
What Happens to Your Assets After You’re Gone? Secure Your Legacy Today
If something happened to you tomorrow, who would receive your home, your savings, or even the contents of your garage? These aren’t easy questions, but they matter—especially if you want to make sure your wishes are followed. Without a clear plan, the Commonwealth decides for you.
Let’s take a closer look at how that works—and how you can take control.
What Goes Through Court—and What Doesn’t
Assets in your name only, like a solo bank account or vehicle, usually go through probate. That’s a court process where your will (if you have one) is reviewed, debts are settled, and property is handed out. No will? The law fills in the blanks, which often leads to outcomes you didn’t intend.
Other assets skip probate entirely. These include:
- Life insurance and retirement accounts with named beneficiaries
- Joint property with survivorship rights
- Assets inside a trust
Those accounts follow the name listed—not your will.
Will or Trust? It’s All About Control
A will tells the court how to divide your probate property. You pick someone to handle things, and the court supervises. Without a will, the state decides who inherits.
Trusts work differently. They hold your assets privately, avoid court, and let your chosen person carry out your wishes directly. This can mean faster results—and fewer family headaches.
A Few Moves Worth Making Now
- Draft or update your will and power of attorney
- Consider a trust to keep things private and efficient
- Review beneficiary designations—these override your will
- Talk to your loved ones so there are no surprises later
Protect Your Legacy. Plan with Confidence.
A thoughtful plan means less confusion, fewer court delays, and peace of mind for your family. At Commonwealth Life & Legacy Counsel, we help you create a plan that reflects your voice. Call us in Central Virginia at 434-589-2958 or in Powhatan at 804-598-1348, or visit us online to learn more. Let’s make sure your legacy ends up where you intended.