I was left all property owned by a Friend in his Will and don't know what to do.
Full Question:
I am about to go to probate for my best friends estate to try and become executor. He left a will and left me everything. I was told by my lawyers secretary to try and refinance the condo he had left behind. I am new to all of this and I don't understand how I can do that without being name the executor and I am not named on his mortgage. Even though he has left everything he had to me I just don't understand how all this works. Can someone point me in the right direction?
11/26/2016 |
Category: Wills and Es... » Probate |
State: Virginia |
#27192
Answer:
In order to begin probate a Petition to Probate the Will is filed with the Court and you ask to be appointed by the Court as executrix. We assume you were named as executrix in the Will. The Will is probated in the County where the deceased resided. It is probated in the Circuit Court of that County in Virginia.
The Clerk or Deputy Clerk of the Court will usually accept and probate the Will without involving the Judge.
For small estates, formal administration is not required. In Virginia these are estates where the personal property only is not worth more than $50,000.00 you are not required to do a formal probate. Instead the Will is presented to the Clerk and recorded in the Will book of the Circuit Court.
Procedure for Probate
- Take the Will to the Circuit Clerks office in the County where the deceased died. You may want to make an appointment.
- Also take a death certificate and list of all assets and value of those assets to the best of your knowledge.
- The Clerk will have you complete some forms to complete before the appointment.
- Assuming the Will appointed you as Personal Representative, you will be appointed as the Personal Representative.
- You take an Oath to carry out the provisions of the Will and laws of Virginia.
- Bond may be required but usually is not if it is waived in the Will or the Personal Representative is the only heir.
- If the Will included a "self-proving affidavit," you are not required to have a witness to the Will testify.
- You identify all personal property of the Estate and all creditors of the estate. Debts are paid provided the assets are enough to pay the debts. If not, the debts may be paid prorata.
- Within 4 months you file an Inventory with the Commissioner of Accounts, who is an attorney appointed by the Court to help oversee estates.
- Taxes are also addressed and paid.
- When all property and debts are addressed you file a Final accounting to close the estate.
- At the time of filing the Will a probate tax is paid. Generally $1.00 per $1,000.00 of the value of personal property. Maybe a local tax as well.
- The final income and personal property tax return is to be filed.
- Federal and State Estate taxes are paid if the estate exceeds the Federal exemption which 5+ million dollars.
The forms needed vary depending on the estate and property. Forms can be found online at http://www.courts.state.va.us/forms/circuit/fiduciary.html
The Statutes are founds in the 2015 Code of Virginia, Title 64.2 - Wills, Trusts, and Fiduciaries, § 64.2-443 et. seq.
Although probate can be done without an attorney, you should consult an attorney for estate matters where needed.
