How Is My Property Transferred If I Die Intestate?

A lot of people fail to plan ahead for something that is definitely going to happen. If you were to die without executing any estate planning documents, you would die intestate. Under these circumstances, the state would be forced to sort things out. The probate court would step in, and after final debts were paid, the probate property would ultimately be distributed using the intestate succession laws of the state of California. Before we explain the pecking order as it were, we should point out the fact that some asset transfers would not be subject to this process. If you have insurance policies, the beneficiaries that you name would receive their payments from the insurance companies after your passing. Some people create payable on death (POD) accounts at banks and brokerages. With this type of account, you name a beneficiary.  Even if you did not have a will, the beneficiary would inherit anything that is left in the account after you pass away. There are a number of potential
http://www.norcalplanners.com/blog/estate-planning/property-transferred-die-intestate/

Advertisements
Standard

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s