Key Takeaways:
- Probate is the public process by which a deceased person’s assets are distributed after their death, whether it is putting a will into action or abiding by the default avenues of inheritance.
- By hiring an attorney, you could future-proof your assets and help your inheritors avoid potential costs like probate taxes and arguing with the commissioner of accounts.
- Real estate titles drops to the decedent’s legal heirs unless the decedent left a will that says something different. When title drops to heirs going through the probate process is usually unnecessary and only levies additional costs.
- A financial account, such as a bank account solely in your name, can bypass the probate process by including a designated beneficiary to the account itself.
When someone passes away, it is likely that their assets will go through the probate process. With so much at stake, given the potential size of someone’s estate, it is important to understand exactly how that process works in Virginia. Even when people have a relatively small estate, the assets that remain could mean a great deal to family and friends.
Hiring a “probate attorney” is the best tool for navigating probate and providing a solution for any beneficiaries while potentially avoiding unnecessary legal processes. Take a closer look at how a probate attorney in Virginia can help you and your beneficiaries maintain control of your assets according to your wishes while avoiding as many fines and taxes as possible.
What is Probate in Virginia?
Probate in Virginia is the public process of determining what to do with someone’s assets after they pass away. This can either be putting someone’s will on record or going through the corollary process of publicly making a mark of the person’s death and the identification of the living person who will take charge of the deceased’s estate if the deceased did not leave a will behind. Put simply, probate in Virginia is the job of administering a dead person’s estate.
The probate process can be relatively extensive depending on the size of the estate, but probate cases are generally open for a period of one year. If a single person is recognized as inheriting everything, it will generally go faster than an estate with multiple beneficiaries that need to be officially identified.
Benefits of Solid Estate Planning in Virginia Beach
The primary benefit of a solid estate plan in Virginia Beach is that you may be able to ensure your descendants or inheritors never have to speak to the probate clerk. By working with a probate lawyer to draft an estate plan, you can come up with a strategy that offers clear, specific instructions that go along with a will to avoid the common frustrations that people go through when a deceased person’s will is unclear or absent entirely.
With a solid estate plan, you may be able to avoid the following troublesome factors:
- Paying probate tax
- Filing accountings
- Interacting with the commissioner of accounts
- Paying additional fees
Can Real Estate Bypass Probate in Virginia?
Yes, real estate in Virginia bypasses probate due to the Stone Doctrine, also known as the “drops like a rock” rule. This rule automatically allows real estate titles to drop directly to the next beneficiary without having to go through the probate process. In fact, a will specifying something else be done with a piece of real estate owned by the deceased person is the only way to make the title subject to probate unless you elect to go through probate voluntarily.
Since a lot of people are unaware of this standard, they will unnecessarily go through the probate process regarding pieces of real estate. With that comes additional costs like probate taxes, so always speak to a probate lawyer before going to the probate clerk to avoid any unnecessary expenditures. Remember that if the probate process can be avoided, you should likely try to avoid it.
What Happens to Assets Solely in Your Name Once You Are Gone?
Assets that are solely in your name are subject to your will once you are gone. Your beneficiaries will have to go through the probate process and qualify for being subject to the will, which essentially means swearing in front of the court to receive a letter that designates them as in charge of the estate or portion of the estate (such as a bank account) that was left to the beneficiary. That letter is then what you would take to the bank that hosts the account to demonstrate that you have permission to take money out.
This entire process is overseen by the commissioner of accounts, who will record every penny that goes in and out. The commissioner’s involvement is legally required, and their involvement comes with additional fees for which the decedent’s estate will be responsible. That means the only way to avoid them is to avoid the probate process altogether.
To avoid this probate process, you will need to directly designate your beneficiary as the chosen beneficiary of the account. Beneficiary designations are NON-PROBATE, and can act as a substitute for the greater probate process, so your probate lawyer may recommend this strategy depending on your unique circumstances. This can be applied to a variety of different financial accounts, including regular bank accounts, Virginia retirement accounts, IRAs, and more.
If the financial accounts themselves do not have a designated beneficiary, they will be subject to the will if one is in place. In that case, the account becomes part of the probate process and is subject to probate taxes.
Why Clients Choose Virginia Beach Law Group
At Virginia Beach Law Group, our attorneys have extensive experience working within Virginia’s unique laws and are committed to delivering high-quality legal services. Our team can support individuals and businesses alike through the complexities of the legal landscape. Think of us as a partner that works to help you achieve a brighter future supported by favorable outcomes and legal soundness. Remember, the money you save by not hiring a lawyer could end up being the most expensive savings you ever get, given what you may miss out on. Take a look at what some of our previous clients had to say about our services.
Testimonials
“I had a power of attorney prepared by Virginia Beach Law Group for my house I was selling. Since I’m the the military I had to leave to go to Indiana before I could close so had to find someone to look over the house and make sure the closing process was being taken care of. The VBLG attorney was the person doing that for me I never stressed about anything and the firm always made sure I was in the loop of things! Their attorney was very professional and I recommend reach out to this firm.” — Patrick C.
“I’ve worked with David Johnson on a personal case and have sent clients his way for years. He does amazing work and is a true professional. He is my go-to for all things estate planning related.” — Najib K.
Frequently Asked Questions About Probate in Virginia
What is the Cost of Hiring a Probate Attorney in Virginia?
The cost of hiring a probate attorney in Virginia depends on how much you actually need them. In many cases, clients will get all the information they need to make intelligent decisions on their own after just the initial consultation, which costs $250. If a client wants to hire our firm afterward for additional services, the hourly rate is $425 with generally 10 to 20 hours of attorney time.
What is the Probate Tax in Virginia?
Probate tax in Virginia is one-half of one percent of the probate estate. To determine how much tax you would be potentially paying, multiply the value of the estate by 0.005. This can be a significant cost to anyone you designate as the inheritor of your estate. To get around this, you should designate beneficiaries within your financial accounts to have the value of those accounts transferred directly to the beneficiaries in the event of your death without having to go through the probate process.
Future-Proof Your Life
Working with a probate lawyer in Virginia is among the best methods to future-proof your life. At Virginia Beach Law Group, our dedicated attorneys have extensive experience working within the Virginia probate system and can help you set up your descendants to receive your assets on your terms, avoiding unnecessary costs when possible by putting as much money in the pockets of your heirs as possible. Get in touch with our team today to get started by calling 757-486-4529 or by filling out our online contact form to schedule an initial consultation.
