The phone rang, jarring me from my afternoon slump. It was Susan, frantic and on the verge of tears. “Steve, you have to help me! My husband passed away suddenly, and I don’t know what to do with all our assets.” Susan and her late husband, John, had built a life together in Temecula, accumulating property, investments, and a comfortable nest egg.
What is Community Property?
Community property laws are unique to certain states, including California. They dictate that assets acquired during a marriage are considered jointly owned by both spouses. Consequently, upon the death of one spouse, their half of the community property passes to the surviving spouse. This can simplify inheritance matters but also presents potential complexities, especially regarding separate property and commingling of assets.
How Does Separate Property Work?
Separate property refers to assets acquired before the marriage or received as gifts or inheritances during the marriage. These assets remain the sole property of the individual spouse who owns them. However, commingling separate property with community property can blur the lines and lead to complications. For instance, if John had inherited a sizable sum of money before marrying Susan, and they deposited it into a joint account used for household expenses, that inheritance could be considered partially community property, depending on various factors.
What Happens When There’s No Will?
“John never got around to making a will,” Susan confessed, her voice trembling. “I’m so overwhelmed. What happens now?” Without a valid will outlining John’s wishes, his half of the community property would be distributed according to California intestacy laws.
Can You Help Me Protect My Assets?
“Steve,” Susan pleaded, “is there anything I can do to ensure my future is secure?” I reassured her. Estate planning is crucial for everyone, regardless of age or marital status. “Susan, we need to create a comprehensive estate plan tailored to your specific needs. This will involve identifying and categorizing all your assets, drafting a will that clearly outlines your wishes, and exploring potential trust options to protect your interests.”
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is Temecula Probate Law. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
estate planning
living trust
revocable living trust
family trust
wills
estate planning attorney near me
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RL4LUmGoyQQDpNUy9
>
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “Do I need an estate plan if I don’t have a lot of assets?” Or “Does life insurance go through probate?” or “Do I need a lawyer to create a living trust? and even: “What property is considered exempt in bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.