Where the estate is opened.
Only if the statute's conditions are met. Read the section below.
Living trust or probate
A revocable living trust holds assets you title in the trustee's name. You can serve as trustee while you are able.
At death, the successor trustee handles those assets. Property you leave in your own name can still go through the probate court. A pour-over will sends leftover assets into the trust, and those leftover assets may pass through probate first.
The probate path
In Virginia, the estate is opened in the Circuit Court.
Code of Virginia section 64.2-443 states that the circuit courts shall have jurisdiction of the probate of wills. A will is offered in the circuit court of the county or city where the decedent has a known place of residence, with further venue rules if there is no known residence. Section 64.2-1208 states that, in stating and settling the account, the commissioner of accounts shall allow the fiduciary reasonable expenses and, except where otherwise provided, a reasonable compensation in the form of a commission on receipts or otherwise.
Source: Code of Virginia section 64.2-443
Fees
In Virginia, probate compensation is a statutory commission.
Section 64.2-1208 states that the commissioner of accounts shall allow the fiduciary any reasonable expenses and, except in cases in which it is otherwise provided, a reasonable compensation in the form of a commission on receipts or otherwise. The section does not set a percentage schedule. Where an institutional fiduciary's compensation is specified in the trust or will by reference to a standard published fee schedule, the commissioner shall not reduce it below that amount unless the settlor or testator was not competent or the compensation is excessive in light of what institutional fiduciaries generally receive in similar situations.
Source: Code of Virginia section 64.2-1208
Small estate
Virginia's small-estate figure on this page is $75,000 when the statute's conditions are met.
Section 64.2-601, in the Virginia Small Estate Act, states that any person having possession of a small asset shall pay or deliver it to the designated successor upon an affidavit made by all of the known successors. The affidavit must state that the value of the decedent's entire personal probate estate as of the date of death, wherever located, does not exceed $75,000, that at least 60 days have elapsed since the death, that no application for appointment of a personal representative is pending or has been granted in any jurisdiction, and that the decedent's will, if any, was duly probated.
Source: Code of Virginia section 64.2-601
Estate or inheritance tax
Virginia Tax states: Today, Virginia no longer has an estate tax or inheritance tax. It then states that prior to July 1, 2007, Virginia had an estate tax equal to the federal credit for state death taxes, that the Virginia estate tax was effectively repealed with the elimination of that credit, and that certain remainder interests are still subject to the inheritance tax.
Source: Virginia Tax, Estate and Inheritance Taxes
Questions
The answers use the same statute and court pages as the sections above.
Does a living trust avoid probate in Virginia?
A revocable living trust holds the assets you title in the trustee's name. The successor trustee handles those assets. Property still titled in your own name can be a probate matter. A pour-over will can send leftover assets into the trust, and those leftover assets may still pass through probate first.
What is the small-estate procedure in Virginia?
Section 64.2-601, in the Virginia Small Estate Act, states that any person having possession of a small asset shall pay or deliver it to the designated successor upon an affidavit made by all of the known successors. The affidavit must state that the value of the decedent's entire personal probate estate as of the date of death, wherever located, does not exceed $75,000, that at least 60 days have elapsed since the death, that no application for appointment of a personal representative is pending or has been granted in any jurisdiction, and that the decedent's will, if any, was duly probated.
How are probate fees set in Virginia?
Section 64.2-1208 states that the commissioner of accounts shall allow the fiduciary any reasonable expenses and, except in cases in which it is otherwise provided, a reasonable compensation in the form of a commission on receipts or otherwise. The section does not set a percentage schedule. Where an institutional fiduciary's compensation is specified in the trust or will by reference to a standard published fee schedule, the commissioner shall not reduce it below that amount unless the settlor or testator was not competent or the compensation is excessive in light of what institutional fiduciaries generally receive in similar situations.
Does Virginia tax an estate or an inheritance?
Virginia Tax states: Today, Virginia no longer has an estate tax or inheritance tax. It then states that prior to July 1, 2007, Virginia had an estate tax equal to the federal credit for state death taxes, that the Virginia estate tax was effectively repealed with the elimination of that credit, and that certain remainder interests are still subject to the inheritance tax.
Sources
These are the statute and court pages used above.