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To make a living trust in Virginia, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries—that is, who will get the trust property. Create the trust document.

The probate tax is imposed on the probate of most wills and grants of administration, and applies to property in Virginia. No tax is imposed on estates valued at $15,000 or less. The tax does not apply to the following types of property within an estate: Property passing by the exercise of a power of appointment.

§ 64.2-1314. Statement in lieu of settlement of accounts by personal representatives in certain circumstances.

The most basic function of a Commissioner of Accounts is to review and approve (or refuse to approve, require revisions to, etc.) inventories and accounts filed by fiduciaries under their supervision. Virginia law requires that fiduciaries file accounts with the Commissioner of Accounts at regular intervals.

Executors are required to keep beneficiaries reasonably informed about the status of estate administration — a duty which generally includes accounting. For this reason, if an executor is doing their job, it usually won't be necessary for beneficiaries to request an estate accounting.

In general, beneficiaries do have the proper to request data about the estate, inclusive of financial institution statements.

In Virginia, an estate will need to be probated when a person dies with property valued at more than $50,000. So, to avoid probate, you must either have a very small estate or take steps to ensure that your assets transfer automatically to beneficiaries.

Yes, all fiduciaries in Virginia handling the administration of an estate are required to file accountings unless filing requirements were waived at the time of your qualification.

Note: Virginia does not issue “letters testamentary”. A qualification certificate stamped with the seal of the Court is issued showing that an executor or administrator has been qualified, posted bond and has authority to act on behalf of the estate.