What are the rules for an executor of an estate in Virginia?
Virginia Rules for an Executor of an Estate. Designation as an executor is a mark of trust by the departed, but also brings a legal duty to the state. In Virginia, a relative may serve as executor, or the court may appoint an administrator.
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.
How does an executor determine the value of an estate?
If there is no clear place where documents are held, the executor should check with the attorney who drafted the decedent’s will. He or she may have a record of assets on file. Once a list has been found or created, the executor will need to determine the total value of the estate.
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.
How are executor fees determined in the state of Delaware?
Delaware is a reasonable compensation state for executor fees. In states that use reasonable compensation to determine executor fees, it means compensation is determined by the probate court.
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.
How much does an executor get paid in Georgia?
With lots of rules governing, the Georgia executor compensation can be boiled down to a general fee of 2.5%. Hawaii is a reasonable compensation state for executor fees. In states that use reasonable compensation to determine executor fees, it means compensation is determined by the probate court.
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.
How long does an executor have to complete an accounting?
The first accounting is due within 16 months and covers the estate’s first year. Subsequent accountings, if necessary, are due within four months of the close of the accounting period the executor chooses, but no later than 16 months after the last accounting was submitted.
How long does it take to probate a will in Virginia?
Virginia does not have a separate probate court, as some states do. Instead, all probate matters are processed through the circuit court of the city or county where the decedent was domiciled. The average probate administration can take between six and eighteen months, depending on the complexity of the estate.
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.