A Virginia Inventory Checklist is a list of items that must be included in any inventory taken in the state of Virginia. This checklist ensures that all necessary items are included, as mandated by Virginia state law. There are two types of Virginia Inventory Checklist: the Inventory Checklist for Homeowners and the Inventory Checklist for Businesses. The Homeowners Inventory Checklist includes personal and household items such as furniture, electronics, appliances, jewelry, and clothing. The Businesses Inventory Checklist includes items such as inventory of supplies, equipment, machinery, and raw materials. Both checklists are designed to ensure that all assets owned by the individual or business are included in the inventory.
Virginia Inventory Checklist
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Inventory Checklist
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Put simply, an Inventory lists the property owned by a decedent at the time of their death. The personal representative of an estate must file an Inventory with the court within three months after the date of their appointment.
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.
Whichever asset inventory option you choose, make sure it includes: Personal Property. Homes, cars, furnishing, jewelry, art and any other property you own fully or own a portion of. Businesses.Accounts and Policies.Safety Deposit Boxes.Digital Assets.Jewelry and Art.Sentimental Property.Loans.
The list of heirs is given under oath on a form provided by the Clerk of Court. The heirs identified on the list are the heirs of the decedent as provided under Virginia law for a person who dies without a will. The form requires the name, address, relationship to the decedent, and age of each heir.
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.
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.
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.