In a Virginia Final Will, the decedent usually also establishes a personal representative-or co-personal agents (two or more persons acting together in this capacity) to handle the estate matters. A personal agent is somebody who collects the information regarding the decedent’s financial debt and assets, pays off any outstanding debts using the assets, and makes sure that the decedent’s property is distributed as written in the last will, so this is a role with a great deal of responsibility. The personal representative decided on is commonly someone the will creator really counts on to see through their final will.
In case someone passes away without a valid Virginia Last Will and Testament (which for most states implies the document must be correctly witnessed, not just signed), somebody will generally be appointed by the probate court to function as personal agent and pay off the decedent’s outstanding debts, using assets as needed to do so. After that, the residual assets will be distributed among the decedent’s heirs as per the laws of the state the will creator lived in.
In several states, when one spouse dies leaving behind their wife or husband, that living spouse will get all the decedent’s assets in the absence of a Will document saying the contrary. In other cases, the testator might have determined a particular individual to inherit a life insurance policy, retirement account, or some other asset, and that inheritor designation will dictate who gets those assets without a Will document.
The critical thing to note is the fact that any person who wants to specify the way in which their possessions will be handled after their passing should write and appropriately finalize a Last Will and Testament to make sure their wishes are recognized and respected. Without a last will, you could be leaving it up to chance, the legislation of the state, or a lawcourt regarding how your last affairs will be wrapped up.