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In Virginia, they ensure privacy and avoid probate delays and the probate tax. But trusts cost $1,000 or more in legal fees. You will still need a pour-over will naming the trust as beneficiary.
In Virginia, a small estate affidavit can save time and money when transferring assets from the estate of someone who died.The affidavits can only be used when the estate is valued at less than ...
The Uniform Probate Code (commonly abbreviated UPC) is a uniform act drafted by National Conference of Commissioners on Uniform State Laws (NCCUSL) governing inheritance and the decedents' estates in the United States.
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
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If the decedent was domiciled in state A and owned land in a different state B, then the personal property (money, securities, furniture, etc.) passes by the law of state A, and the real property in state B passes by the law of state B. Usually the estate's executor is required to appoint a separate ancillary administrator in a state B probate ...
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