What You Should Know About the Probate Process
Oct 16, 2015
Hook Law Center (formerly Oast & Hook)
Virginia Beach, VA (Law Firm Newswire) October 16, 2015 – Probate is the legal procedure that decides whether a deceased person’s will is valid.
While it impacts many elements of a person’s estate, there are non-probate assets, such as life insurance policies, that are given directly to the decedent’s heirs.
Following a person’s death, their will is filed with the probate court. Once the court makes a decision concerning the validity of the will, there is an inventory and appraisal of all property, debts and claims of the estate. There is a collection of all legal claims of the estate, and whatever is left is distributed to the decedent’s beneficiaries under the terms of the will.
“In Virginia, there are specific requirements of the executor, including the filing of the will for probate with the Circuit Court of the city or county of residence of the decedent at the time of his or her demise,” said Andrew H. Hook, a Virginia estate planning attorney with Hook Law Center, with offices in Virginia Beach and northern Suffolk. “The executor of the estate is then in charge of opening an estate account from which any charges against the estate are paid.”
The probate process has costs associated with it, but there are simplified probate procedures for families without any real property, or who possess assets worth $50,000 or less. By using the simplified procedures, one can realize savings in court fees, attorneys’ fees and executors’ fees.
As reported by the American Association of Retired Persons (AARP), the usual cost of probate is $1,500. However, there may be differences in this amount depending on the state in which one is located and the size of one’s estate. The cost of probate may be significantly higher if it is determined that the will is invalid, or the will is contested.
In the event that the decedent’s estate does not meet the qualifications of the simplified probate procedures, or the estate is complex, then one may need to hire an attorney. Usually, the probate process can take anywhere from six to nine months.
Learn more at http://www.hooklawcenter.com/
Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267
SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/
- Options for Paying for Assisted Living
Many older Americans who need help with activities of daily living, such as hygiene and medication, have trouble affording the assisted living services they need. Fortunately, there are a variety of alternative funding options available. Many of these options leverage one’s other assets to fund assisted living. A life insurance conversion allows policy holders to […] - Protecting your digital assets
Digital assets represent an aspect of your estate that needs protection as much as the more traditional assets in your estate. In fact, someone who is acting as a personal representative, a conservator or a trustee, has a legal duty to gather and protect all the assets of a decedent or protected individual. Your personal […] - Naturally occurring retirement communities are a popular choice
Naturally occurring retirement communities (NORCs) are communities that were not initially created for seniors, but rather evolved over time to include a substantial percentage of residents who are age 60 or older. The demographics of NORCs are in contrast to those of traditional retirement communities, which tend to be more homogeneous in terms of the […] - Millennials and retirement
Retirement planning is essential for young people in the millennial generation, and money put away while young will grow much more than money put away later, thanks to compounding interest. Despite these compelling reasons to save for retirement early, many people in their 20s and 30s are not on track to save enough for retirement. […] - Strategies to make sure your retirement savings last
Americans are living longer than ever before, and for many people, Social Security retirement benefits represent only part of the income they wish to have in retirement. The average American life expectancy is about 79 years, and millions will live to be much older. The average life expectancy for a person who reaches age 65 […]
