What happens if I don't have an estate plan?

If you don’t have an estate plan in West Virginia, it will be up to the state to decide how your assets and property are divided. This is known as laws of intestacy. Generally speaking, the laws of intestacy will state that your surviving spouse or domestic partner will inherit the majority of your property and assets, in addition to all of your personal possessions. If you don’t have a surviving spouse or domestic partner, your assets will be divided among your children, parents, or siblings. If none of those relatives exist, your assets will be distributed to the closest living relative. Additionally, without an estate plan, you cannot specify what you want to happen to your assets and your children. This means that if you have minor children, the court may decide who will become their guardian. Estate planning is important because it will allow you to decide how your assets and property will be distributed, who will be the legal guardian of your children, and how you would like your estate handled after your passing. It is important to take the time to create an estate plan that reflects your wishes. It is equally important to revisit your estate plan from time to time, as your wishes may change and estate laws in West Virginia may change. A qualified estate planning attorney can help you create a plan that meets your needs.

Related FAQs

How can I ensure that my charitable donations will be properly handled?
What is the difference between an executor and a trustee?
How should I distribute my assets if I don't have a will?
What is probate, and how can I avoid it?
What should I do if I suspect an invalid will?
How do I set up a living trust?
What is an estate distribution plan and how does it work?
What is an estate tax return and why should I file one?
How do I transfer a business after I die?
What is a living trust and how does it work?

What happens if I don't have an estate plan?

Related FAQs

Related Blog Posts