Who Gets It When You Go?

It depends on how you hold title to your property. Some property will pass according to the title on the property and some property will pass according to California law.

If you die without  a Will, you die intestate. There are two ways to die without a Will:

1) You don’t take the time to write a personal Will; or

2) You attempt to write a personal Will that is rejected by the court.

In either case you died intestate, that is without a Will, and your estate will pass according to the California intestate statute.

Some property does not pass according to the intestate statue.

1) Life insurance and Retirement benefits. Regardless if you have a Will or not, certain assets pass according to your beneficiary designation form. If you didn’t name a beneficiary or your beneficiaries have all died before you die, then the intestate succession statute controls.

2) Joint ownership property that you own with another person. For instance your house, bank account, or car might be owned by you and another person, and therefore, at your death, the joint tenancy property will pass automatically to that other person. You and your spouse might hold your home in joint tenancy with the right of survivorship. So when you die, your home automatically passes to your surviving spouse without probate. However, when your surviving spouse dies later, without a Will, then the home will pass according to the intestate law unless your spouse left a Will.

3) Property held in a living trust. If you transfer assets to a trust that you created while you were alive (a living trust), then this property passes according to your trust and not according to the intestacy laws.

Any property in your name alone, or property that you share as a tenant in common with other people, is subject to the intestacy laws. However, property held in a living trust or property held in joint tenancy, life insurance and retirement benefits with a named beneficiary will not pass according to the intestacy law.

If you are single and die without a Will, survived by your three kids, and survived by your mom and dad, your mom and dad get nothing because you are survived by living descendants. Your three kids would each take 1/3 of your estate. However if your kids are under the age of 18 (age of majority), they can’t hold the property themselves and a guardian would be appointed by the court to handle the property for them until they reach the age of majority.

If you want to avoid probate if you want to save money, if you want to save time, call the Trust Doctor, W. Bailey Smith at (949) 833-8891 today or go to yourtrustdr.com to learn more.