Property in California Estate Administration: Seven Facts
When an individual passes away without executing a valid will, the division of property in California estate administration process can be complex. For example, the administrator of the estate will have to carefully review the intestacy laws in the state of California. Also, the administrator must ensure that these laws are being properly carried out. Determining who is to receive what property depends largely on the classification of assets owned by the trust. These classifications include community property, quasi-community property, and separate property.
The following information is a list of what each of what makes up the 3 main different types of properties.
- Salary earned for work done at a place of employment.
- Bonuses earned for work done at a place of employment.
- Any property that is acquired during the marriage that is located outside of the estate.
- Community Property is often acquired by the earnings from the personal services of one or both spouses.
Examples of community property: salary, a residence, stock options earned during the marriage, and an increase in the value of a business that must truly be invested in.
- Separate Property is when the property is brought into the marriage, in the form of an inheritance or gift.
- Quasi-community property is any property that was obtained when the acquiring spouse was living outside of California. The property would have been considered community property, had the spouse resided in Newburyport at the time of acquisition.
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