QUESTION
If my father passes away without will who inherits?
Asked on Jan 06th, 2016 on Estate Planning - California
More details to this question:
My father has stage four cancer, and does not have a will. He's mentioned to me and my sister several times the items he'd like us to have (his car, his investments, bank account, etc). If he passes would his belongings go to his 6 soblings or to us two children?
1 ANSWER
I am sorry to hear of your dad's health. Assuming he has no will, trust, beneficiary designation, co-owner on account, or similar saying otherwise the property would go to his kids. Depending on the value (generally a total of $150,000) a full probate may be required. Thus if his assets are worth more than $150,000 you should talk to an estate planning attorney ASAP about a living trust. Otherwise you might talk to dad about making you co-owners on the investments and bank. Also he can sign his DMV pink slip to make it easy to transfer the car. Good luck! -John
Answered on Jan 07th, 2016 at 6:54 AM