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FAQ

As an Executor, you should ideally wait 10 months from the date of the Grant of Probate before distributing the estate. The Grant of Probate is the document obtained from the court which gives the legal authority for you to deal with the estate.

From the date at which the deceased passed away, there is an accepted period of 12 months for the Executor or Executors to begin the distribution of the Estate. This is known as 'Executor's Year', and allows good time for the locating of beneficiaries etc.

If there are no kindred of either parent, the whole estate descends and passes to the kindred of the decedent's most recent spouse, if any, provided that the decedent and the spouse were married at the time of the spouse's death, as if such spouse had died intestate and entitled to the estate.

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.

This notice is to tell you that, in the circuit court clerk's office, listed above, either a personal representative has qualified or a proponent has probated the deceased person's will. THIS NOTICE DOES NOT MEAN THAT YOU WILL RECEIVE ANY MONEY OR. PROPERTY.

A: The certificate of qualification, sometimes referred to as ?letters testamentary,? is the certificate that the personal representative receives from the Clerk at the time of qualification, which states that the person has qualified as executor or administrator and has authority to act on behalf of 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.

To qualify, the personal representative must go to the probate department of the Clerk of the Circuit Court, provide required information about themselves and the decedent, meet the requirements of qualification under the law, and pay required fees to the Clerk.

There is no set time frame in which a will must be probated, or estate administration must be started. The death of a loved one is a particularly emotional, stressful, and busy time. The probate of the will can usually wait until a week or so after the funeral.

The list of heirs is given under oath on a form provided by the Clerk of Court. The heirs identified on the list are the heirs of the decedent as provided under Virginia law for a person who dies without a will. The form requires the name, address, relationship to the decedent, and age of each heir.

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Fiduciary: a person in a position of trust with respect to another's property; a general term used to refer to executor, administrator or trustee. "Settlement agent" means the same as that term is defined in § 55.1-1000.Forfeiture of Assets Located in the United States under Foreign Law . The table below shows the sources of our net earnings. Do not need a judgment to use other means to collect). Warrant in Debt Template. Gains on asset sales would represent a change in the assets of the estate at the time of the disposition (sale) of an asset. Particularly careful in completing this form. The letter is not, obviously, a. Applies for any other cash benefits or payments for which he or she may be eligible (for example, pensions or Social Security benefits).

1-1001. “Any” means any type of property, including any form of stock. Note: For purposes of this document, all types of income (including dividend income, interest in a corporation, capital gain on the sale of an interest in property and the like) are considered to be passive income. Passive income is gross income distributed to persons to the extent that it is not included in income by reason of other provisions of the Code or otherwise. All of these forms can be found on the “Forms” tab below. If you do not have a certificate of deposit, check with your bank about establishing an alternative checking (ACH) account. Also see IRM 4.19.2.8.2.9, “Alternative Deposit Accounts”. “Any” also means any type of currency. Note: See IRM 26.6.1.3.2.1. , “Investment Income”, for an explanation of when an alternative account should be used.

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Fairfax Virginia Sample Letter for Settlement Proceeds

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How long after probate can an estate be distributed?

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