Fairfax, VA Probate Blog

When qualifying on an estate, the Personal Representative, whether an Executor, Administrator or Curator, is required to post “Bond” (written promise to perform plus to pay if they don’t) and, assuming certain exceptions don’t apply, is also required to post “Surety” (3rd party Security).
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A Statement in Lieu of Accounting gives beneficiaries the opportunity to complete the administration of the estate in a timely and cost efficient manner. In addition, it can save the personal representative of the probate estate (executor/ administrator) considerable duress and money.
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Probate Attorney note: It is important to note that the Notice must be delivered within 30 days of appointment as Executor (not 4 months). The Affidavit of Notice must be delivered to the Commissioner of Accounts within 4 months of executor qualification.
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Every Executor and Administrator is required to file an Inventory with the Commissioner of Accounts Probate Section within 4 months of qualification. Because every Accounting that subsequently will be filed is based on the numbers provided in the inventory, it is critical to (i) properly list the correct assets in the correct section of the inventory and (ii) list those assets at the correct values.
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Every Executor asks what they can do before appointment by the Probate Clerk. The Virginia Code provides that the Executor may “provide for the burial of the testator, pay reasonable funeral expenses, and preserve the estate from waste”.
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The Executor is conferred many powers after becoming appointed to the estate. However, spelling out those executor powers exactly can be complicated.
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Every personal representative who is authorized to pay the creditors of the probate estate shall do so in order of priority. Failure to pay the creditors as required by statute can expose the personal representative to personal liability for the debts.

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1. To the surviving spouse of the decedent, unless the decedent is survived by children or their descendants, one or more of whom are not children or their descendants of the surviving spouse, in which case, two-thirds of the estate descends and passes to the decedent's children and their descendants, and one-third of the estate descends and passes to the surviving spouse.

2. If there is no surviving spouse, then

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In Virginia married persons have certain rights to the property of a deceased spouse. Even if the spouse was disinherited by a Will, Trust or gifts during lifetime, the spouse may be entitled to numerous spousal inheritance rights. Such rights include an (i) elective share, (ii) possession of the family residence, (iii) family allowance, (iv) exempt property allowance, and (v) homestead allowance. The following discussion concerns the aforementioned text discussed the forgoing spousal rights.  

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A Statement in Lieu of Accounting gives beneficiaries the opportunity to complete the administration of the estate in a timely and cost efficient manner. In addition, it can save the personal representative of the probate estate (executor/ administrator) considerable duress and money.

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A Probate Attorney should be consulted before you ever meet with the probate clerk. Frequently individuals open up a probate estate unnecessarily thereby exposing them to liability (i.e., IRS) and incurring unnecessary probate fees. If you have already opened up the estate, then it is even more important and time sensitive that you consult a Probate Attorney.

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