Assets that are Not Affected When There is No Will Available
Losing a loved one is always a difficult experience for those who are left behind. Unfortunately, the task of administering his or her estate is often not easy either. If your loved one died and they had no will available, his or her assets pass to the heirs according to the laws in California. These laws are known as intestacy laws. Some assets, however, are excluded from these laws because they do not have to go through probate administration. Assets not passing through probate pass to another individual automatically rather than according to the intestacy laws.
Assets That Are Not Subject to Intestacy Laws
What types of assets are not subject to the intestacy laws in California when there is no will available? The following are eight examples:
- First of all, property that was held in trust. Even if your loved one did not have a will, he or she may have had a trust.
- Also, life insurance proceeds
- Additionally, retirement accounts, such as IRA’s or 401(k)’s
- Also, transfer-on-death assets, such as stocks or other securities as well.
- Furthermore, payable-on-death bank accounts
- Vehicles titled with a transfer-on-death registration
- Property owned with someone else in joint tenancy with a right of survivorship
- Lastly, property held as community property with a right of survivorship
In conclusion., we understand that administering a loved one’s estate is often a complicated process. Fortunately, we are here to help you navigate through the various steps that are required.
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If you found out that your loved one left no will available and have any further questions, it would be our pleasure to further assist you.