West Virginia Agreement that Statement of Account is True, Correct and Settled

State:
Multi-State
Control #:
US-1107BG
Format:
Word; 
Rich Text
Instant download

Description

A mineral lease is an agreement between a property owner and another party who is allowed to explore and extract minerals that are found on the property for a stated time. The property owner receives payments based on the value of the minerals that are extracted. In other words, a mineral lease is a right given to use land for the purpose of exploration for a particular period of time or indefinitely upon payment of royalties to the landowner.

How to fill out Agreement That Statement Of Account Is True, Correct And Settled?

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FAQ

There two ways to close the estate: (1) final settlement; or (2) waiver of final settlement. Generally, you must close the estate within 5 years of starting the probate process. W. Va.

West Virginia state law does not have a deadline for the maximum time allowed for the probate process to occur. In general, smaller, simple estates with no disputes between beneficiaries can be settled and closed within a matter of weeks.

Excluding real estate, the probate estate is valued at $100,000 or less; or. The personal representative is the only beneficiary of the estate; or. The surviving spouse is the only beneficiary of the estate; or. All parties agree, and state that there are enough assets to pay debts and taxes.

Extrajudicial Settlement of the estate can be done if: i) the decedent did not leave a will; (ii) there are no debts (or the debts have been fully paid); and (iii) all of the heirs agree on the manner of the division and distribution of the estate.

What are the steps in probate?Contact the County Clerk's Office to Start Probate Process.Appoint an Administrator/Executor.Appraise the Person's Estate.Settle any Claims Against the Estate from Creditors.Close the Estate.Distribute the Remaining Property.

Va. Code § 44-3A-5. Under the simplified process, the executor files an affidavit (no sooner than 60 days after providing any notice required by law to close the estate) which must state: that the time for filing claims has expired.

Then the court can decide to allow the executor to distribute the assets without having to go through the regular probate process. If the executor gets permission, they must then file an affidavit, no sooner than 60 days after providing any notice required by law to close the estate.

In West Virginia, creditors have 60 days from the first publication of the Notice of Administration of the Estate to make any claims. This deadline does not apply to secured debt, such as a mortgage (see WV Code § 44-2-12).

In West Virginia, often the probate of a simple estate can take anywhere from about six months to just around a year to settle.

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West Virginia Agreement that Statement of Account is True, Correct and Settled