Common Joe 'n Jane Real Estate Wiki

Real estate exam prep made easy! Dive into our wiki for key concepts and study materials tailored for success in your exams.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
<--Back to Wiki Home
Bite sized definition logo.

Define Intestate in Real Estate

Intestate: 

Intestate means that someone has passed away without leaving a will, which is a legal document that tells people what to do with their money, property, and other belongings after they're gone. When this happens, the law decides how to divide their things among family members.

Example: 

Imagine your great-aunt Sally passed away, and she didn't have a will. Since she was intestate, the law would step in and determine how her house, car, and other possessions are divided among her surviving family members, like her children, spouse, or siblings.

Illustration of a diver exploring the depths of the ocean. This image represents in-depth further learning in various real estate dictionary and glossary terms on our website.
"A Deep Dive for Real Estate Agents"

Here are a few more things to know about Testate and Intestate:

Contrasting the two:

Testate: A person dies with a valid will, detailing how their assets should be distributed.

Intestate: A person dies without a valid will, and the distribution of their assets is determined by the local laws.

The root meaning of the word "testate" comes from the Latin word "testatus," which means "having made a will." It is derived from the Latin word "testis," meaning "witness," as a will typically requires witnesses to be considered valid.

In summary, having a valid will (being testate) ensures that a person's wishes are respected and followed after their death, while dying without a valid will (intestate) leaves the distribution of assets up to the laws of the jurisdiction, which might not align with the person's desires.

Here are a few more points to consider about testate and intestate:

Importance of updating the will: It's crucial to review and update your will periodically, especially after significant life events such as marriage, divorce, or the birth of a child. This ensures that your will remains current and reflective of your wishes.

Probate process: When a person dies testate, their will must go through a legal process called probate. This involves validating the will, paying off any debts and taxes, and distributing the remaining assets according to the will. In the case of intestate, the probate process still occurs, but the distribution of assets follows the jurisdiction's intestacy laws.

Intestacy laws vary: The rules governing intestate succession differ depending on the state or country. Generally, assets are distributed among the closest living relatives, such as the spouse, children, or parents. However, the specifics can vary, so it's essential to be familiar with the local laws.

By understanding the differences between testate and intestate, as well as the importance of having a valid will, you can ensure that your wishes are followed and minimize potential conflicts among your loved ones after your passing.
Illustration of Dumb Ox mascot.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

In the world of wills and heirs,
Intestate brings its own affairs.
When someone passes, will-less, true,
The law decides what's next to do.

Aunt Sally left, without a plan,
No will to guide her worldly span.
Her house, her car, and all her things,
The law now shares with family wings.

To children, spouse, or siblings near,
The law divides, both far and near.
In the world of wills and fate,
Intestate makes the law dictate.

Invest in Your Future.

Buy Access Now!