A Last Will and Testament in California is a crucial document that will dictate how your estate will be distributed after you die. This enables you to decide who gets a portion of your estate regardless if they're your closest kin.
That said, what are the possible problems associated with not having a Will by the time you pass away?
Let's look at the possible consequences and why every California estate lawyer advises you to draft and execute one:
Possible Problems With Not Having A Last Will And Testament In California
Most issues are associated with how courts handle estates by default, which can present the following problems:
1. The Default Is To Follow Intestate Succession Laws
After their deaths, intestates (those who pass away without making a will) who own property are subject to Californian regulations that specify how and to whom these assets should be distributed.
Who receives a portion of your estate depends on how closely related they are to you:
- Heirs-at-law, which includes your spouse and children. If neither of the beforementioned is alive or willing to receive the estate, your assets will be given to your grandchildren instead.
- Collateral heirs, which include your parents, grandparents, and siblings. They will only be considered beneficiaries if your heirs-at-law are unavailable or refuse the inheritance.
For instance, the family they choose could not select the beneficiaries of certain financial assets, such as life insurance proceeds, money in retirement accounts, real estate transferred to a living trust, and others. On the other hand, beneficiaries had already been agreed upon and were, therefore, sure to receive the funds they were due.
On the other hand, real estate (land and assets that are part of it) and personal property (cars, jewelry, furniture, etc.) do not have specified beneficiaries. Instead, they are given to surviving family members like siblings, cousins, children, etc.
So, if you want your assets to be divided the exact way you want, you should consult with a prescreened Los Angeles estate attorney to help you draft the best last will and testament.
2. Problems With Community and Separate Property
If the decedent was a married intestate, California law mandates that the property be split into separate and joint property for rightful ownership.
Separate property is that one spouse acquired throughout the marriage and will only pass to the other spouse if there are no living heirs. The kid or sibling still alive in the family line is the first to inherit separate property.
On the other hand, community properties are possessions that a married couple jointly owns and will only be passed to the surviving spouse.
Since both spouses will share ownership of a vehicle, it will pass to the surviving spouse in case of one spouse's death. In addition, the husband can be the owner of family-inherited clothing to which his wife is not entitled. If his children accepted the inheritance, this would be regarded as separate property and might be passed down to any of them. Because there is no will, California must enact these regulations to protect family harmony and ease the grieving process.
3. Your Stepchildren Can't Inherit Your Assets
Again, if you pass away, the default is to refer to California intestate succession laws. You might also notice that unadopted stepchildren aren't included in the priority list. This can cause problems for blended families who may not fit intestate succession laws in California.
Simply put, unadopted stepchildren will only become beneficiaries if no other family is there to claim your estate. Hence, estate planning for blended families is a must for this very reason.
To ensure your stepchildren are going to get your estate after you pass, draft a will with a prescreened Los Angeles estate planning lawyer. A knowledgeable estate planning lawyer in California can review your estate, help you draft the best will, and advise you on how best to approach estate planning in California.
Find A California Estate Attorney in California
1000Attorneys.com is a California Bar Association Certified Lawyer Referral Service that can refer you to a fitting Estate Lawyer In California. You can contact us through our 24/7 Live Chat (or complete our submission form) for a Free Initial Case Review.
0 Comments