Virginia Notice Regarding Estate

State:
Virginia
Control #:
VA-LOU-12
Format:
PDF
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Description

Notice Regarding Estate

Virginia Notice Regarding Estate is a set of legal principles that govern the transfer of property after a person's death in the state of Virginia. It applies to both testate and intestate estates, meaning those in which a will exists or one does not. The Virginia Notice Regarding Estate outlines the duties of the executor and how to administer the estate, the rights of creditors and other parties, and the distribution of assets. There are two specific types of Virginia Notice Regarding Estate: Notice to Creditors and Notice to Interested Persons. Notice to Creditors informs any creditors of the deceased of their potential claim against the estate, while Notice to Interested Persons provides notice to the beneficiaries and other heirs.

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FAQ

There is no set time frame in which a will must be probated, or estate administration must be started. The death of a loved one is a particularly emotional, stressful, and busy time.

Probate assets can include vehicles, real estate, bank and brokerage accounts, and personal belongings (for example, jewelry, home furnishings, artwork, and collections). Life insurance proceeds that are payable to the estate (not a named beneficiary) are also probate assets.

In Virginia, any estate valued at greater than $50,000 at the time of the owner's passing must go through the probate procedure.

Under Virginia law, a ?small estate? is an estate with assets belonging to the decedent, or presently distributable to them, that have a value at death of $50,000 or less.

This notice is to tell you that, in the circuit court clerk's office, listed above, either a personal representative has qualified or a proponent has probated the deceased person's will. THIS NOTICE DOES NOT MEAN THAT YOU WILL RECEIVE ANY MONEY OR. PROPERTY.

One way is to execute and fund a trust. If all of your assets are in a trust, they will pass through your trust instead of undergoing the probate process. Another way to avoid probate is to add beneficiary designations or ?transfer on death? or ?payable on death? designations on your bank accounts and other assets.

Virginia Code § 64.2-508 (A-D) requires that a fiduciary give written notice of probate to certain individuals within 30 days of qualification. Within 4 months of qualification, a fiduciary must file an affidavit with the Probate Department confirming that said notice(s) were sent.

If the decedent had no known place of residence, the will should be probated where the decedent owned any real estate, or if none, where the decedent died or has any estate. Usually the Clerk of the Circuit Court or a deputy clerk handles the probate of wills and the circuit court judge is not involved.

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Virginia Notice Regarding Estate