However, California can waive the 3-year escheatment period for intestate assets. If the court cannot immediately locate or identify your next of kin, it can order the transfer of your assets to the state controller. While there is a process an heir might follow to reclaim any escheated properties, you could save your beneficiaries time and money by making a simple estate plan.
Preventing Escheatment
The only way to prevent escheatment is by creating an estate plan. This could be as simple as writing a will. However, a simple will cannot protect your loved ones from probate. The Law Firm of Kavesh, Minor & Otis, Inc. could analyze your estate, assets, and holdings to propose alternate estate protection solutions.
Alternate Solutions
- Strategic beneficiary designations
- A revision of your property ownership arrangements
- A business succession plan
- A revocable living trust
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