When someone passes away without having a will, that person is considered to have died “intestate”. When this happens, it is up to the probate court to determine who gets what assets – regardless of how any family members or other loved ones of the deceased individual feel.
This highlights the importance of having a valid will at the time of your death. It is highly unlikely that you would want your assets to be distributed by the court system rather than you deciding who should have what. In addition, passing away without a will can put major strain on family relationships if arguments arise regarding who should have which assets.
Dying Intestate: How Does the Probate Court Decide Who Gets What?
So if the court decides who should get which assets, you might be wondering: How do they determine which assets should go to which people? The way the probate court makes these decisions are according to intestate succession laws. It is important to note that intestate succession laws vary from state to state. The probate court will make its determination regarding the distribution of assets based on the laws of the state where the probate process is taking place – not based on state laws where relatives live.
For example, in New York, if you pass away with children but no living spouse, your children will inherit everything. If you pass away with a spouse and no living children, your spouse will inherit everything. If you have a living spouse and living children, your spouse will inherit the first $50,000 of your estate in addition to half the remaining balance, with your children splitting the remainder equally. If you have no spouse or children, the estate will pass on to your parents. If you have no living spouse, children or parents, the estate will pass on to siblings.
In Virginia, if you pass away with a living spouse and living children who are all children of that spouse, the spouse inherits everything. However, if some of your children are from a different relationship, the spouse will inherit one-third of the estate, with the other two-thirds passing on to your children. If there is no spouse or children to inherit the estate, it will pass on to parents. If there are no parents, it will pass on to siblings. If there are no siblings, it will pass on to grandparents or other relatives determined by Virginia law. Lastly, if there are no living individuals to pass the estate on to, it will go to the Commonwealth of Virginia.
The above highlights the importance of having a will. If you pass away not having a valid will, the distribution of your assets can become quite complicated, and can put your family through a long and stressful process that you very likely do not want to put them through.
For any questions regarding creating or updating your will, or any of your other estate planning needs, we are here to help. Contact us today to learn more about how we can work with you.
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