Distribution of assets is how an individual's belongings, property and other assets are:
- Determined who they are allocated to
Usually the individual that carries out the will, or the executor of the will, is responsible for the handling of an individual's estate when they pass away, which includes allocating the assets to the recipients.
Something to consider when making a will is asset protection. This will secure and protect an individual's belongings. The ways in which an asset can be allotted and to whom are numerous.
Other influences of what is allocated include:
- Owner of the belongings
- Whether one the individual solely owned the belongings
- Whether there are several people who had a share of ownership
How belongings are allocated?
The relatives and other individuals often are the recipients of the allocated assets. §240 of the Probate Code, specifies the way in which belongings and assets may be separated and allocated. The individual's relatives or offspring will each receive the same portion of the assets. If a relative or offspring has passed away their portion of the assets will get separated as well and allocated equivalently to the other offspring and relatives, according to what the law demands.
We Are Here For Your Legal Assistance
Losing someone you love is tragic and painful. You don't want to have to think about the ways that your loved one' belongings and assets will be separated and allocated, so let our firm handle that for you.
The Law Offices of David Shapiro can give you information regarding the distribution of assets as well as help you know how your loved one's belongings will be separated and allocated.
Don't wait to contact our Los Angeles probate lawyer today!
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