What is a division of assets upon death?
Division of assets upon death is a process that is used to determine how the deceased’s property and possessions will be distributed among their heirs. In West Virginia, the laws of individual inheritance are governed by the state’s statutory law. Under West Virginia statutes, the deceased’s estate is divided into two categories: separate property and community property. Separate property is owned outright by the deceased and includes property that is acquired prior to marriage, through gift, or inheritances. Community property includes any property the deceased acquired during the marriage, like real estate, bank accounts, and retirement accounts. When the deceased passes away, the process of division of assets begins. In the state of West Virginia, the first step is to determine if the deceased has a valid will. If there is not a valid will, the deceased’s assets will be distributed according to the state’s intestacy laws. This means that the state will dictate how the deceased’s assets are distributed among their heirs. The deceased’s assets will then be divided among the deceased’s heirs according to the terms of the will or intestacy laws. Depending on the size of the estate, it may be necessary to have an administrator appointed to oversee the distribution of assets. Ultimately, the division of assets upon death is intended to ensure that the deceased’s wishes are respected, and their assets are distributed according to their wishes.
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