What happens to my assets if I die without a will?

In Virginia, if you die without a will, your assets are distributed according to the laws of the state. This process is known as “intestate succession.” This means that your assets will be distributed among your closest relatives, who are known as “heirs.” The order of priority is determined by the Virginia Code. For example, if you are married and have children, then your spouse will typically receive the first share of your assets. The remainder of your estate will be divided between your surviving children. If there are no surviving children, then your estate will go to their surviving parents. If there are no surviving parents, the estate will be distributed among your siblings or their descendants. If there are no surviving heirs, the state of Virginia will take control of your assets. The state will then transfer your assets to the Bureau of Unclaimed Property. This is a government organization responsible for managing and accounting for unclaimed assets. The process of intestate succession can be complicated and time-consuming. It is important to consult an estate planning lawyer to ensure that your assets are distributed according to your wishes. This can help you protect your assets and provide for your loved ones after you are gone.

Related FAQs

What is a beneficiary designation and how does it work?
What is the difference between an executor and a trustee?
What is a durable power of attorney?
What is a health care directive and how does it work?
What is a trust account and how does it work?
Who should be included in an estate plan?
Should I include a trust or will in my estate plan?
How can I prepare for long term care expenses?
What is probate, and how can I avoid it?
What is a charitable remainder trust and how does it work?

What happens to my assets if I die without a will?

Related FAQs

Related Blog Posts