Thinking of death may not be on your to-do list for the day, or ever. Preparing for the end of your life is something you should do, but have you?
The AARP reported in 2017 that a high percentage of people ages 53 and over have wills and other estate planning documents. However, what happens to your money or property if you do not have paperwork in place?
Virginia’s estate laws
If you die without a will, your estate becomes intestate. When a person dies in intestacy, the responsibility of deciding the distribution of your assets falls to the probate court.
Without a will, Virginia’s probate judge may pick a person to distribute your estate within 30 days after your death. The person appointed to the role must take an oath and give a bond in the amount equal to the value of the estate.
It is then the administrator’s responsibility to determine the debts and place a value on the estate. Because the administration of an estate may take considerable time and energy, the Commonwealth of Virginia may allow the administrator to get paid.
Where the money goes
Intestate succession depends on the family you have when you die, including spouse, children and other relatives. Like many states, Virginia has a way it distributes the assets.
- All assets go to the spouse. However, if there are children, one-third goes to the spouse and two-thirds become divided among the children.
- If there is no surviving spouse, the money passes to the children.
- Where there is no spouse or children, it goes to the parents.
- Last, the money goes to the siblings of the deceased.
Assets get distributed to surviving relatives after funeral expenses, debts and administration costs.
