What property does not go through probate?

In Virginia, there are certain types of property that do not pass through the probate process. These assets are not subject to the probate court’s supervision and are instead distributed outside of the probate court’s purview. This includes assets that are held in a trust, assets with a named beneficiary, and the decedent’s jointly owned assets. In the case of assets held in a trust, the trust document will dictate the details of how the assets are to be distributed and who is to be the beneficiary. The trust document contains all the necessary instructions for the transfer of assets and thus obviates the need for the probate court to get involved. In the case of assets with a named beneficiary, the assets will be distributed directly to the named beneficiary. This is common for retirement accounts and life insurance policies that specify a beneficiary. In the case of jointly owned assets, the surviving joint owner will automatically become the sole owner of the asset. This is common for jointly owned bank accounts, real estate, and motor vehicles.

Related FAQs

What is a personal representative?
How is an estate distributed?
What is a no-contest clause?
What happens when someone dies without a will?
Is probate required if the decedent owned joint property?
When is an estate considered closed?
What is a grant of probate?
What happens if there is no will?
What is a probate referee?
What is a trust protector?

What property does not go through probate?

Related FAQs

Related Blog Posts