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Fairfax Virginia Statement in Lieu of Settlement of Account

Category:
Local County - Loudoun - Probate
State:
Virginia
County:
Fairfax
Control #:
VA-CC-1681
Format:
PDF
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Description

This is an official form from the Virginia Judicial System, which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by Virginia statutes and law.

Fairfax Virginia Statement in Lieu of Settlement of Account for Decedent's Estate is a legal document that provides a detailed summary of a deceased individual's financial affairs, assets, and debts. It is filed with the probate court to finalize the distribution of assets to beneficiaries and settle any outstanding liabilities. In Fairfax, Virginia, there are several types of Statements in Lieu of Settlement of Account for Decedent's Estate that may apply depending on the specific circumstances: 1. General Statement in Lieu of Settlement of Account: This type of statement is used when the decedent's estate consists of various assets, such as real estate, bank accounts, investments, and personal belongings. It provides a comprehensive overview of all assets, along with their respective values, as well as a detailed account of debts and outstanding liabilities. 2. Small Estate Statement in Lieu of Settlement of Account: This statement is employed when the total value of the decedent's estate falls under a certain threshold set by Virginia state law. In Fairfax County, the maximum value is typically $50,000. It is a simplified version of the general statement and allows for a quicker and less complex estate settlement process. 3. Summary Statement in Lieu of Settlement of Account: This type of statement is applicable when the decedent's estate only consists of personal property assets, excluding real estate. It provides a concise summary of the personal property, their values, and any outstanding debts, ensuring a streamlined settlement process. When preparing the Fairfax Virginia Statement in Lieu of Settlement of Account for Decedent's Estate, relevant keywords to consider may include: decedent's estate, Fairfax County probate court, assets, liabilities, inheritance, beneficiaries, debts, account settlement, financial affairs, personal property, real estate, small estate, summary statement.

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FAQ

As an Executor, you should ideally wait 10 months from the date of the Grant of Probate before distributing the estate. The Grant of Probate is the document obtained from the court which gives the legal authority for you to deal with the estate.

Settling an Estate in Virginia A petition to open probate is filed with the court in the county where the person lived before their death. The court approves a personal representative or appoints someone to act on behalf of the estate.

In Virginia, any estate valued at greater than $50,000 at the time of the owner's passing must go through the probate procedure.

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.

VA Specifics See VA Code § 64.2-550, 551. Subject to such a potential limit, Virginia maintains a 3-year statute of limitations on open account debts, and 5 years on contract debt (see VA Code § 8.01-246).

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.

A Virginia small estate affidavit, known formally as the Virginia Small Estate Act Affidavit, may be used to expedite a probate process for an estate worth less than $50,000 (excluding real estate). The form may not be used until at least sixty (60) days have passed since the date of death of the decedent.

This notice is to tell you that, in the circuit court clerk's office, listed above, either a personal representative has qualified or a proponent has probated the deceased person's will. THIS NOTICE DOES NOT MEAN THAT YOU WILL RECEIVE ANY MONEY OR. PROPERTY.

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Statements in lieu of accounts. Fiduciary: a person in a position of trust with respect to another's property; a general term used to refer to executor, administrator or trustee.4. That six months have elapsed since the personal representative(s) qualified in the Clerk's Office. 5. Download the Virginia Small Estate Act Affidavit and fill it out. Looking to the courts for the settlement of an estate. Incorporated an estate recovery program in the Virginia Medicaid Manual. ("Manual"). The Manual is the handbook for Medicaid eligibility workers; it. Inherited real estate typically goes through the probate process.

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