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Another burden is Virginia’s rare probate tax of $1 per $1,000 of assets, which can mean thousands in extra costs. Furthermore, the entire probate process is public, which can open your estate ...
Many folks don’t even know what the word “probate” means until they’re in the thick of it. ... Here's why people who work with a financial advisor retire with an extra $1.3 million.
A probate court (sometimes called a surrogate court) is a court that has competence in a jurisdiction to deal with matters of probate and the administration of estates. [1] In some jurisdictions, such courts may be referred to as orphans' courts [ 2 ] or courts of ordinary.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
[2] This is often a necessary procedure in probate, because the decedent may own property in a state other than his domicile, which is subject to the law of the state in which it sits. Generally, an ancillary administration proceeding should commence in any county where the decedent's had property.
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