Virginia Account for Decedent's Estate is a special type of bank account in the Commonwealth of Virginia that allows the executor or administrator of an estate to deposit and manage funds on behalf of a deceased person. This includes funds from their estate, such as investments, bank accounts, and real estate, as well as any debts owed to creditors. The funds are used to pay the deceased person's outstanding debts and liabilities, as well as to meet the heir's inheritance wishes. There are three types of Virginia Account for Decedent's Estate: Simple Account, Limited/Full Authority Account, and Special Account. A Simple Account is opened by an executor or administrator and allows for the depositing of funds from the deceased person's estate. The Limited/Full Authority Account is also opened by an executor or administrator, but in this case the executor has the authority to make certain decisions regarding the estate's finances. The Special Account is opened by the court and allows for the deposit of funds from a trust or will. All the accounts are closely monitored by the court to ensure that the funds are used appropriately.
Virginia Account for Decedent's Estate
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