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It’s Your Money: Make a Plan or the State Will

Planning Ahead

June 9, 2014
By Deborah Miller , The Intelligencer / Wheeling News-Register

If you don't make a will, then what?

In West Virginia, that all depends on your family situation. Here are the most typical situations and who gets what:

Confused yet?

Article Photos

By Deborah Miller

If you have no living spouse, then your estate will be divided among your descendants (children, grandchildren, great-grandchildren, etc.). If you have none, then it will be inherited by (in order of priority) 1. your parents, 2. your brothers and sisters, 3. nephews and nieces, 4. grandparents or their descendants, or 5. the State of West Virginia. If, for example, your parents are living, then no one in the later groups will receive anything.

That's the basic structure of our intestacy (meaning, without a will) law. What's left out? No special provisions to cover unique situations, for one. For another, gifts to nonprofit organizations and other important ways to lower estate taxes, such as the by-pass trust.

For many, intestacy can be the most expensive version of estate "planning."

So, making a will to transfer your hard-earned assets to those who can best use them can also be a way to protect the assets from taxes one final time.

That's good planning.

Deborah Miller is the senior director of planned giving for the West Virginia University Foundation.

 
 

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