Can a successor in interest collect an estate in Virginia?
Under Virginia Code Section 64.2-601, when the total estate does not exceed $50,000.00, a successor in interest, usually an heir-at-law or a beneficiary of the Will, can collect and distribute the assets without having to go through the full probate process.
Can a small estate be collected in Virginia?
Virginia has special rules allowing for the collection of “small assets” (assets under $50,000.00) without going through the probate process.
How does the inheritance process work in Virginia?
The Probate Process in Virginia Inheritance Law When a decedent has not created a will, his or her estate must go through the Virginia probate process under its intestate succession laws. This ensures that the property within the estate goes where it’s supposed to.
What happens to the estate of a deceased person in Virginia?
If the deceased individual has living children, but no spouse, the estate will be divided amongst the children. In very rare cases where the succession process doesn’t turn up any family members, the estate will go to the Commonwealth of Virginia.
What makes an estate a small estate in Virginia?
Estates that include no real property and $50,000 or less in personal property are considered “small estates,” according to Virginia inheritance laws. These estates can avoid any sort of probate proceeding, as long as at least 60 days have passed since the individual’s death.
The Probate Process in Virginia Inheritance Law When a decedent has not created a will, his or her estate must go through the Virginia probate process under its intestate succession laws. This ensures that the property within the estate goes where it’s supposed to.
What are the rules for intestate succession in Virginia?
Intestate Succession: the order in which family members are to inherit property from a decedent who dies intestate, as set forth at Virginia Code Sections 64.2-200 and 64.2-201. Inventory: the list or schedule describing the decedent’s assets over which the personal representative has authority.
Can a Virginia executor purchase an asset from an estate?
This isn’t to say that a Virginia executor can never purchase an asset from the estate, for example, or hire a relative to assist with probate, such as by acting as the estate’s attorney. But written consent must first be obtained from all the estate’s beneficiaries before these types of actions can be taken.