Estate Regarding

Length and Commitment of Process. 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 Receipt and Release Agreement is the means by which a beneficiary of an estate may acknowledge receipt of the property to which he is entitled, and agree to release the executor from any further liability with respect thereto.

A Receipt, Release, Refunding and Indemnification Agreement is a probate tool that allows the executor to distribute estate funds to a beneficiary with the promise from the beneficiary to return the funds if it later turns out they were distributed in error.

Beneficiaries often must sign off on the inheritance they receive to acknowledge receipt of the distribution. For example, if you inherit a portion of real estate from the decedent, you must sign a deed accepting that real estate.

All taxes and liabilities paid from the estate, including medical expenses, attorney fees, burial or cremation expenses, estate sale costs, appraisal expenses, and more. The executor should keep all receipts for any services or transactions needed to liquidate the assets of the deceased.

This four-month period must pass before the estate can be closed. Even under the best of circumstances, a simple estate will usually take at least six months to close.

Beneficiaries are entitled to receive a financial accounting of the trust, including bank statements, regularly. When statements are not received as requested, a beneficiary must submit a written demand to the trustee.The court will review the trust account for any discrepancies or irregular activity.

Q: How Long Does an Executor Have to Distribute Assets From a Will? A: Dear Waiting: In most states, a will must be executed within three years of a person's death.