When is it necessary to probate an estate?
An estate must be probated when the deceased has assets titled solely in his or her name at the time of death. Property jointly held with a surviving owner, property passing to another person who has been designated a beneficiary, property with a “Payable on Death” or “Transfer on Death” designation, or property titled in the name of a trust do not come under the provisions of a will, and are outside of probate. Assets include real property, personal property, bank accounts, stocks and bonds, retirement accounts, life insurance policies and other types of securities.
More Estate and Trust Administration FAQs
- Are holographic wills legal in Virginia?
- How long does it take after qualification to complete the probate process?
- Is an executor or administrator compensated?
- Should a will be kept in a safe deposit box at a bank?
- What are the duties of an executor/administrator?
- What does dying testate or intestate mean?
- What is a self-proving will?
- What is the procedure to probate an estate with a will?
- What should the prospective executor/administrator bring to qualify?
- What taxes and fees are associated with probate?
- When is it necessary to probate an estate?
- Where should I go to qualify as a personal representative for an estate?
- Who inherits the property of an intestate (person dying without a will)?