Drafting an enforceable Last Will and Testament is one of the simplest, most straight-forward, and important ways you can ensure that your assets are inherited and distributed according to your wishes. You can make sure that your favorite niece receives your art collection, your home is passed to your children, and your preferred charity receives the contents of your savings account. If you do not have a Will at the time of your death, you are said to have died “intestate.” Intestacy laws tell the court how to divide your estate in the absence of a valid Will. Intestacy laws vary considerably depending on your family, but, in general, the law is set up such that your closest relatives will inherit your property. If you have children, but no spouse, your children inherit all of your assets. Similarly, if you have a spouse, but no children, parents or siblings, your spouse will inherit your entire estate. However, for example, if you have a spouse and surviving parents, your spouse will inherit all community property, but only half of your separate property. The rest will go to your parents. If you have both a spouse and children at the time of your death, your spouse will inherit all of your community property, but only a percentage of your separate property. Your children will share the remainder.
These laws may seem logical, but using intestacy laws to distribute your assets is not a good estate plan. First, intestacy laws provide no consideration for close friends, step-children, or any other person who is not closely related to you. This could mean that your estranged sibling inherits from your estate while your friend who provided you with caring love and support at the end of your receives nothing. Second, the intestacy laws do not consider need. You may wish to help provide a financial boost to one struggling relative by giving him or her a large portion of your assets, but the intestacy laws do not take the financial status of the potential heirs into account. Finally, if you have no family at the time of your death, your assets will go to the state. If you make a Will, you can choose a charity or other cause to help fund instead of simply pouring your hard-earned assets into the state’s coffers.
Sirkin Law’s California attorneys have extensive experience with helping our clients to draft thoughtful and enforceable Wills to avoid intestacy and receive benefits under California inheritance laws. In Los Angeles, Call us today to set up an appointment.
