There are many complex steps required in settling an estate in Virginia. This process can be complex and lengthy, particularly, if one or more beneficiaries argues to have an executor removed or claims that the will is invalid.
An executor or an estate administrator could even put off dealing with an estate because there are no clear statutory deadlines by which the probate process must be completed. In some cases, the probate process can drag on for several years often to the detriment of the beneficiaries that the deceased intended to have assets relatively quickly.
As a person drafting your own estate planning documents, it is critical to understand executor responsibility.
The appointment of a representative for the estate is one of the most important decisions made in the probate process. The administrator or executor is responsible for gathering all of the decedent’s assets, paying debts, selling property if necessary, notifying creditors, and distributing any remaining assets to the beneficiaries named in the decedent’s will.
There are interim deadlines that an executor must meet during this process, but there are no final deadlines that govern how long the entire process must take. When selecting your own estate executor, it’s important to think about this person’s qualifications and willingness to serve in this role, since he or she will be so intimately involved in the administration of your estate.
Need help figuring out who to name? Speak to your Virginia attorney today about the most important roles in your estate planning.