Virginia Probate | Inheritance Advances in Virginia
Most heirs are in the dark about the specifics of Probate Court and how long it typically takes. As an industry leader in probate cash advances, Inheritance Funding can help you collect your cash without being delayed by probate.
Is Probate Required in Virginia?
The Commonwealth of Virginia requires a process called probate to settle most estates, whether or not the decedent created a will. An estate must go through formal probate if the decedent owned any real property in their name only. Virginia doesn’t require probate for small estates. A small estate is one featuring personal property worth under $50,000.
All assets of an estate must go through probate unless they are included in a living trust document. Other assets exempt from probate include:
- Accounts with beneficiaries: Retirement accounts, stocks, securities and other accounts with a designated beneficiary can bypass probate and automatically be transferred to the named beneficiary.
- Accounts with payable-on-death designations: Bank and investment accounts with payable- or transferable-on-death provisions will be transferred to the named individual instead of going through the probate process.
- Assets held jointly: Real estate and other assets held jointly will pass directly to the other owner, such as a spouse or a business partner.
The Probate Process in Virginia
The Commonwealth of Virginia requires a process called probate to settle most estates. All assets of an estate must go through probate unless they are included in a will or living trust document. However, Virginia doesn’t require probate for small estates. A small estate is one featuring personal property worth under $50,000.
During probate, the court appoints a personal representative to oversee the estate’s closing. The personal representative first takes inventory, gathers important documents and pays off outstanding debts. Then, the representative can begin to distribute assets to the appropriate heirs.
Probate seems straightforward, but you may find it more complicated than anticipated. Common delays and setbacks can cause probate to take several months or even years to complete. While an estate is still in probate, you can’t access the money and other assets your loved one wanted you to have.
What Happens If Someone Dies Without a Will in Virginia?
When a Virginia resident dies without a will, the probate court determines what happens to that person’s assets according to current intestate laws. These laws establish the priorities that the personal representative will follow when distributing assets. Virginia’s current intestate laws state that:
- When there is only a surviving spouse, the spouse receives all assets.
- When the owner leaves a spouse and children behind, a third of the estate will go to the spouse, and the children will split what remains.
- When there are surviving children but no spouse, the children and their descendants will divide the estate.
- If there is no spouse or children, all assets will fall to the owner’s parents.
- If the owner’s parents have already passed, assets will instead fall to the owner’s siblings and their descendants.
Does Virginia Have an Inheritance or Estate Tax?
There is currently no inheritance tax in Virginia. While there was once a tax equal to the federal inheritance tax, Virginia repealed its inheritance tax in 2007.
How Long Do You Have to File Probate After Death in Virginia?
Virginia is one of the most lenient states for starting the probate process. Unlike other states, Virginia doesn’t set a timeline for when you have to begin the probate process after someone’s passing. While this freedom can alleviate some stress after a loved one passes, it may also result in you waiting even longer to collect your inheritance.
How to Get Your Inheritance Money Fast in Virginia
Probate often takes a long time to complete, which can add unnecessary stress when you’re already grieving the loss of a loved one. The legal processes involved with settling your loved one’s estate can feel cold at a time when you need comfort while you grieve. Your feelings may grow into frustration as the court’s slow procedures keep you from the inheritance you know your loved one wanted you to have. Fortunately, it’s possible to access your inheritance during Virginia’s probate process.
At IFC, we offer a fast, simple way for you to collect the money that Virginia is keeping from you. Our probate cash advance option is the key to bypassing probate in Virginia. You’ll swap your inheritance for a competitive cash advance that you can use on any expense. We’ll wait through the probate process while you find much-needed closure after your loved one’s passing.
To get started, we’ll gather some information about your share of the estate and how much cash you wish to access. Then, we’ll walk you through a few simple forms before sending you your inheritance money as soon as that same day.
Where Can I Get an Inheritance Advance in Virginia?
For Virginia heirs who are in line for an inheritance, IFC offers coverage all across the state. Some of the many counties we service with probate advances include:
- Fairfax County
- Prince William County
- Loudoun County
- Henrico County
- Chesterfield County
- Norfolk County
- Virginia Beach County
- Chesapeake County
- Richmond County
- Arlington County
The Virginia Probate Advance Process at IFC
At Inheritance Funding, we’ve created a way for you to access your inheritance without going through the exhaustion of Virginia’s probate process. Our effortless four-step method begins with a free appointment with one of our friendly staff members and concludes with an instant payout within a day.
We maintain our positive reputation with our customers by providing them with the best benefits in the industry:
- No need for repayment: Our probate advances are not loans, which means you won’t be accountable for paying us back.
- Zero additional charges or recurring payments: You’ll only pay what we charge you upfront, with no surprise expenses or impact on other heirs from the estate.
- Immediate inheritance: You can complete our process via your mobile device or computer to access your cash in less than a day.
- No reliance on credit or income: We don’t consider your employment history, credit rating or income when providing cash advances.
- Competitive prices: We’ll offer you the lowest rate, no matter what competitors are offering.
- Money without limits: You can use your inheritance money however you please, no ifs, ands or buts.
Avoid the Hold Up From Virginia Probate Court With IFC
You can skip the Virginia probate process and collect your inheritance immediately with probate advances from Inheritance Funding. We’ve spent over 25 years serving heirs from all over the country.
Why Wait? Get Your Inheritance Now!
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