Director Appointment In Case Of Death In Virginia
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If any vacancy is caused by death or resignation of a director appointed by the shareholders in General meeting, before expiry of his Page 15 Appointment and Qualifications of Directors 14 term, the Board of directors can appoint a director to fill up such vacancy.
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.
The probate of the will can usually wait until a week or so after the funeral. It is recommended that the initial steps in the estate process start within 30 days after death. If any questions exist, call your attorney or your local Circuit Court Clerk's Office.
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.
If there has been no qualification of a personal representative within 30 days following the decedent's death, a list of heirs, made under oath in ance with the form provided to each clerk or a computer-generated facsimile thereof, may be filed by any heir at law of a decedent who died intestate.
If there is a will, and an executor or executors is named in the will, the person or persons specified will qualify. If there is a will, but no executor is named or the specified executor refuses or ceases to serve, the circuit court may grant administration to an alternate executor or a beneficiary of the will.
There is no set time frame in which a will must be probated or an estate administered. It is recommended the initial steps in the estate process start within 30 days after death. For questions, call your attorney or the Circuit Court Clerk's Office Probate Division.
Of course, anyone appointed must be competent and suitable in the opinion of the court making the appointment. If there is no will, within 30 days of death the clerk may grant administration (i) to a sole distributee or his designee, or, if more than one heir to the one(s) designated by all distributees.
