If you die intestate in California, meaning you pass away without a valid will or trust in place, your home will be distributed according to California's laws of intestate succession. These laws provide a default plan for the distribution of your assets, including your home.
Under California's laws of intestate succession, the distribution of your home will depend on several factors, including whether you were married at the time of your death and whether you have any surviving children or other relatives. Here's a brief overview of how your home may be distributed:
- Surviving spouse and no children or parents If you are married and have no surviving children or parents, your entire estate, including your home, will go to your surviving spouse.
2. Surviving spouse and children. If you are married and have surviving children, your estate will be split between your surviving spouse and children. Your spouse will receive one-half of the community property and one-third of the separate property, and your children will receive the remaining share.
3. No surviving spouse, but children. If you are not married and have surviving children, your estate will go to your children in equal shares.
4. No surviving spouse or children, but parents If you are not married and have no surviving children, your estate will go to your parents in equal shares. If one parent has passed away, their share will go to their descendants.
5. No surviving spouse, children, or parents
If you are not married, have no surviving children, and no surviving parents, your estate will be distributed to your next of kin in the following order: siblings, grandparents, aunts and uncles, and cousins.
In all cases, the distribution of your home and other assets will be subject to the probate process, which can be time-consuming and expensive. To avoid these complications and ensure that your assets are distributed according to your wishes, it is important to create a valid will or trust with the help of an experienced estate planning attorney.
It is difficult to estimate the value of probates per year nationwide, as the value of probated estates can vary widely depending on a number of factors, such as the value and complexity of the assets, the location of the estate, and the size of the estate.
However, a report by the American Bar Association estimates that the total cost of probate nationwide is approximately $2 billion per year, based on data from 2005. This includes costs such as court fees, attorney fees, and executor fees.
It is worth noting that this figure may be an underestimate of the total value of probate per year, as it only accounts for direct costs associated with probate and does not include indirect costs such as lost productivity and emotional distress. Additionally, the report is based on data from over 15 years ago, and the cost of probate may have increased since then due to factors such as inflation and changes in laws and regulations affecting probate.
The number of probates that occur in California each year can vary depending on various factors such as population, demographics, and changes in laws affecting probate. However, according to data from the California Judicial Branch, there were 33,500 probate cases filed in the state in 2019. This number includes both uncontested and contested probate cases.
It is worth noting that this figure may not be an exact representation of the number of estates going through probate, as some estates may not require formal probate proceedings. For example, if the deceased person's assets are held in a living trust, they may be distributed to beneficiaries without going through the probate process. Additionally, some smaller estates may be subject to simplified probate procedures that do not require a full probate case.
Overall, while the number of probates in California can vary from year to year, it's clear that many Californians go through the probate process each year. This highlights the importance of proper estate planning to help minimize the need for probate and ensure that assets are distributed according to your wishes.
If you feel you want to examine your exposure to Probate then make a 15 minute call appointment to go over your situation. To know and do nothing with the knowledge is much worse that to not know or every seek any answers; call now at (949) 305-8642 or go to the appointment link on this site.