Contrary to popular belief, not everything owned by a deceased person is required to go through probate. Generally speaking, those assets which are titled in the decedent’s name only are subject to Virginia probate. These assets could include vehicles, real estate, a home, investments and bank accounts. If the decedent’s name is the only name on the title of any of these assets, only a probate court can change the name on the title to a legitimate beneficiary. There are, however, certain assets which will not go through probate, including the following:
- Assets which are jointly owned, transfer directly to the surviving owner, therefore are not subject to the probate process. This type of jointly-owned assets are known as joint ownership or joint tenancy with the right of survivorship. Unfortunately, many people who intended to add another owner to the title of an asset die before they have the opportunity, leaving those assets subject to probate. Should both owners die at the same time, the asset must go through probate before being transferred to legitimate heirs. In jointly held assets, ownership transfer occurs immediately when the first owner dies.