When you’re named the executor of an estate in Virginia, it can be a confusing time. You’re trying to process the death of a close loved one, and now you’re faced with a complex legal process.
How to Administer an Estate in Virginia
If you’re not even sure what your job as the executor is, that’s fine! Being an estate executor is unfamiliar territory for most people. Here’s a look at what you can expect, though. As the executor, your basic process will involve notifying people of the death, obtaining and filling out the proper paperwork, and then paying creditors and distributing assets.
Duties of an Executor
- Review the will. Locate any existing will and familiarize yourself with what it says.
- Notify people of the death. This includes family and friends, anyone mentioned in the will, the deceased’s employer, the bank, and so on.
- Get multiple certified copies of the death certificate. These will be needed at different points of the process and can be obtained from the vital records office of the country courthouse where the person passed.
- Secure assets. Make sure things like homes and vehicles are locked and safe, and either take care or find care for pets and dependents.
- File the appropriate paperwork. If an estate is greater than $50,000, you’ll go through probate. If the estate is less than $50,000, this is done through an out-of-court affidavit.
- Pay bills. Any outstanding bills will need to be paid out of cash funds from the estate.
- File taxes. The executor is responsible for filing both state and federal income taxes at the appropriate time for the deceased.
- Distribute assets. The deceased’s will specifies how they want their assets handled, and it’s up to the administrator to make sure those get to the appropriate person.
- Close accounts. Any bank, investment, retirement, or credit card company will need to be notified of the death, and the accounts will need to be closed.
- Keep track of all transactions. The executor must maintain detailed records of any money spent and received.
When to Call a Chesapeake Estate Administration Attorney
Of course, like any legal process, there are variables that can make things more difficult. If you run into any of these situations or you simply aren’t sure of the right way to handle things, the whole process will be much easier if you let an estate attorney handle it.
Times You Should Involve an Estate Lawyer
- Significant debt is present. When someone passes away, their debts still need to be paid. The proceeds to pay those debts will come from the person’s cash assets first. If there’s not enough cash, other assets like vehicles or houses may be sold off. But if someone’s debt exceeds their assets, the situation gets complex.
- There is a conflict among heirs. Unfortunately, a death in the family can bring out pent-up emotions. Often, there’s a disagreement among surviving heirs about how assets should be handled. If you have a family disagreement while settling an estate, your best bet is to trust a legal professional for help.
- The estate has a tax liability. Similar to a situation with extensive debt, an estate with a tax liability can become messy in a hurry. Normal creditors are challenging to work with, but the United States government isn’t an entity you want to deal with on your own.
If You’ve Been Named an Estate Executor, Let an Estate Administration Lawyer Guide You Through the Process
For most people, this is unfamiliar territory. And when you add internal family struggles that often arise at a time like this, it gets even more challenging. That’s why you should let an estate administration attorney handle the work.
At Coastal Atlantic Law, we know how to handle the seemingly endless paperwork, and we’ve helped numerous Northeast Virginia families in this situation. But we also understand that no two families are the same, so we’ll take the time to tailor our services specifically to your estate needs. If you’re the executor of an estate and you need help carrying it out, contact us to set up an appointment today
