Hi, my name is Brandon and in this video, I'll be explaining the Virginia probate process. But before we get into the actual process, let me define a couple of words for you. First, let's define the word "probate." Probate is the process of filing a will with a court, establishing the validity of a will, and distributing assets that are found within an estate. So, what is an estate? It's everything a person owned by themselves right before passing away. This can include things like real estate, insurance, bank accounts, and even personal belongings. Now, onto the actual process. During the Virginia probate process, there are four steps. These steps are starting the process, determining the value of assets, paying the deceased person's debts and taxes, and distributing the remaining assets. When starting the Virginia probate process, it's important to note that Virginia does not have a separate court for probate. The process goes through County circuit courts. Also, if there are disagreements about the will or assets, the probate case can be presented in front of a judge. During the first step, the personal representative must obtain the certificate of qualification. This allows them to handle financial accounts and distribute assets. The next step is determining the value of assets. The person in charge of the estate makes a list of all assets and files them with the Commissioner of accounts. It's important to note that the value of all the assets should be the fair market value at the time of death, not when the inventory was taken. This is due four months into the probate process. Step 3 involves paying debts and taxes. In this step, the executor must pay down debts with money from the estate and file taxes for the deceased person. Finally, the...
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