Virginia Sample Letter for Letters Testamentary
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How to fill out Sample Letter For Letters Testamentary?
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FAQ
Every estate is different and can take a different length of time to administer depending on its complexity. There is a general expectation that an executor or administrator should try to complete the estate administration within a year of the death, and this is referred to as the executor's year.
The appointment of an executor or administrator is not always required. If such is the situation, no formal administration is necessary. This is usually true where the estate is a small asset estate, personal property having value on the date of death of no more than $50,000.00.
A Letter of Testamentary?sometimes called a "Letter of Administration" or "Letter of Representation"?is a document granted by a local court. The document simply states that you are the legal executor for a particular estate and that you have the ability to act as such.
Compensation for an executor in Virginia is the sole discretion of the court which has jurisdiction over 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.
Seeking Legal Recourse If you believe that the executor is not living up to their duties, you have two legal options: petition the court or file a civil lawsuit.
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.
There is no set time frame in which a will must be probated, or estate administration must be started.
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.
