Estate Planning in Virginia

Virginia does not impose a state estate or inheritance tax. Simple wills cost $450-$1,000, comprehensive estate plans $2,200-$5,000. Virginia probate is handled through Circuit Courts with administration supervised by the Commissioner of Accounts. Small estates ($50,000 or less in personal property) qualify for simplified procedures. Virginia recognizes Transfer on Death deeds (effective 2013), allowing real property to pass outside probate. Healthcare advance directives in Virginia combine living wills and healthcare power of attorney into a single document. Virginia's homestead exemption is applicable in estate planning for creditor protection. The state's large military and federal employee population creates unique estate planning needs including Thrift Savings Plan beneficiary designations and federal employee retirement benefits.