The below article is meant for informational purposes regarding the probate process in Virginia. Rockpoint Probate Funding DOES NOT provide funding services for estates based in Virginia.
Unless you’ve been through the Virginia probate process, you might not know what to expect when validating a loved one’s will in probate court. It can make dealing with the aftermath of a loved one’s death even more challenging than it already is.
The Virginia Probate Process
You might think your family can avoid the Virginia probate process if your loved one created a will prior to their passing. However, many families will need to navigate the probate process regardless of whether or not their loved ones died with wills listing their final wishes. This process was created to eliminate the chances of fraud and theft once you start distributing a loved one’s assets.
If you don’t have much experience with the probate court in Virginia, learning about the process in advance can minimize the stress associated with it. Discover more about this process below.
Does Virginia Require Probate?
Did your loved one leave assets valued at under $50,000 in their will? If so, the Virginia probate process might not be mandatory in your case. You can typically file a small estate affidavit instead of filing probate paperwork.
Probate is required in Virginia in many other instances, though. The probate process is designed to allow your family to take inventory of your loved one’s assets and settle their debts so you can distribute inheritances without encountering any disputes.
How Long Will I Have To File Probate in Virginia?
Some states force families to file probate within a matter of weeks, which can make mourning the deaths of loved ones even more difficult for them. Virginia doesn’t fall into this category, as it doesn’t set any strict deadlines for when families must file probate.
Still, your family shouldn’t wait too long to file probate paperwork, especially for more complex asset structures. The longer you wait to do it, the longer you’ll have to wait to secure an inheritance from a loved one’s estate.
What Does the Virginia Probate Process Entail?
Title 64.2 of the Code of Virginia outlines the state’s probate process. These are the steps you’ll take as you move through it:
- An executor presents your loved one’s death certificate, will, and probate paperwork to a probate court in Virginia.
- The executor begins notifying heirs, creditors, and others about your loved one’s death.
- The executor compiles a list of your loved one’s assets and arranges to appraise them.
- The executor collects a list of your loved one’s outstanding debts and creates a plan to pay them off.
- The executor determines whether your loved one owed any taxes and files tax returns when necessary.
- The executor distributes the remaining assets based on your loved one’s will.
- The executor closes your loved one’s estate once all assets are distributed. In some cases, they will receive executor compensation for their efforts.
One aspect that makes Virginia unique regarding the probate process is that the state gives creditors anywhere from three to five years to make claims against a person’s estate. This can cause the probate process to drag out longer than in other states. It can last a year and sometimes even multiple years if enough creditors make claims.
Can I Avoid Going Through the Probate Process in Virginia?
Did your loved one create a living trust prior to their death? It could help your family steer clear of the Virginia probate process.
A living trust transfers ownership of certain assets, like bank accounts and life insurance policies, to beneficiaries automatically after a person dies. It’s an effective estate planning tool for families who want to avoid the probate process.
What Will Happen If My Loved Ones Dies Without a Will in Virginia?
National studies suggest almost half of American adults don’t have wills. If your loved one died before creating a will, it could make the Virginia probate process more complicated.
In this instance, your family must give up some control of the probate process. The state will appoint an executor to oversee this process, relying on its intestate succession laws to distribute your loved one’s assets. These laws have distribution models that will dish out assets in this order:
- Spouse
- Children
- Parents
- Siblings
- Nieces and nephews
- Grandparents
- Aunts and uncles
- Great-grandparents
- Siblings of grandparents
If no next of kin is available to claim assets from your loved one’s estate, it could lead to the state taking ownership of these assets in the end.
Does Virginia Have an Estate or Inheritance Tax?
Virginia had an inheritance tax until 2007, when it was repealed. Your family won’t need to worry about paying any estate or inheritance taxes unless your loved one’s estate is unusually large. You’ll face a federal estate tax if it’s worth over $13.6 million.
Can I Receive a Portion of an Inheritance Before the Conclusion of the Virginia Probate Process?
Unfortunately, Rockpoint Probate Funding is unable to offer inheritance advances in Virginia at this time, but we are able to offer funding in several other nearby states for estates based in those jurisdictions. Touch base with us today by calling (888) 263-8588 to see whether a cash advance might work for you.
