Intestacy

DEFINITION of 'Intestacy'

The condition of an estate of an individual who dies with property valued greater than outstanding debts, but in which there is not a valid will present. Intestacy may also exist if an existing will does not cover an entire estate. In common law systems, property of an estate in intestacy will typically first go to a spouse, then to children and descendants.

BREAKING DOWN 'Intestacy'

Rules governing the succession of an estate in intestacy are typically laid out by the state in which the deceased lived, and may vary across the United States. Because of the complexity of this type of estate law, called intestacy law, individuals who want to determine who receives property from an estate, should ensure that they complete a will.

RELATED TERMS
  1. Intestate

    The act of dying without a legal will. Determining the distribution ...
  2. Adjusted Gross Estate

    The net worth of the deceased's estate after deducting the cost ...
  3. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  4. Gross Estate

    The total dollar value of all property and assets in which an ...
  5. Estate

    A person's estate is everything comprising the net worth of an ...
  6. Real Estate

    Land plus anything on it, including buildings and natural resources.
Related Articles
  1. Retirement

    6 Ways To Lose Your Estate

    Find out why you shouldn't put off putting your affairs in order.
  2. Managing Wealth

    Estate Planning Checkup: When to Update your Estate Plan

    Estate planning is an important piece of an overall financial plan, but it can't be set and forgotten. Life events are going to require you to update it.
  3. Financial Advisor

    How Life Insurance Can Help Reduce Estate Taxes

    Inheritance is a double-edged sword, as leaving money can create estate tax burdens. Opting for a life insurance plan can help mitigate those burdens.
  4. Retirement

    Estate Planning Basics

    Anyone who dies without an estate plan leaves the state to administer his or her assets. Loved ones might be left out, and the state might keep the assets if it can’t find the proper beneficiaries. ...
  5. Personal Finance

    Estate Taxes: Who's on the Hook?

    Inheritance taxes can be tricky. Most people have to deal with them at a very inconvenient time. It's better to learn the laws now so you're ready later.
  6. Managing Wealth

    4 Key Factors That Drive The Real Estate Market

    Whether you are investing directly or indirectly in property, you need to know the factors that affect its value.
  7. Personal Finance

    10 Habits Of Highly Effective Real Estate Investors

    The best real estate investors all share these traits and practices.
  8. ETFs & Mutual Funds

    Add Some Real Estate To Your Portfolio

    From REITs to owning your own home, find out how diversify your portfolio with real estate assets.
  9. Personal Finance

    Flipping Houses: Is It Better Than Buy and Hold?

    Real estate investors can flip a property or use it for cash flow. Find out which will work in your neck of the woods.
  10. ETFs & Mutual Funds

    The Risks Of Real Estate Sector Funds

    Discover the risks and rewards of investing in real estate funds, as well as some of the best and worst performers.
RELATED FAQS
  1. What is estate planning?

    Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you ... Read Answer >>
  2. How can I make equity investments in real estate?

    Invest in real estate equity through buying and selling real property or through other more liquid investments like real ... Read Answer >>
  3. How can a trust lower federal transfer tax liability?

    A trust is an arrangement in which an individual or entity controls property or funds on behalf of someone else without actually ... Read Answer >>
  4. How do I invest my IRA in real estate?

    Investing real estate in an IRA is one way to fund an investment account. For investors who choose this route, certain rules ... Read Answer >>
  5. How much of the global economy is comprised of the real estate sector?

    Find out how much of the global economy consists of the real estate sector, including output from commercial and residential ... Read Answer >>
  6. Why can real estate be a good addition to a traditional stock and bond portfolio?

    Discover why real estate can be a good addition to a traditional stock and bond portfolio. Real estate is affected by economic ... Read Answer >>
Hot Definitions
  1. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
  2. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
  3. Brexit

    The Brexit, an abbreviation of "British exit" that mirrors the term Grexit, refers to the possibility of Britain's withdrawal ...
  4. Underweight

    1. A situation where a portfolio does not hold a sufficient amount of a particular security when compared to the security's ...
  5. Russell 3000 Index

    A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of ...
  6. Enterprise Value (EV)

    A measure of a company's value, often used as an alternative to straightforward market capitalization. Enterprise value is ...
Trading Center