GUIDE TO PROBATE IN VIRGINIA
Initial steps to take immediately when someone has passed away:
- Obtain a copy of the death certificate
- Make a copy of the dated obituary notice and/or newspaper articles to serve as further proof of death
- Meet with the decedent’s attorney to tie up any loose ends
- Obtain letters testamentary for executor, issued by the court that proves the authority to administer the provisions of the deceased’s will
- Check the contents of any safe deposit boxes
- Compile a list of the decedent’s heirs, next of kin, and beneficiaries
- Make copies of all marriage and birth certificates
- Review the will with the decedent’s attorney to determine whether probate is needed
- Proceed with probate filing (if there was no trust created)
- Assemble life insurance policies
- Inventory tangible real estate property and locate all real estate deeds, mortgages, leases, and tax information
- Inventory and secure personal items, such as cars, boats, recreational vehicles, furniture, fine jewelry, art, and personal contents of the homes
- Inventory intangible financial assets such as stocks, bonds, bank accounts, IRAs, CDs, cash, mortgages, pensions, life insurance, etc…
- File and collect insurance claims
- Notify those organizations providing retirement benefits, annuities, and pensions
- Locate military records (if appropriate)
- Locate recent income tax returns
- File for social security benefits (if appropriate)
- File for veteran’s burial and survival benefits (if appropriate)
- File for fraternal, union, and association benefits (if appropriate)
- File for employer benefits (if appropriate)
- Open an estate bank account to hold money that is owed to the deceased (such as real estate rental checks and stock dividends)
- Collect debts due to the decedent
- Notify the Social Security Administration of the death
- Notify Medicare of the death
- Notify banks of the death and change information for jointly held accounts
- Notify stockbrokers of the death and transfer ownership of jointly or solely owned stocks, bonds, and mutual funds
- Contact credit card companies to close/cancel all individually held cards of the deceased
- Change all jointly held credit card accounts
- Notify creditors of the death
- Examine and approve or reject claims of creditors and make payments, as appropriate
- Sell or transfer the title for the deceased’s automobile to a beneficiary
- Pass real estate and other assets owned in joint tenancy to the surviving joint tenant
- Transfer bank account and securities registered in “payable on death” form to beneficiaries
- Transfer funds in IRAS and retirement plans to named beneficiaries
- Transfer property left to the surviving spouse, or transfer assets held in trust to named beneficiaries (if appropriate)
- Redeem/re-title government bonds
- If the decedent had his/her own business, arrange for management of the business
- If the decedent was an artist, author, musician, composer, or other creative person, arrange for the continued management of royalties and ongoing sales
- Establish management of rental properties
- Terminate leases and outstanding contracts on behalf of the deceased
- Pay continuing expenses (such as mortgages, utility bills, homeowner’s insurance, etc…) until a property is sold or re-titled
- Notify accountant or tax preparer that a final tax return will need to be prepared for the deceased
- Prepare and file an estate tax return for estate taxes
- Determine whether the estate qualifies for “special use valuation” under tax laws
- Pay an federal or state taxes that may be due
- Keep detailed records of all receipts and disbursements made on behalf of the estate, including attorneys’ fees and executor’s fees
- Keep detailed records of time spent and activities conducted on behalf of the estate during the administration of the estate
- When debts and taxes have been paid and all property is distributed to the beneficiaries, the estate may be formally closed by probate court
