No matter how much or how little they have, most people want to decide who gets their property after their death. However, you must take steps to decide how the property will be distributed. Otherwise, the government decides.
It is relatively simple to develop a plan that will govern estate distribution in Virginia Beach. Contact an estate planning attorney at Parks Ziegler for help creating a plan that suits your needs and reflects your wishes.
When someone dies without an estate plan, their estate must go through probate. This is a supervised legal process that settles the deceased person’s estate. The court names a personal representative to gather the deceased person’s property, sell some of it if necessary to pay their debts, and distribute what is left to family members.
The Code of Virginia § 64.2-200 describes how property is distributed when there is no will. When the deceased person left only a spouse or a spouse and children they shared with the spouse, the surviving spouse gets all their property. When children from another relationship and a spouse survive, the children divide two-thirds of the property evenly between themselves, and the spouse gets the other one-third. A Virginia Beach attorney can explain estate distribution when someone dies and does not leave a spouse or children.
Settling an estate through probate can take a long time, often a year or even more, if the deceased person had complicated finances. A spouse can receive an allowance from the estate of up to $24,000 during the first year. In addition, a spouse can take up to $20,000 in the deceased person’s personal property, like furniture, vehicles, and similar items. These claims have priority over any creditor’s claims.
When a person in Virginia Beach creates a last will and testament before they die, the will directs who gets the deceased person’s property. Wills must also go through probate. The will names an executor, who is the person who handles settling the estate.
A will allows a person to give specific property to specific people or organizations. When someone has a will, they can disinherit a child if they choose. A surviving spouse is entitled to a share of the deceased person’s estate, even when they are not mentioned in the will. The rules regarding how much the spouse receives are complicated and depend on the date of the marriage, the date of the will, and other factors.
Parents of minor children should have a will designating someone to care for them if both parents die before the children reach adulthood. The court will generally honor these designations if the named guardian is willing. If you have minor children, one of Parks Ziegler’s experienced attorneys can help you devise a plan to provide for them.
The probate process is time-consuming and can be expensive. Family members and other heirs have no access to the property in the estate while probate is still open. It is always wise to avoid probate when possible, and there are many ways to do so.
Only property that the deceased person held solely in their name goes through probate. Property that is jointly held with someone else, such as a joint bank account or a family home with other names on the deed, transfers directly to the other owner upon death. Property with a named beneficiary, like a retirement account or life insurance policy, goes directly to the beneficiary on the owner’s death and does not go through probate.
Establishing a trust to hold assets is another important way to avoid probate. There are various types of trusts that accomplish different purposes. A skilled Virginia Beach attorney can create a trust that meets your family’s specific needs and distributes assets with less hassle.
You have spent your entire life accumulating what you have. Developing an estate plan now can ensure that the people you choose receive the benefit of it.
If you do not create an estate plan, the law determines estate distribution in Virginia Beach. Call the attorneys at Parks Ziegler, PLLC, today to ensure your wishes are carried out.
With an office near Town Center, Virginia Beach and a second location beside the Chesapeake courthouse, our team provides quality legal representation across the entire Hampton Roads Area.
Parks Zeigler, PLLC – Attorneys At Law
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