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To make a living trust in Virginia, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trusts beneficiariesthat is, who will get the trust property. Create the trust document.
If a surviving spouse exists, and there are no existing children of the decedent, the surviving spouse will inherit the decedents estate in its entirety, including any real property.
A will cant distribute assets unless there is a probate court. Thus, a trust saves taxpayers time and money in the long run. You can avoid probate in any state if you own property and have a trust. Virginia has a small estate procedure if you own under $50,000 worth of property in the state.
If there are no kindred of either parent, the whole estate descends and passes to the kindred of the decedents most recent spouse, if any, provided that the decedent and the spouse were married at the time of the spouses death, as if such spouse had died intestate and entitled to the estate.
Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary. Joint tenancy often works well when couples (married or not) acquire real estate, vehicles, bank accounts or other valuable property together.
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Similar to the intestate succession laws of most states, spouses in Virginia are given hefty rights to inheritance. First and foremost, if you die leaving solely a surviving spouse behind without children, they will receive your entire estate.
Virginias laws of intestate succession state that when a person dies leaving a spouse and children, one-third of the persons assets pass to the spouse and two-thirds of the persons assets pass to the children. If a person does not have any children, all of the assets pass to the spouse.
Charges vary from lawyer to lawyer based on their fees, as well as the complexity of your overall estate. In the end, expect to pay $1,000 or more. If you decide to go the DIY route, your costs will likely fall to around $200 to $500, depending on which online program you prefer.
Heres a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.
Any persons may own real or personal property as joint tenants with or without a right of survivorship.

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