PROBATE

What is probate?

When you die, assets you own or have an interest in are “stuck” in your name if you own them as a tenant-in-common with someone else or you own them individually without any “pay-on-death” or “transfer-on-death” designation (without a beneficiary). Probate is a court-supervised process of ensuring that title to the assets you own on your death is passed to your beneficiary(ies) according to your will (a “testate estate”) or according to the laws of Virginia if you have left no will (an “intestate estate”). There will be a separate probate in each state in which you own real estate.