Legal Question in Wills and Trusts in California
wills and quit claim deeds
Neither my husband nor I have a will. About a year ago, he refinanced his home that we live in and I signed a quit claim given to the lender before closing of the refi to say that I had no legal rights to the property.
In the event that he dies before me, does his house pass to his parents and I have no legal entitlement to the home?
Also, he has his own business to which I’ve loaned several thousand dollars – the idea being that he’s making use of the money to grow his business versus me keeping it in a 5% interest bearing CD. If he should die before this money is given back to me am I the automatic recipient of all his business and personal assets, or will I also have to share half with his parents? He’s suggested I “invest” more money as he can offer a higher interest return on my money when the time comes for me to get my money back from him (I’m looking for a real estate property that I will solely own).
1 Answer from Attorneys
Re: wills and quit claim deeds
If your husband has children, you and his children will inherit through intestacy (no will) any and all property in his name. If he has two or more children, you will inherit 1/2 and they will inherit 2/3. If he has one child, it will be 50-50. If he has no children, you will inherit 50% and his parent or parents still alive, 50%. These rules are contained in Probate Code 6401. Of course, if he makes a will all this may change.
If you are loaning him money, get a signed note with a stated interest rate so that you will be able to collect from his estate your principal and accrued interest as a creditor of the estate.
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