Dying without an estate plan in California—or any state, for that matter—can lead to complications and unintended consequences for the assets you leave behind. What should you know about what happens if you do not make your wishes known?
What will happen to your possessions?
One of the most significant issues with dying intestate is that the state has control over who receives your assets. Unfortunately, California intestate succession laws may not align with your personal wishes or the needs of your loved ones.
What happens to your possessions depends on your family. If you are married or have children, your spouse and children will inherit your property. If you have no spouse or children, other relatives such as parents, siblings, or nieces and nephews may inherit in a specific order defined by law. Finally, if you do not have any close relations, the state will take your assets.
What will happen to the people who depend on you?
Dying without an estate plan can also create challenges for your family. Without an estate plan, you have no control over who will raise your minor children. The court will decide who will care for your children, which might not align with your preferences. A plan allows you to name someone you trust as a guardian for your child.
If you have family members with special needs who depend on you, dying intestate can disrupt their care and financial support. A close relative might receive assets directly, but that may put them over the asset limit for receiving disability benefits. Other loved ones might not receive support at all. Creating an estate plan and using tools like special needs trusts can help you provide for them while also protecting their access to benefits.
Will not having a plan create other problems?
Dying intestate does not just create financial complications. A lack of clear instructions can also lead to stress for your loved ones. The probate process without a will can be long and taxing. Your family may wait a long time to receive their inheritance, and the cost of the probate process might decrease the amount they receive.
A lack of an estate plan can also increase the risk of conflict. Without clear directions from a will or an estate plan, family members may disagree about the distribution of assets. This can lead to fighting and even legal disputes.
To avoid the complications of intestate succession, it is wise to consider creating an estate plan that reflects your wishes and provides for your loved ones. An estate plan can not only protect your legacy and your loved ones but also ensure your desires are fulfilled.