What types of property are typically subject to inheritance law?
Inheritance law in California typically applies to real and personal property. Real property includes land, buildings, and other property attached to the land. Personal property includes items like money, stocks, bonds, bank accounts, cars, jewelry, and other items of value that are not permanently attached to land. Inheritance law can also include intangible assets, such as intellectual property. Intangible assets include items like copyrights, patents, and trademarks. Inheritance law in California can also cover interests in businesses or other entities. This might include partnerships, LLCs, corporations, or other organizations. It may also cover ownership interests in real estate companies, trusts, investment funds, and other business entities. Inheritance law in California may also include interests in trusts. A trust is an agreement between two or more parties, allowing one party (the grantor) to place assets and property into a trust to be managed by a trustee on behalf of the beneficiaries. The parties can dictate what assets and property will be held in the trust and how it will be managed. Inheritance law in California also includes wills. A will is a legal document that allows the owner to designate who will receive their assets, property, and interests upon their death. The will must be validly executed and in accordance with California law in order to be enforceable. In summary, inheritance law in California typically applies to real estate, personal property, intangible assets, interests in businesses or other entities, trusts, and wills.
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