Virgin Islands Sample Letter for Probating Claims Expiration
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How to fill out Sample Letter For Probating Claims Expiration?
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FAQ
A BVI grant of probate, or letters of administration, is required to validly deal with BVI assets held by a deceased person. This is most commonly required for shares in a BVI company (or other entity).
A grant of probate confirms the validity of a will appoints an executor - and gives the executor legal authority to administer the estate, while a grant of administration appoints an administrator when there is no will or when the executor is unable or unwilling to act.
Usually jointly-held assets and beneficiary-designated assets are excluded from probate. Generally, only assets that are in a deceased person's name without a beneficiary designated are subject to probate.
The disadvantages of probating a will are many. The probate process is expensive, time consuming, and intrusive. Court costs, attorney fees, personal representative fees, bonds, and accounting fees all add up.
The fees are dependent on the value of the estate and each document filed with the court and can be upwards of US$7,000. The application is not subjected to inheritance tax as there are no taxes in the BVI.
