California Allows You to Choose Anyone as Your Beneficiary
Who should inherit your possessions when you pass on? Most people immediately think of a mate or children. But what if you have no family? A close friend may suffice. But what if you have lived a long, full life and have outlived your close friends? Or what if you are just really eccentric and want to be a little more indiscriminate with your assets?
California state laws, along with federal laws in the US, don’t have any major requirements when it comes to selecting a beneficiary. It is expected that most people will choose family or friends, but it is not required.
The only time you lose the ability to choose who gets your assets is when they are considered community property. For example, if your mate’s name is also on your title or deed, you can only distribute your half of the property. You can’t give away your mate’s half.
Succession in California
If you don’t have a will or any other estate planning in place, California has laws of succession that dictate who will receive your belongings. Depending on who is still living, the line of succession usually starts with a spouse, then children, then any living parents, and finally siblings.
Estate Planning Assistance in California
Of course, you don’t want to leave things to chance, especially when it comes to blended families. Stepchildren are often cut out completely, and if you are remarried, your current spouse may not have to share anything with your children from a previous marriage. To avoid these types of issues, call Petrov Law Firm at 619.344.0360 to speak with an experienced estate planning attorney.