WHAT WILL HAPPEN TO YOUR ESTATE WITHOUT A WILL OR A TRUST?
If you have not taken the time to draft a will your state laws will mandate what will happen with your possessions. This process can be long and drawn out, and can sometimes result in costly lawsuits.
Under California intestacy laws of succession your surviving spouse will receive all of the community property.
Your separate property will be divided as follows if you do not have a qualified will or trust in place:
· If you have only one descendant your spouse will receive half and the descendant the other half.
· If you have more than one descendant your spouse will receive 1/3 of your estate and the additional 2/3's will be divided between your remaining descendants.
· Also keep that if you have children under the age of 18 years old, the courts will determine who will care for hem. This can be a long and scary process for children at an already difficult time.
Having no Will or Trust in place can result in your spouse losing the home that the two of you have built. This is not a good situation for anyone to be involved in. Don't leave matters like these up to chance. To ensure that your estate is allocated in the manner in which you desire begin your Estate Planning today.
At Elder & Disability Law Firm we specialize in advance Estate Planning for residents in the San Bernardino, Riverside, and Redlands areas.