Will cash-short California get your assets if you die without a will or trust?

The State of California, no matter how bad Arnold says the fiscal crisis is, will not receive your real and personal property if you die without a will or trust.

First of all, any real property (for example, a home) held in joint tenancy goes to the surviving owner. This is usually the surviving spouse of the decedent. Other property held jointly, like an automobile, also goes to the surviving spouse or other person named on the title.

Bank and investment accounts also go to joint owners or anyone named as a beneficiary. Other personal property where there is no title, such as tools, clothes,...