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Comprehensive list of executor responsibilities, including due dates. Step-by-step guide for Virginia estates with tasks, calculations, and reports.
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Mar 11, 2022 · The Virginia probate process, or the court-supervised process of determining whether a decedent left a valid will, conducting an accounting of the decedent’s estate, and distributing the decedent’s assets to beneficiaries, has a reputation for creating hassle and costing time and money.
Two years ago, the Virginia General Assembly amended the Small Estate Act, which provides streamlined procedures for the handling of smaller estates. Importantly, probate estates valued at $50,000 or less (not including real estate) may be able to be distributed without the appointment of an executor and without going through the formal probate ...
Aug 19, 2019 · Virginia law has some options that can help you administer smaller estates without the expense, time, and liability of formal probate proceedings. The Small Estate Affidavit: Virginia Code § 64.2-601. First, calculate the probate estate. If the total is less than $50,000, you may consider using a Small Estate Affidavit.
Dec 21, 2023 · Virginia recognizes a 'small estate' exception to the usual probate process. If an estate’s value is below the threshold (typically $50,000), it may qualify for this simpler, expedited process. This process involves a small estate affidavit and is generally faster and less complex than traditional probate.
- Collecting Property with A Small Estate Affidavit
- Transferring Real Estate Without Probate in Virginia
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Virginia offers a procedure that allows inheritors to collect property directly from the person or institution holding it. To qualify, the estate (the property you own at death) must meet these requirements: 1. the value of the entire probate estate (see below) can't exceed $50,000 2. at least 60 days have elapsed since the death 3. the will, if an...
In Virginia, real estate can be transferred automatically to inheritors without going through probate court. This is true regardless of whether the deceased person left behind a will (died "testate") or no will (died "intestate").(Bruce v. Farrar,158 S.E. 856, 857 (Va. 1931)).
For help determining if an estate qualifies for one of these probate shortcuts, or handling an estate in general, see The Executor's Guide, by Mary Randolph (Nolo) or Estate Planning Basics, by Denis Clifford (Nolo). For more on Virginia estate planning issues, see our section on Virginia Estate Planning.
The Virginia Small Estate Act provides a means by which certain small assets owned by a decedent can be transferred and collected at death without a formal administration. There are two procedures for doing so based on the value of the asset(s).
The following chapters discuss the various steps involved in probating a will, paying debts and claims, filing tax returns, and carrying out other duties and responsibilities of a personal representative of a decedent’s estate.
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