Legal Question in Wills and Trusts in California
Dose a will cover everything I own?
Dose a will cover everthig I own? I was told...No, your will affects only those assets which are in your name alone at your death.
Well..what about a law suit that was started weeks before death, that may lead to a settlement? Who would get the money? Next of kin? or the person on the will? Or the family who is coutinuing the suit on behalf of brother?
Please let me know..
Thank You
2 Answers from Attorneys
Re: Does a will cover everything I own?
The will covers everything you own (unless its disposition is covered by a contract, like retirement assets or life insurance), and that includes money you or your estate receives in a lawsuit.
Note that if the asset is community property, you can only will your half away, not your spouses. Thus, if the lawsuit proceeds are a community asset, your will would control half. If it's a separate property asset, the will controls all of it.
Re: Dose a will cover everything I own?
Family members cannot continue the suit, only the executor of the estate. Any recovery then goes into the estate and is distributed according to the terms of the will.
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