If you are focusing on probate advances & probate loans (which are not loans, but non-interest cash advance assignments) — you should be aware of any new Virginia inheritance laws! And if you have decided to take advantage of one of the faster, or cheaper, probate advances or probate loans (which are not loans, but cash advances without any credit, income, or interest requirements) – you are in the right place to find the right inheritance funding company!
Inheritance Funding vs. Probate Advances or Inheritance Advances
Many people in Virginia would rather get their inheritance from their parents before they pass away. And this is often possible. But when it‘s not a possibility, many heirs of estates in Virginia will get an advance on inheritance – what a lot of heirs call a “loan on inheritance” or “borrowing against inheritance.” Regardless, an estate advance or estate cash advance company that focuses on probate advances and probate advances, and offers good customer service is what most heirs are looking for once they decide to get an advance on inheritance.
Receiving Virginia Probate Advances Within a Few Days
Inheritance funding is generally a fast process these days – as long as you sign with a reputable, established inheritance advance funding company, with a mature staff. Yet even the best inheritance advance company takes a few days to deliver probate advances. My Inheritance Cash probate advance funding generally has a turn-around in 2 or 3 days. There are no up-front costs or hidden fees; no monthly payments or interest; and no credit report or credit score check!
How Do I Get Approved For Probate Advances? (Inheritance Advances or Estate Advances)
Bottom line – My Inheritance Cash provides inheritance cash advance assignments to heirs in only a few days, without interest or monthly payments, and no up-front charges or hidden fees. They’re not loans, technically, so there are no issues with credit, interest, or long-term payments and penalties, etc. Although many heirs still refer to inheritance advances or inheritance cash advance assignments as inheritance loans, probate advances & probate loans; estate loans, inheritance loan advances, or probate loans, etc, approval for a Virginia probate advance is a simple process! Heirs of estates in probate simply produce a valid Photo ID, documentation proving they are a valid heir of a Virginia estate, and proof of all assets that are being inherited – plus the amount of money requested as an inheritance cash advance or probate cash advance.
Virginia Inheritance Law
Virginia does not charge a State Inheritance tax, though there is a Probate tax for estates that go through Probate.
Dying With a Will in Virginia
For persons in Virginia who pass away with a will, the distribution of assets and property will be simplified compared to those who do not leave a will. Typically, your Estate will be inherited according to your stated wishes, unless a Probate Court determines otherwise.
Estates without any real property, and $50,000 or below in personal property, are considered by the State of Virginia to be a Small Estate. Once sixty (60) days have passed since the deceased’s death, a Small Estate is not required to go through Probate.
Note: Real Property is actual land and/or anything on it, e.g., a house. The remainder of an Estate (vehicles, furniture, jewelry, investments, cash, etc) are considered Personal Property. Certain assets (such as Insurance Policies, IRA accounts, etc) are considered Non-Probate Assets.
Dying Without a Will in Virginia
Wills are intended to simplify the inheritance process after death, so what happens if I die without a will in Virginia?
State Intestate and Succession Laws in Virginia are designed to provide a hierarchy of beneficiaries according to blood/marriage relation. The majority of these laws are in place to protect the integrity of Estates that pass Intestate.
The Probate Process and Inheritance Law in Virginia
When the deceased does not have a will, his/her Estate will enter Probate, whereby assets/property will be distributed according to Intestacy Succession Law. The Probate Court will appoint an Executor (also known as a Personal Representative) to manage the Estate and allocate assets/property accordingly.
Probate is not intended for Testate Estates, excepting cases where the decedent owned (1) real property, and/or (2) $50,000+ in personal property (at the time of writing). Under the supervision of Probate Court, this process is meant to safeguard the Estate from fraud. As named in the will, the Court will appoint an Executor to manage/distribute the Estate.
Unlike some states, Virginia Inheritance includes a Probate Tax based on the value of the respective Estate. At the time of writing, this tax is $1 State and $0.33 Local for every $1,000 within the Estate; e.g., an Estate valued at $100,000 would incur a Probate Tax of $133.
No matter whether or not there is a Will, an Estate cannot be distributed until all debts are settled. e.g., An Executor will need to settle the deceased’s taxes, any final expenses, credit bills, etc. In Virginia, Probate is handled in the respective Circuit Court of the county where the deceased lived.