West Virginia Order Appointing Appraisers to Determine Money Each Owner Defendant Should be Paid for Their Interest in Subject Property
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How to fill out West Virginia Order Appointing Appraisers To Determine Money Each Owner Defendant Should Be Paid For Their Interest In Subject Property?
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FAQ
The laws in most areas simply stipulate that the fees must be fair and reasonable . Alberta estate law differs in this respect. Executors in this province are expected to keep their fees between 1 and 5 percent of the total value of the estate.
In West Virginia, the estate executor is known as a "personal representative". If compensation is not specified in the will, West Virginia sets the executor fee as a percentage of the estate's assets (other than real estate) and any income generated by the estate: 5.0% for the first $100K. 4.0% for the next $300K.
Under California Probate Code, the executor typically receives 4% on the first $100,000, 3% on the next $100,000 and 2% on the next $800,000, says William Sweeney, a California-based probate attorney. For an estate worth $600,000 the fee works out at approximately $15,000.
A beneficiary to the will may ask to serve as executor if the executor named in the will has died and the will does not name a subsequent executor or if the subsequent executor has also died. If the named executor refuses the role, a beneficiary to the estate may seek to become executor.
Compensation for an executor in Virginia is the sole discretion of the court which has jurisdiction over the estate. As a general guideline, an executor is entitled to whatever fee is fixed by the will. Where a specific fee was not fixed, the courts have considered reasonable a fee equal to 5% of the assets.
Assets of an estate when the total value of the entire personal probate estate as of the decedent's death does not exceed, under current law, $50,000, if certain requirements are met, including an affidavit stating certain facts.
The creditors then have 3 months to make a claim. An inventory (called an Appraisement) of the estate's assets must be filed with the court listing the estate's assets within 90 days of the appointment of the executor.
Virginia has no separate probate court. The will should be probated in the circuit court in the county or city where the decedent resided at the time of death.Usually the Clerk of the Circuit Court or a deputy clerk handles the probate of wills and the circuit court judge is not involved.
Length and Commitment of Process. A person can expect for the probate process in Virginia to take anywhere from six months up to a year or more. Generally, there is a creditor period, so an estate cannot be completely distributed and closed prior to the expiration of the six-month period.