Detailed Answer
Under Virginia law, a personal representative (often called an executor or administrator) holds a fiduciary duty to manage and distribute estate assets for heirs and beneficiaries. The law sets clear timelines and requirements for the information this representative must provide.
1. Initial Notice of Appointment
Within six months after qualification, the personal representative must notify all known heirs and devisees in writing. This notice should include:
- The representative’s name and contact information.
- A statement that the estate is open for administration.
- An invitation to present claims or questions.
See Virginia Code § 64.2-1507: https://law.lis.virginia.gov/vacode/title64.2/chapter15/section64.2-1507/
2. Inventory and Appraisement
Within four months after qualification, the representative must file a full inventory with the clerk of the court. The inventory must list:
- All real and personal property owned by the decedent at death.
- Valuations for each asset.
See Virginia Code § 64.2-1524: https://law.lis.virginia.gov/vacode/title64.2/chapter15/section64.2-1524/
3. Interim and Annual Accountings
The representative must keep accurate records of all receipts, disbursements, and distributions. Beneficiaries may request an accounting at any time. At the end of administration, or upon court order, the representative must file a formal account showing:
- Opening asset values.
- Income collected (rent, dividends, etc.).
- Expenses paid (debts, taxes, administration costs).
- Net proceeds available for distribution.
See Virginia Code § 64.2-1901: https://law.lis.virginia.gov/vacode/title64.2/chapter19/section64.2-1901/
4. Proposed Distribution Statement
Before final distribution, the personal representative must provide a proposed distribution schedule to heirs and beneficiaries. This document should outline:
- Who receives which assets or amounts.
- Timing of distributions.
See Virginia Code § 64.2-1905: https://law.lis.virginia.gov/vacode/title64.2/chapter19/section64.2-1905/
5. Ongoing Fiduciary Duties
- Maintain clear records and bank reconciliations.
- Protect estate assets from loss or damage.
- Communicate regularly with heirs about progress.
Helpful Hints
- Keep copies of all notices and filings—proof of compliance protects you in court.
- Respond promptly to heir inquiries to avoid disputes.
- Use estate accounting software or a dedicated ledger for clarity.
- Consult the court clerk for local filing deadlines and fee schedules.
Disclaimer: This article is for general informational purposes only. It does not constitute legal advice and should not be relied upon as such. Always consult a qualified attorney for guidance on your specific situation.