What is a division of assets upon death?
A division of assets upon death is the process of distributing the deceased person’s assets to their heirs after they die. This process is governed by the applicable state laws, and in California the applicable law is the California Probate Code. This code outlines the rules for who will receive the deceased person’s assets and how they will be divided. Generally, the assets are divided in a manner that is consistent with the wishes of the deceased person, as stated in their will. If the deceased person did not leave a will, or left an incomplete will, then their assets are distributed according to the laws of intestate succession. This means that the assets will be distributed according to the intestate succession laws of California, which are based on the family relationships of the deceased person. For instance, the spouse or children of the deceased person will usually receive the largest share of the assets. If the deceased person does not have any relatives, then the assets will generally be given to the state. This division of assets upon death is an important process and should be done as soon as possible after the death of the deceased person. It is important to get the proper legal guidance when going through this process, as it can be complex and involve a lot of paperwork.
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