Probate Problems in Virginia
Probate is the court-supervised process in which a deceased person’s Will is validated, his or her estate is valued, beneficiaries are determined, an executor in charge of distributing the estate is declared, creditors and liabilities are satisfied, and the remaining assets in the estate are legally transferred to the determined beneficiaries.
If you die without a valid will in place, your estate will still need to be probated, however, your assets will be distributed according to Virginia’s intestate succession laws. Which may result in your estate being distributed in a manner contrary to what you would want.
Regardless of whether you die with or without a valid Will in place, any assets that you hold in your own name will need to be probated before they can be transferred to your heirs. This includes money, real estate, vehicles, stocks and bonds, business interests, jewelry, etc.
The Problems With Probate
There are a number of problems associated with transferring property to your heirs through the probate process that may make you want to avoid it whenever possible, most notably:
Probate Can Be a Long Process
Probate in Virginia can last anywhere from 6 months to a few years. The amount of time it will take to probate your estate will depend on its size and complexity. Some estates in Virginia are eligible for what is called a small estate probate proceeding, which may be completed in just a few months. Other very large estates may be subject to litigation and other complexities that can make probate go on for years.
Delayed Access to Much-Needed Assets
Until probate is officially open and your estate can pay its own bills, your heirs may have to pay out-of-pocket for your funeral and burial expenses, household utilities, property insurance, taxes, and possibly storage fees. Avoiding probate can allow your family members to have immediate access to the funds needed to pay your bills.
The Costs Involved
Probate isn’t free and has court filing fees and attorney’s fees associated with it. These fees are payable out of your estate and, sometimes, from the sales of assets you wished to leave to your heirs. Consequently, probate means less money for your heirs and more money for your attorney and the state.
No Privacy
Once probate opens, it becomes a part of a Virginia probate file and a public record. Today, it is very easy to go online and gain unfettered access to information regarding a deceased person’s estate. Avoiding probate keeps your financial information and your family matters private.
Why Consult With an Experienced Probate and Estate Planning Attorney?
Assuming that your long-term estate planning goals are 1) to safeguard your assets for the next generation and 2) to avoid any unnecessary time, expense, and emotional strife when transferring your assets to your heirs and beneficiaries, there may be other estate planning tools, such as a trust, that will allow your estate to avoid probate and the various problems associated with.
An experienced probate and estate planning attorney can introduce to you the various options available that will enable you to mitigate the various problems associated with probate or to avoid it altogether. For more information, contact our law offices to arrange a consultation with a knowledgeable and experienced Virginia probate and estate planning attorney.
Contact Speedwell Law at (703) 553-2577 or [email protected].
The information on this site is for general informational purposes only. The information presented in this site is not legal advice or a legal opinion. You should seek the advice of legal counsel of your choice before acting upon any of the information in this site.