Legal Question in Wills and Trusts in California
Legal beneficiary
My wife's uncle just passed away with no will & children. He has 2 bank accounts that we're aware of. My wife's dad is the designated beneficiary on one of the account but not sure if he's on the other account. If there's no beneficiary designated, what will happen to the money?
Thank you for your time.
2 Answers from Attorneys
Re: Legal beneficiary
The account passes by intestate succession. Go to the net and look at California Probate Code Section 6400 et seq. If he had no wife or children then look at Section 6402.
If it is less than $100,000 can pass by a simple Affidavit Procedure. If more, then via Probate.
Re: Legal beneficiary
Assuming that your wife's uncle (the decedent) also had no surviving spouse, the bank account without a beneficiary designation would go to his Estate and it will have to be probated*. If the Uncle had no Will, then the asset will pass by way of intestacy - to his parents, if living; if not, his parents' descendants. Your wife's dad is the decedent's brother, so he and his other living siblings would get equal shares of that money.
*If the bank account has less than $100,000 in it, then a small estate declaration can be used, to avoid formal probate.
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