Estate planning provides an effective way to protect the future of your loved ones and express your final wishes. If you don’t take advantage of this opportunity, you’ll have no control over what happens to your estate once you pass away. Instead, it will be up to the court and the state’s intestate succession laws to determine how your assets are distributed and who will be in charge of wrapping up your affairs. This can cause several problems to arise. Below is an overview of how estates are settled when there isn’t a will or trust in place. 

A Guide to Intestate Succession in Virginia 

Inheritance Laws 

Without an estate plan, the court won’t know who you intended to leave your property to. In turn, intestate succession laws must be followed, which dictate the order assets are passed down in. Under Virginia law, only assets subject to probate are affected by intestate succession. This excludes retirement accounts, life insurance benefits, property owned in joint tenancy, and bank accounts set up to be payable-on-death.

All other assets will be inherited by your children if you don’t have a spouse. Otherwise, they’ll go to your spouse if you don’t have children or your children are the descendants of that spouse. If you have a spouse and children from a previous relationship, the spouse will inherit one-third of your property and the children will get everything else. If you don’t have a spouse or any children, your parents and then siblings will be next in line to inherit. 

Consequences of Intestacy

Neglecting to participate in estate planning can have many unintended consequences. Your assets may end up in the wrong hands, such as an estranged child you haven’t been in contact with for years. You also won’t be able to leave anything to your favorite charity or a live-in partner you never married or provide a bigger inheritance to a disabled dependent who needs long-term care. A will also allows you to name a guardian for minor children, but if you don’t have one, it will be up to the court to decide who raises them. Additionally, not creating an estate plan often results in costly family disputes. 

If you have yet to prepare for the future, contact the legal team at PoindexterHill, P.C. Backed by more than 40 years of experience, they’ll help you reach your estate planning goals with a customized plan that clearly communicates your final instructions. Based in Waynesboro, VA, residents throughout the Shenandoah Valley have entrusted this firm to provide valuable guidance during the process of establishing a valid will and trust. Call (540) 943-1118 to schedule a consultation, or visit them online for more information about their services.