Virginia Intestate succession is the process by which the assets of a deceased person are distributed when they die without a will. When someone dies without a will, it is said that they have died "intestate."
In Virginia, the law sets out the order in which the heirs of an intestate person will inherit their property. The surviving spouse is usually the first in line to inherit the property. If the decedent has no surviving spouse, then their children are next in line. If there are no surviving children, then the property goes to the decedent's parents. If the decedent has no surviving parents, the siblings become the next in line, followed by nieces and nephews, and then grandparents. The law provides for a detailed order of inheritance, which considers various factors such as the degree of relationship of the heir to the decedent.
It is important to note that Virginia intestacy laws only apply to probate assets, which are assets that the decedent owned in their name alone and did not have a designated beneficiary. Non-probate assets, such as joint accounts with the right of survivorship, assets with a designated beneficiary, or assets in the name of a revocable or irrevocable trust are not subject to probate or Virginia intestacy laws.
When someone dies intestate, the probate court will appoint an administrator to manage the estate. The administrator is responsible for identifying the assets of the estate, paying off any debts, and distributing the remaining assets to the heirs according to the order of priority set out in the law.
Virginia intestacy laws provide a detailed process for the distribution of assets when someone dies without a will. It is always advisable to have a proper estate plan to ensure that your assets are distributed according to your wishes.
If you need assistance with setting up an estate plan, contact us today at (804) 270-1300 to schedule a consultation and start planning for your future.