Still need a will in CA? (1 Viewer)

[CurlyNight]

We are waiting for confirmation, or not, of devastating news regarding my dad. 

He doesn't have a will. Everything he has has our names are on it as well (title of his house, 401k, ira, cd, etc). He was told good enough. Is it really in CA? There would be 0 squabbling over anything. He does have an advanced directive.

Tia

 

[eoMMan]

Usually not a good idea to add a person's name to accounts, houses, etc. if your intent is for them to inherit it. 

Better idea to spell it out in the will.

 

[Juxtatarot]

A will wouldn't supersede joint owners and/or beneficiaries on accounts anyway. 

 

[ChiefD]

No advice to add. Sorry about your dad. 

 

[Zow]

I'd recommend seeing a California attorney who practices in the area of wills, trust, and estates.*

*This may be different than a family law practitioner.  

 

[RokNRole]

We are waiting for confirmation, or not, of devastating news regarding my dad. 

He doesn't have a will. Everything he has has our names are on it as well (title of his house, 401k, ira, cd, etc). He was told good enough. Is it really in CA? There would be 0 squabbling over anything. He does have an advanced directive.

Tia

This is the best time to ingratiate yourself in his life and get him to sign a will that benefits you primarily. This can be as simple as waiting around day after day and comforting him until he thinks he loves you enough to sign.

You want to be in a position where he has nobody else to trust. This is good for everyone.

#1.  It gives you ironclad authority over your other siblings and prevents petty squabbling. They all have to get on your good side for a taste of the pie. Let them taste it gradually over time so you can sleep easy with a reasonable expectation that you won’t be murdered unless the procuring party potentially hamstrings themselves.

#2.  You can fulfill your own dreams ( which you deserve for all the crap you’ve put up with”. 

You can improve your own life, free your mind from stress and ultimately be in the best position to be fair to everyone involved. You can ensure that nobody takes advantage of him and has any leverage over the rest of the family.

it could possibly save your family from unneccesary bickering.

 

[shadrap]

Without seeing what his inventory is can't tell you whether you need a probate.  Some things have to be probated & can be probated without a will(called dying intestate).  Your best bet is to consult an attorney with a list of his assets.   He can tell you whether a probate is necessary.  Just guessing it will be around $150 for the initial consultation.  If no family member disputes the ownership as set out by your dad really helps the overall process..

Sorry about your father.

 

[Mrs. Rannous]

We are waiting for confirmation, or not, of devastating news regarding my dad. 

He doesn't have a will. Everything he has has our names are on it as well (title of his house, 401k, ira, cd, etc). He was told good enough. Is it really in CA? There would be 0 squabbling over anything. He does have an advanced directive.

Tia

If he is capable of making a will, ask him to do it.  That will make his intentions clear.  It doesn't cost much to do.  You risk having the State of California tell you how the estate will be divided otherwise.  Trying to sell a car may be a real challenge.  (It was here in TX.)

The IRA, 401K, and other accounts will pass to a named beneficiary(s) if there is one.  The house deed type determines how it passes without a will.  Having someone else's name on the deed doesn't clarify that.  (My MIL tried this one with Mr R.  It is not a good idea.)

Good luck with your father and all the stuff that comes with it.  If your family is really all together about this, you are a lucky child.)

 

[jvdesigns2002]

My thoughts/prayers about your father.   I am not an expert on that sort of thing—but I am from California.  My understanding is that the best thing would be a trust and not a will.  The probate process can be pretty brutal and I believe that parts of probate can actually end up being public information (which certainly isn’t ideal for privacy concerns).   While it may be too late to worry about a trust at this point—I’d highly recommend that you create one for yourself once things settle down. 

 

[Mrs. Rannous]

My understanding is that the best thing would be a trust and not a will.  

This is very situation specific.  In TX, an uncontested probate runs about three or four hundred, mostly for the paperwork.

 

[Juxtatarot]

Honestly, for the vast majority of people, establishing beneficiaries directly at the account level can work extremely efficiently and it's free.  Real estate can be a little trickier.  There can also be issues in the event of one being incapacitated though.  Having a power of attorney drawn up may be advisable.  

 

[CurlyNight]

Thank you everyone for taking time to reply. I'd rather it be me than him. 

He has some kind of motor neuron diagnosis. Neuro guesses primary lateral sclerosis, pls, which is slower progression than als. Pls takes 1, 2, 3 ,4 years from first suspected to really diagnose. It's a huge wait and see thing. There's no cure, no treatment,  maybe plateaus but progression and no remissions. To me, this is the second worst disease to get because unlike altzheimers, majority don't lose cognitive abilities.  Speech though you do. 

My journey thread on the other board where people are reading about me and my fam now includes my dads journey and what I learn and how we cope as we enter a new world with what could be. These uncommon diseases with no clear diagnosis, no treatment, no remission, no cure are the worst. 

Anyway, as luck would have it, my cousin's wife step mom is an estate attorney in Ca. I gave her all I know and this is her response. 

Thanks again everyone. My heart goes out to all who are or have dealt with such illnesses and estate planning questions. ❤

___________________________________

"So long as all of the property - real estate, bank account, savings account, retirement account, safe deposit box - has a co-owner or a designated beneficiary, he won't need a Will. If there are any bits left over (but less than $150,000 in total), they can claim it using a 2 page form, although they'll have to wait 40 days after his death.

If Shonta is willing to share her dad's first and last names and the county where he lives, I can request a copy of the deed and confirm that she and her brother are co-owners. There might be a problem with the deed if they are tenants in common, rather than joint tenants, so I'd like to check to be sure.

I think this is the most recent vesting deed. It transfers title to dad, Shonta, and Odin as joint tenants. That means that when dad does eventually pass on, title will transfer to Shonta and Odin by operation of law (i.e., without probate). They will have to file an Affidavit of Death of Joint Tenant with the Orange County Recorder's Office, along with a certified copy of their father's death certificate."
 

 

[Mrs. Rannous]

Glad you found some informative help.  Good luck.