What are the basic duties of a fiduciary (executor or personal representative)?
The most important duties of a fiduciary are to: 1. Identify and take possession of the property of the decedent over which the fiduciary has control. 2. Determine and see to the payment of the liabilities (debts) of the estate, including taxes. 3. Sell or distribute the property of the estate in accordance with the dictates of the will and the laws of the Commonwealth of Virginia in effect at the time of death. 4. Within 30 days after qualification or probate, give written notice to the heirs and beneficiaries of the estate, or those who would have been the heirs. The affidavit of notice must be filed with the clerk’s office within four (4) months from the date of qualification. 5. File a complete inventory of the estate within four months of qualification with the Commissioner of Accounts (a local person appointed by the circuit court to oversee estate administration). 6. File an annual accounting of all assets and distributions of the estate until a final accounting can be made. Wha
The most important duties of a fiduciary are to: 1. Identify and take possession of the property of the decedent over which the fiduciary has control. 2. Determine and see to the payment of the liabilities (debts) of the estate, including taxes. 3. Sell or distribute the property of the estate in accordance with the dictates of the will and the laws of the Commonwealth of Virginia in effect at the time of death. 4. Within 30 days after qualification or probate, give written notice to the heirs and beneficiaries of the estate, or those who would have been the heirs. The affidavit of notice must be filed with the clerk’s office within four (4) months from the date of qualification. 5. File a complete inventory of the estate within four months of qualification with the Commissioner of Accounts (a local person appointed by the circuit court to oversee estate administration). 6. File an annual accounting of all assets and distributions of the estate until a final accounting can be made. Wha
