WV Farm Bureau Magazine April 2015 | Page 19

will. When that happens, state law generally steps in and creates a plan to distribute that person’s assets. In West Virginia, the law that applies is Chapter 42 of the West Virginia Code, which you can access on the Internet in its entirety on the West Virginia Legislature’s website: http://www.legis.state.wv.us/WVCODE/Code. cfm?chap=42&art=3#03. In a nutshell, if a West Virginia resident dies without a will, that person’s property is distributed to certain members of his family. The real question is, which family members? Most people assume that if a person is married, then the surviving widow or widower inherits everything, but that is not always the case. If Adam is married to Eve and they either (1) have no children or (2) have children only with each other, then generally Eve would inherit Adam’s property. However, if Adam had children with a different woman, then Eve would only inherit half of Adam’s probate property. Now, what if Adam and Eve were married and had children together, but Eve also had a child from another man? When Adam dies, Eve would only get three/fifths of Adam’s probate property and his children would get the other two/fifths. Finding this complicated? Well, it can be, depending on the family situation. What if the person who dies is not married? In that case, his descendants (children, then grandchildren and so on) would inherit. No descendants? Then his parents would inherit or, if none, then the descendants of his parents (siblings, then nephews and nieces and so on) would inherit. Finally, if none of these family members are alive, it goes to an outer branch of the family (grandparents and their descendants), but no further. West Virginia intestate law does not allow it to go out beyond the grandparents’ line (unlike some states that allow the intestate descent to go out to far flung relatives who are sometimes called “laughing heirs” because they are so far removed that they do not know the deceased person enough to mourn him). The real concern here is whether a person really wants a certain family member to receive funds. Under the intestate law, a person without a will does not get to pick and choose the relatives he likes. The law treats each relative the same. Even if the deceased person loved his brother but hated his sister, they receive equal amounts under the intestate law. Putting this all together, it is clear that having a will can help make a person’s final wishes clear and can help a person make sure that their loved ones receive the assets that the person wants them to. As always, this material is for informational purposes only and is not meant as legal advice. Please consult with your legal advisor regarding your personal situation. Emily R. Lambright is a senior associate in the Charleston office of Bowles Rice LLP. Licensed as a certified public accountant (CPA), she has experience in wills, trusts, estates and business succession planning. For more information, please contact Ms. Lambright at (304) 347-1100. WEST VIRGINIA FARM BUREAU MEMBERS MBERS® $200 OFF $300 OFF all full size Sportsman® ATVs and ACE™ vehicles. all full size RANGER®, RZR® and Brutus® UTVs. $300 OFF all GEM® electric vehicles. ATVs can be hazardous to operate. Polaris models with engine sizes over 90cc are only for riders age 16 and older. Always wear a helmet and be sure to get safety training. For safety and training information, call the SVIA at (800) 887-2887, or Polaris at (800) 342-3764. ELKINS ELKINS MOTORSPORTS 304-636-7732 elkinsmotorsports.net MINERAL WELLS LEMON & BARRETT'S ATV AND CYCLE SPECIALISTS 800-648-5306 www.lemonandbarretts.com West Virginia Farm Bureau News 19