Financial Glossary
Here you’ll find clear and concise explanations of key financial terms and concepts. Our goal is to help you better understand essential topics across the financial world.
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Intestate
Intestate means dying without a valid will in place, causing the deceased person's property and assets to be distributed by state intestacy laws rather than personal wishes.
When a person dies intestate, their estate is managed by the probate court, which appoints an administrator and distributes assets according to a predetermined family hierarchy set by local statutes. Generally, the surviving spouse, children, or closest relatives inherit first; friends, unmarried partners, or charities rarely do under intestacy. Non-probate assets, such as life insurance, retirement accounts, and jointly held property, may bypass court involvement.