What you give up when you don’t have a will

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What you give up when you don’t have a will

On Behalf of CC LawGroup, A Professional Corporation
September 13, 2018
Estate Planning

Many people put off creating a will or trust, thinking it’s something they can deal with later. However, dying without a will can create significant complications for loved ones and lead to outcomes you wouldn’t want. With intestate succession in California, having a well-crafted estate plan is crucial to protect your assets and ensure your wishes are honored. This article explores the potential consequences of dying without a will in California and highlights the importance of seeking professional guidance in estate planning matters.When you die without a will in California, you lose the ability to decide how your assets will be distributed. Instead, California law dictates who inherits your property. This might not align with your wishes and could lead to unintended consequences. For example, if you wanted to leave a specific item to a close friend or to charity, that wouldn’t be possible without a will in California. Intestate succession law might distribute your assets in a way that leaves out certain people you care about.

Guardianship of Minor Children

Another critical aspect is the guardianship of minor children. Without a will, the court decides who will raise your children. This decision might not reflect your preferences for their upbringing and care. You lose the opportunity to name a trusted guardian who shares your values and will provide the best possible environment for your children. A will allows you to express your wishes and provide stability for your children during a difficult time.Dying without a will in California can also lead to delays and increased costs for your loved ones. When someone dies without a will, their estate goes through a process called probate. This court-supervised process involves validating and distributing assets. Probate can be time-consuming and expensive, with legal and court fees eating into the value of the estate. This can create financial burdens for your family during an already challenging time.

Avoiding Probate With a Trust

One way to avoid probate in California is to create a trust. A trust is a legal arrangement that holds and manages assets for beneficiaries. Assets in a trust avoid probate, as they are not considered part of the deceased person’s estate. This can save time and money, and it can also provide greater privacy for your family. Trusts are especially helpful in California, where intestate succession and probate can be complex and costly.In addition to a will or trust, it’s essential to have an advance health care directive. This document outlines your wishes regarding medical treatment if you become unable to make decisions yourself. It allows you to appoint someone you trust to make medical decisions on your behalf and ensures your preferences are respected. Without an advance health care directive, medical decisions might be left to the court or family members who may disagree on the best course of action.

Digital Estate Planning

In today’s digital age, it’s also important to consider digital estate planning. This involves planning for the management of your digital assets, such as social media accounts, online banking, and email accounts. California’s Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) gives your appointed fiduciary the power to manage these assets. Including digital assets in your estate plan ensures these accounts are handled according to your wishes.Small Estate Probate ProcessesCalifornia law offers some options for simplifying the probate process for small estates. Previously, for individuals who died before 2022, the total threshold value of the deceased person’s personal property in California was $166,250 or less, allowing a successor (heir) to use a simplified procedure to collect the property. This process was updated for estates of individuals who died after 2022, increasing the total threshold value of the property, including real and personal property, to $184,500. The process involves filing a Declaration of Independent Administration with the probate court. Like the small estate affidavit process, non-probate administration avoids full probate proceedings.CC LawGroup Can Help You Navigate ProbateWhile these simplified processes exist, it’s crucial to consult with an estate planning attorney to determine the best approach for your specific situation. An attorney can help you navigate the complexities of California intestate succession and estate planning law and ensure your wishes are carried out.Don’t wait to create or update your will. Contact CC LawGroup today to schedule a consultation with our experienced estate planning and intestate succession attorneys in California. We can help you create a comprehensive plan that protects your loved ones and fulfills your wishes.