Virginia Inheritance Loans and Probate Advance Law
When someone dies, probate provides a legal way for ownership of assets and property to be transferred from the deceased to the living. Probate laws vary by state, though the core process is often quite similar. Probate laws explain what must go through probate and how estates are to be managed, divided, and distributed to heirs and beneficiaries.
What are Virginia Probate Laws?
Virginia probate laws are somewhat simpler than the laws of other states. Virginia law allows for certain estates to bypass probate if they meet a particular threshold by filing an affidavit. An executor is not required for estates that do not have to go through probate. When an estate is required to go through probate, an executor must be assigned to administer and manage the estate. When an executor is not named in the will, the probate court will select one.
If you are assigned as executor to an estate, you are not required to hire an attorney to help you but working with an experienced attorney is a good idea because they will ensure you complete all forms and tasks within established deadlines.
What is the Probate Process in Virginia?
The probate process in Virginia is similar to the processes in other states. Still, there are differences you should be aware of. Within 30 days of death, a petition for probate should be filed in the Circuit Court in the county where the decedent resided. An original copy of the last will and testament will be required. The executor of the estate is assigned by the court. Typically, this person is named in the will, but if no one is named, the court will select one.
The executor, also called the administrator, must identify and catalog all estate assets and determine what debts are owed by the estate. This is typically required to be completed within the first four months of probate. The executor must send written notice of probate to all heirs and beneficiaries of the estate within 30 days and must publish notice of the estate so creditors can file a claim against the estate for debts owed.
The executor will keep a general accounting of the estate every year until the final accounting is made. The estate must pay the deceased’s final taxes, probate taxes, state tax, personal property tax, and an income tax return. The executor will pay legitimate debts owed to creditors according to Virginia law.
Finally, the remainder of the estate is divided up according to the will. If there is no will, the estate is divided according to Virginia law. Once the estate is distributed to its heirs, probate can be closed.
What Property Must Go Through Probate in Virginia?
Property must go through probate in Virginia if it is owned solely by the decedent and if the value of the property is more than $50,000. Be aware, that not all property will have to go through probate. Bank accounts, retirement accounts, and life insurance policies that have designated beneficiaries will transfer when you die. However, if the designated beneficiary is the estate, then those assets will go through probate. If real property is held in joint tenancy with right of survivorship, then it probably won’t go through probate. Small assets other than real property that is valued at $50,000 or less may also be able to bypass probate in Virginia. These small assets may be transferred by affidavit.
How Can You Avoid Probate in Virginia?
Setting up a revocable living trust is one the better ways to avoid probate in Virginia and in other states. You can assign your assets and property to heirs and beneficiaries in the living trust, but you will remain in control of the assets until you die. The assets held in the trust will transfer automatically to the designated beneficiaries without having to go through probate. Estate planning and living trusts are some of the ways you can avoid probate, but they are not the best solution for all estates. An attorney can help you determine if you should set up a living trust, or if a different type of estate planning would work better for your particular circumstance.
Can You Access Virginia Inheritance Funds Right Away?
You may be able to access your inheritance funds in Virginia without having to wait for probate to close. In fact, if you qualify for a probate advance, you can get your inheritance funds in as little as 24 to 48 hours. With Probate Advance, you can get your inheritance money fast, without credit checks, interest, payment plans, or restrictions on how the money can be spent. With Probate Advance, you can get your money fast and do those things you’ve wanted to do.
Do You Qualify for an Inheritance Cash Advance?
Fill out the form or call us today to find out if you qualify for an inheritance cash advance. To qualify, you must be an heir to an estate that is currently stuck in probate in Virginia. If you qualify, you can skip waiting for the long and drawn out probate process to end and get your money in two days or less. It only takes a minute to find out if you qualify, so give us a call or fill out the form now.
What Do You Need for a Probate Advance in Virginia?
You will need to provide some basic information about yourself and about the probate case for a probate advance in Virginia. We will verify your status as an heir or beneficiary, and then all you have to do is tell us how you want to receive your cash. We can issue your check or transfer your fund to your account within 48 hours.
What Areas of Virginia Qualify for an Inheritance Loan?
You can get an inheritance loan regardless of where you live in Virginia. This includes the following major cities:
- Virginia Beach
- Newport News
You may want to read the following resources to learn more about probate law in Virginia and find out about wills and estates.
Virginia Probate Resources
- Probate in Virginia and the Administration of Estates
- Virginia Bar Association Probate Guide with Codes