You probably believe that you have the right to inherit from your spouse, domestic partner or parents when they die. While this is generally true, what you may not realize is that if a Californian dies without having made a will, (s)he dies intestate.
If you are a California resident who feels you were unfairly provided for or disinherited by someone’s will, you may be considering challenging it. Per A People's Choice, however, in order to do this you must be an interested party. This means that you must be either a family member of the deceased who would have inherited from him or her had there been no will or a non-family member who had reasonable expectations of inheriting from him or her.
As a beneficiary of a will in California you are not only entitled to the material wealth your loved one set aside on your behalf, but you are also responsible for carrying out their wishes as intended. However, you might encounter barriers to these processes in the form outside forces significantly diminishing the value of the estate.
If you live in California and have yet to make a will, you probably will be shocked to learn that the State of California has made one for you. The California Probate Code makes extensive provisions for the way in which your property and assets will be distributed if you die before making a will; i.e., if you die intestate. In other words, the State of California will decide who gets what share of your property.
Say that you have a loved one living in the San Fernando Valley while you and other family members live in other states. If that family member dies, and you and others are not immediately available to help handle his or her affairs, what happens? The scenario just described has happened to many of those that we here at The Law Offices of Alice A. Salvo have worked with. There are pressing matters that must be addressed upon your loved one's death that, if not dealt with promptly, could complicate the handling of his or her remains and even impact the value of his or her estate.
California residents may at some point end up having to deal with either writing a will of their own, or handling someone else's will. In these situations, it's good to know the difference between the different types of wills. In this segment, we take a look at living wills and last wills.
Determining what is going to happen to your family after you pass on can be a difficult thought, one that may be even more complicated if you have a child who will likely require lifelong assistance. If you are unsure about whether or not you will require a special needs trust, there are a few things you need to know. We at the Law Offices of Alice A. Salvo can help you determine which types of planning are right for you and how to best care for your loved ones in California.
You may hear stories of people coming forth after a wealthy individual has died claiming to have helped the decedent and in return being promised his or her entire fortune. Often, the only evidence that such people can produce is a handwritten will. Such stories may be easy for you and others in Woodland Hills to dismiss, yet they prompt the question of whether or not a handwritten will is actually valid.
Many in Woodland Hills may wonder what sort of assets make up their estates, and how far those properties can go in generating income and other benefits for their beneficiaries. Any tangible (and in some cases, intangible) property can qualify as estate assets. That means that one's cash accounts, securities, real estate holdings, investment accounts, and precious items may all be made to benefit one's family, friends, or other parties once he or she is gone.
Many in Woodland Hills may joke about dying penniless and poor, yet in the case of many local residents, their financial circumstances may actually be worse than that. Recently, statistics seem to show that more and more people are dying in debt. Information shared by Fox Business shows that as many as 73 percent of Americans carry debt at the time of their deaths. The average amounts carried by those who do die in debt is just under $62,000.