Many people are under the impression that they do not need to create an estate plan, but this is a costly mistake that could leave your loved ones paying the price for your lack of planning. Thankfully, hiring an experienced estate planning attorney in Pasadena can reduce the stress you feel around estate planning and ensure that your assets are transferred with your intentions.
If you die prior to creating a will or estate plan, California’s laws of intestacy will apply to handle your estate administration. All of your community property, which refers to most property acquired during your marriage, will be distributed to your domestic partner or spouse. Your domestic partner or spouse is also eligible to receive part of your separate property, which is property that is owned by you alone, and other relatives such as siblings, grandchildren, children, and parents may also share in your separate property. If you have no domestic partner or spouse, all of your property will be distributed to your children, grandchildren, parents, siblings, or any other relatives.
Non-registered domestic partners, friends, or organizations will not be entitled to any portion of your estate if you do not complete estate planning. Since California intestacy law follows very specific rules, this leaves you no choice as to how your property will be distributed or who receives each asset. Instead, the state of California may even become the beneficiary of your estate only if you pass away with no living relatives.
To get the peace of mind provided by estate planning and to ensure that your loved ones receive the assets you intend for them, contact an experienced Pasadena estate planning lawyer today. We can help you navigate this process and create a customized plan with your needs in mind.
