Legal Question in Wills and Trusts in California
Bequeathing Community Properties
My father in-law is dying of terminal cancer. He married my mother-in-law approximately 20 years ago. At the time he was an active stock trader and had a substantial account with a stock trading firm. Since their marriage he moved those assets into another trading account, and has continued to trade in that market making and losing significant amounts of money. My mother-in-law (his wife) was and is not listed on the account. As my father-in-law's health fails, he is reviewing his will to make sure that his wishes are followed regarding the assets contained in that trading account. The question that comes to mind is whether he has the right to bequeath any or all of that money to a party other than my mother-in-law without her consent, or are those assets community property and therefore would require my mother-in-law's approval to be bequeathed to someone else upon his demise?
2 Answers from Attorneys
Re: Bequeathing Community Properties
There may be a problem in which your mother-in law may have to contest the will. It would be better to have an estate plan, most likely a living trust at this time. Call me dirctly at 16192223504.
Re: Bequeathing Community Properties
A person's 1/2 in true community property can only be devised to the spouse. The spouse can waive this in writing. Is there any prenuptial or postnuptial agreement defining the character of the account? If none, did the wife invest her separate property in the account? Pls call to discuss further.
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