Legal Question in Wills and Trusts in California

Re: 401k with no beneficiary

If he had children, then under California intestate laws, his estate will go to his children. Unfortunately, because he did not name beneficiaries and does not have a trust (a will is NOT enough) his estate will have to go through Probate.

Additionally, the amount he owes on the home is not calculated into the value of his estate, just the market value of the home.

The estate may be subject to the personal loan, but it depends on the contract for the loan itself. Without reading its terms, I can not answer this question.

I strongly suggest that the children retain counsel (if not us, then another estate planning firm) and start the Probate as soon as possible because it can take as long as 1 to 2 years to complete. The attorney fees are calculated by statute and come from the estate itself, not the clients.

If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com

IMPORTANT:

No attorney-client nor confidential relationship is created through this communication. You may not rely in any way on this communication, and nothing herein constitutes legal advice nor legal opinion. Your issue may be time-sensitive and may result in a loss of rights if you do not obtain an attorney immediately.

Re: 401k with no beneficiary

With the estate being greater than $100k a probate is necessary. If the loans are purchase money mortgages they would have no claim against the probate. I encourage you to hire a certified specialist in probate law to administer the estate. Good luck.