Executor Functions & Expenses in Northern Virginia
Being named the executor of an estate in the Commonwealth of Virginia is a position of great responsibility. However, serving as Executor requires a knowledge of estate law that very few people outside of this legal field possess. That is why so many individuals who are named as executors over Virginia estates retain the services of a Hale Carlson Baumgartner, PLC estate planning attorney for guidance. With over thirty years in practice, our estate planning and probate lawyers are among the most knowledgeable in northern Virginia. Contact us today to schedule an initial consultation.
The Duties of an Estate Executor in VA
The executor of the estate is the person who is ultimately responsible for the distribution of assets to creditors, tax collectors, and finally, the beneficiaries. These duties can expose the executor to allegations of fiscal irresponsibility or even corruption, which is why representation by an experienced estate planning lawyer is recommended. Among the responsibilities of an estate’s executors are:
- Account for all transactions and expenses that affect the estate, including the hiring of an attorney
- Calculate and isolate all estate assets
- Identify creditors and allow time for unknown creditors to come forward
- Provide beneficiaries with reports of the accounts that detail the transactions that have occurred
- Prepare and file annual accountings with the Commissioner of Accounts
- Manage investments in accordance with the will’s instructions
- Advise the beneficiaries of their rights with respect to information about the settling of the estate
- Value the assets of the estate
- Retain the services of an estate administration law firm
- Settle the claims of creditors by scheduling a Debt and Demands hearing via the Commissioner of Accounts
- Distribute the assets to the beneficiaries
- Close the estate
The executor owes the decedent and his or her beneficiaries a great deal of care with regard to the expenditure of assets. In addition to being accounted for, any cash outlays for the administration of the estate must be made in accordance with the instructions of the will and the law. Virginia code allows for executors to be reasonably compensated for the work involved in the administration of estates and the inherent liability that they incur. Unless the will outlines the executor’s compensation, the fees are calculated according to the guidelines of the Commissioner of Accounts for the circuit court of the Virginia county in which the estate is being settled.
Professional Legal Advisors to Estate Executors in Virginia
The estate planning and probate attorneys of Northern Virginia’s Hale Ball Carlson Baumgartner Murphy, PLC have been advising fiduciaries for over thirty years. Our lawyers focus on minimizing the liability for our executor clients while assisting in the oversight of the execution of the estate. Contact our Fairfax law office online or at 1-703-591-4900 to schedule an initial consultation.
Since 1980 the AV-rated law firm of Hale Ball has served the legal needs of individuals and businesses. Our team of attorneys include lawyers named to Super Lawyer and Rising Star lists, as well as attorneys with advanced legal degrees, specialty certifications and lawyers who teach their areas of practice to other lawyers.
Use the contact form on this page to schedule a consultation, or call 703-591-4900.
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10511 Judicial Dr
Fairfax, VA 22030