The Probate Process in Virginia
Dealing with the death of a loved one is a time for mourning loss and celebrating life. Unfortunately, the natural process of coping with loss oven overlaps with a number of necessary financial and legal processes. You owe it to yourself to make sure these proceedings go smoothly—and the best way to do this is by educating yourself about how such processes work.
One of the most important (yet also most frequently drawn-out) processes that must be taken care of after the death of a loved one is probate. Here are the basic facts that everyone should know about probate in the state of Virginia.
- Probate is a court-supervised legal process that may be necessary after someone passes away. Under probate, the closest living relative to the deceased (often the surviving spouse, if applicable) is given the authority to handle all of the deceased’s assets. That person must then pay off debts, taxes, and the costs associated with death (i.e. the funeral) before eventually transferring all remaining assets to the people who legally inherit them.
- Probate may not be necessary. If the deceased owned less than $50,000 in assets, it is possible that probate may be avoided. Additionally, even if probate is necessary, there are many assets which remain outside of the probate process. This includes:
- The proceeds of life insurance and pensions. (As long as they are payable to a named beneficiary.)
- Assets owned in conjunction with another person who is still living.
- Assets designated for a living beneficiary. (IRAs and 401(k)s often fall under this distinction.)
- Assets held in a revocable living trust.
- Probate falls under the legal jurisdiction of the place of residence during death. The first step for the executor will be going to the appropriate circuit court and providing an original signed will, a certified copy of the death certificate, and an estimated value of all estate assets.
- In some cases, the deceased may have more debts than assets. In this case, the executor will need to turn over a list of debts to the circuit court, and the State of Virginia will “prioritize” the debts of the deceased. In the case that the debts of the deceased exceed his or her assets, the executor should almost certainly seek legal counsel.
- The executor may have the right to sell assets in order to pay off debts of the deceased. In certain cases, it may become necessary to sell the home of the deceased (which is often the most valuable asset, and may have been left empty.) In this case, a short sale offers many benefits over the traditional process of selling a home through a realtor, as they provide faster results with less legal and financial barriers to completing the sale.
Learn more about making a short sale with Blue Marble Properties. We help people sell their homes quickly while still offering an honest price. Get in touch with us today and we will work with you every step of the way!