Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0880

220.0880 Wills. A parent's transfer of property by will to his/her children on a share and share alike basis, without further limitations, makes the children "owners in common" of all of the estate property. See Probate Code section 6143.

Unless the will allows for the distribution of estate assets on a pro rata or non-pro rata basis, a distribution of a single asset to one child will be considered a transfer by the siblings of their interests in the asset and a transfer by the deceased parent of the "owner in common" interest provided for in the will. C 8/6/1990; C 5/26/1994.