In the event that a family member dies with out a Will, what is to happen to money ina bank acount?

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In the event that a family member dies with out a Will, what is to happen to money ina bank acount?

Asked on January 13, 2012 under Estate Planning, Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If a person dies with out a Last Will and Testament in place they are said to have died "intestate."  Each state has in place Intestacy Statutes which govern how the assets of the decedent are to be distributed. How the account is held also matters.  If it is a joint account then the distribution will be governed according to the law that applies.  If the family memeber had a "POD" - payable on death - in place then that is a beneicary designation and th money goes to that person directly.  Good luck.


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