For many, the concept of estate planning seems reserved for the wealthy or elderly. However, without an estate plan, your assets could end up in the hands of people you never intended. What happens if you pass away without a will, and why is it important to take control of your legacy now?
Who receives your estate if you pass away without a will?
When someone dies without a will, the law decides what happens to their possessions in a legal process called intestate succession. These rules decide who gets the belongings based on how they are related to the person who died. This means that only certain people can inherit:
- Surviving spouse: If the person who passed away only leaves behind a spouse, that spouse gets everything. If they also had surviving children, the outcome depends on if the spouse is the parent of those children. If they are, the spouse gets everything. If not, the spouse gets one-third, and the children get the rest.
- Children and descendants: If the person had no spouse, their children each receive an equal portion of their belongings. If a child has already died, their share goes to their children.
- Parents: If there are no spouse or children, the parents inherit everything. If one parent is dead, the other parent gets it all.
- Siblings: If there are no spouse, children or parents, the siblings get the belongings.
- Other relatives: If there are no siblings, the belongings go to other relatives, following a certain order.
- The state: If there are no relatives, the belongings go to the state of Virginia.
Not only does the state define who inherits your possessions in these situations, but it also defines how much they inherit. As a result, the people you want to provide for could be left out or your loved ones may receive more or less than you intend.
A will allows you to avoid these issues
Without a will or other estate planning documents, you have no control over who inherits assets or how they are distributed. Estate planning allows you to ensure your preferences guide what happens to your loved ones. Creating a plan also allows you to minimize tax liabilities so that your loved ones receive more, designate guardianship for minor children and achieve other goals.
Virginia’s intestacy laws give a way to divide belongings, but they cannot replace a personal estate plan. By creating a will, people can protect their family from the unknowns of intestate succession and make things clearer during a hard time.
