What is an executor of an estate entitled to in Virginia?
In the Commonwealth of Virginia, the executor is entitled to compensation from the estate for his or her services. Generally, compensation is permitted up to five percent of the total value of the estate.
What are an executor’s duties during the probate process?
Throughout the probate process, the executor is held responsible for protecting the decedent’s assets (including his or her home, savings, personal property, and any other probatable asset). This legal responsibility, or fiduciary duty, requires that the executor must at all times act and make decisions in the best interest of the estate.
Does a trust keep assets out of Probate in Virginia?
A properly set up and funded trust will keep named assets out of probate, and they can be distributed immediately and without court approval in accordance with the trust terms and instructions. Virginia does not have a separate probate court, as some states do.
How does an executor of a will make an appointment?
To do so, the executor must first make an appointment with the Clerk’s Office of the Circuit Court. The executor may be given forms to complete prior to the appointment. Then, the executor should bring the original will to the Clerk’s Office along with a list of the probate assets, the value of those assets, and a copy of the Death Certificate.
https://www.youtube.com/watch?v=ngNhNjMED4Y
How much compensation can an executor of an estate claim?
Generally, compensation is permitted up to five percent of the total value of the estate. The executor is also entitled to reimbursement for reasonable expenses such as the cost of death certificates, travel costs, engaging professional services, etc. All compensation paid to the executor must be approved by the Commissioner of Accounts.
Does an executor of a will have to pay attorney fees?
The Will and related trusts are silent as to the compensation to be paid to executors or attorneys serving the estate. It should be noted that Virginia’s Guidelines for Fiduciary Compensation require an executor’s fee to be reduced by attorneys’ fees incurred in performing work normally considered the executor’s duties.
Can a lawyer represent an executor of an estate?
Hypothetical #3. Legal Services for Estate Paid by Executors Individually Instead of by the Estate. Attorney engages to represent executors, who, like Hypothetical #2, request that attorney provide all services for the estate, which includes legal work and normal executor duties.
Is an executor of an estate required to probate a will?
An executor is required to serve regardless of whether the decedent left a last will and testament because the estate still must be probated, although the role is usually defined as an administrator when there’s no will, rather than an executor.
What are the fiduciary requirements of an executor of an estate?
Fiduciary requirements are a bit less exacting when the executor is the only beneficiary of the estate and the decedent left no debts that the estate is responsible for paying. Virginia executors are required to post bond before they can officially take over.
Can I appoint an out-of-State executor who lives far away?
If you must appoint an executor who lives far away, you should know the requirements Virginia imposes on out-of-state executors. In Virginia, a nonresident executor must appoint someone who lives in the state to act as an agent. Your executor’s in-state agent will accept legal papers on behalf of your estatate.
Do you have to pay surety bond for executor in Virginia?
Most Virginia wills waive the requirement that surety bond be paid by the executor. However, if the executor (s) are non-Virginia residents, surety can be required. The executor is responsible for administering the will on behalf of the decedent in accordance with the terms of the will.
Should you serve as an executor of an estate?
Serving as an executor can be a lot of pressure (especially if the will is contentious, assets are difficult to locate, heirs are anxious to receive their inheritances, or there are a lot of creditors seeking to be paid out of the estate), and there is a lot to do.