If you have been tasked with serving as a personal representative to a decedent’s estate, you have a wide range of obligations and duties to keep track of. In addition to actually resolving issues with the estate, you must also keep the courts updated on your progress.
Reporting estate administration to Virginia Beach Courts starts with providing the notice of probate and continues until the process is near its end. Along the way, you will need to submit certain filings and documents. A skilled estate attorney can assist with this process.
Qualifying the Personal Representative
Before any estate administration reporting can be done, the Virginia Beach court must qualify the personal representative of the estate. There are limited requirements to serve in this role. A person is eligible if they are at least 18 years of age and able to be bonded. The person in question does not have to be a resident of Virginia to serve in this capacity in the Commonwealth. However, non-residents will need a resident to co-qualify along with a resident.
In addition to individuals, a personal representative could also be a bank or similar institution. The date the representative is formally appointed is known as qualification. Once they are qualified, the powers and obligations of this post go into effect.
Starting the Process: The Notice of Probate
The first point where it becomes necessary to report to Virginia Beach courts during estate administration is the Notice of Probate. The purpose of this document has less to do with notifying the court of the proceedings compared to the other interested parties. This document must be sent within 30 days after qualification. It should inform all beneficiaries and heirs that the personal representative has been qualified and that the will is to be probated.
Inventory
Within four months of qualification, the personal representative will need to submit a report known as an inventory. The probate process cannot move forward until this is completed.
The purpose of the inventory is straightforward. The document should list all the assets held by the probate estate as well as their value at the time of the decedent’s passing.
Accountings
The primary, ongoing reporting requirement in this process is known as accounting. Outside of a few exceptions, personal representatives must submit a report each year highlighting the estate’s financial transactions. The first accounting is due 16 months following the initial inventory, and they are due annually after that.
Reporting Issues With Small Estates
Virginia has adopted the Small Estate Act, which is designed to simplify the probate process for decedents with few assets. This program is limited to estates valued at $50,000 or less. Not only does this process take far less time than traditional probate, but there are also fewer requirements.
In fact, there are times when it is unnecessary to qualify a personal representative at all. These estates often do not require a formal accounting or other reports to be sent to the court. The process of small estate administration reporting in Virginia Beach is informal compared to the standard approach.
Learn More About Court Reporting Requirements in Virginia Beach Estate Administration
Reporting estate administration to Virginia Beach courts is only one of the obligations facing a personal representative. This process can be complex, but an attorney may be able to help.
Let dedicated legal counsel assist you with this important role. Call as soon as possible for a confidential consultation.
