Estate Planning Law in Virginia: Overview
Virginia does not impose a state estate tax or inheritance tax. The state is a common law property state with an augmented estate elective share. Virginia requires two witnesses for wills and recognizes holographic wills. Transfer-on-death deeds are available. The small estate threshold is $50,000. Virginia has comprehensive trust law under the Virginia Uniform Trust Code.
Key Statutes & Deadlines
State Estate Tax
No state estate tax
Va. Code § 58.1-901
Small Estate Threshold
$50,000 for small estate affidavit
Va. Code § 64.2-601
Will Execution
Two witnesses; holographic wills permitted
Va. Code § 64.2-403
Transfer-on-Death Deed
Available for real property
Va. Code § 64.2-621
Elective Share
Augmented estate model; one-third to one-half
Va. Code § 64.2-302
Elective Share
Virginia's elective share follows an augmented estate model. The surviving spouse can claim one-third of the augmented estate if there are surviving children, or one-half if there are none. The augmented estate includes probate and certain nonprobate transfers.
Probate Through Circuit Court
Virginia probate is handled by Circuit Courts through the Commissioner of Accounts. The process involves qualifying the executor with the Clerk of Circuit Court, inventorying assets, notifying creditors, and filing accountings with the Commissioner. The Commissioner of Accounts reviews all estate accountings to ensure proper administration.
Trust Law
Virginia adopted the Virginia Uniform Trust Code, providing comprehensive trust rules. The state allows trust decanting and modification. Virginia does not have a DAPT statute. Transfer-on-death deeds provide probate avoidance for real property.
Virginia Court System
Virginia probate is handled by Circuit Courts in its 31 judicial circuits. The Clerk of Circuit Court qualifies executors and administrators. The Commissioner of Accounts reviews estate accountings. Appeals go to the Court of Appeals and Supreme Court of Virginia.
Damages & Penalties
Virginia has no state estate or inheritance tax. Fiduciaries face liability for breach. The Commissioner of Accounts provides oversight of estate administration.
Recent Legislative Changes
Virginia adopted transfer-on-death deed legislation and the Virginia Uniform Trust Code. The state has updated its elective share provisions to follow the augmented estate model.
Key Takeaways
- No state estate or inheritance tax.
- Augmented estate elective share: one-third (with children) or one-half (without).
- Transfer-on-death deeds available.
- Holographic wills recognized.
- Commissioner of Accounts reviews estate accountings.
- Small estates under $50,000 qualify for affidavit.
- Virginia Uniform Trust Code provides modern trust rules.
Frequently Asked Questions
Does Virginia have a state estate tax?
No, Virginia has no state estate or inheritance tax.
Are holographic wills valid?
Yes, Virginia recognizes holographic wills in the testator's handwriting and signed.
Does Virginia allow transfer-on-death deeds?
Yes, TOD deeds are available for real property.
What is the Commissioner of Accounts?
A court-appointed officer who reviews all estate accountings to ensure proper administration.
What is the elective share?
One-third of the augmented estate with children, one-half without.
What is the small estate threshold?
$50,000 for the small estate affidavit.
This guide is provided for general informational purposes only and does not constitute legal advice. Virginia laws may change, and the information here may not apply to your specific situation. For advice tailored to your circumstances, consult with a qualified Virginia attorney.