Death" (TOD) beneficiary designations for investment and brokerage accounts, similar to existing rules for bank accounts. This prevents probate delays and frozen accounts by establishing clear rules for transferring these assets after death. Financial institutions are protected from liability when processing valid TOD requests in good faith, without altering Louisiana’s community property or inheritance laws. The bill directly affects families with non-retirement investment assets seeking to simplify estate transfers.