Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult an attorney about your situation.
Detailed Answer
In Virginia, certain real estate can pass outside probate through joint ownership or beneficiary designations. However, probate remains necessary for other assets and to grant your personal representative legal authority.
1. Automatic Real Property Transfers
Real estate can avoid probate if titled in one of these ways:
- Joint Tenancy with Right of Survivorship: The surviving owner automatically inherits the property.
- Tenancy by the Entirety: Available only to married couples; the surviving spouse takes full title.
- Transfer-on-Death (TOD) Deed: A deed that names a beneficiary who receives title upon death. See Va. Code § 55.1-302.
2. Why Probate Your Will?
Even if some real estate passes automatically, probate serves these critical functions under Virginia law (Title 64.2):
- Manage and Gather Assets: Collect property held solely in the decedent’s name.
- Pay Debts and Taxes: Settle valid claims and estate taxes. See Va. Code § 64.2-507.
- Obtain Legal Authority: Empower the personal representative to sell or transfer assets.
- Resolve Disputes: Provide a court-supervised process to address creditor or heir challenges.
- Distribute Remaining Assets: Follow the will’s instructions for property that did not pass outside probate.
Helpful Hints
- Review all titled assets: Identify which pass outside probate and which do not.
- Verify TOD deeds: Ensure any transfer-on-death deed complies with Va. Code § 55.1-302.
- Maintain an updated will: Reflect changes in assets and beneficiaries.
- Consult your local circuit court clerk: Learn county-specific probate filing requirements.
- Consider estate planning tools: A revocable living trust may avoid probate for additional assets.