Disclaimer: This information is not legal advice. It is for educational purposes only.
Detailed Answer
Step 1: Identify and Value All Estate Assets
The personal representative begins by gathering every asset owned by the decedent. This includes real estate, bank accounts, investments, personal belongings, life insurance payable to the estate, and retirement accounts. West Virginia law requires a filed inventory and appraisal within 60 days of appointment. See W.Va. Code §44-3-16.
Step 2: Notify Creditors and Allow Claims
The executor must publish notice to creditors and mail notice to known creditors. Creditors generally have four months after the first publication to submit claims. See W.Va. Code §44-2-2 and §44-2-5. This step ensures all valid debts are identified.
Step 3: Pay Valid Debts and Administrative Expenses
After the claim period, the executor pays allowable debts in the order set by statute. This includes funeral expenses, administrative costs, taxes, and other debts. West Virginia Code §44-2-13 governs the payment of approved claims. Executor fees and attorney fees are approved by the court and paid from the estate.
Step 4: Apply Statutory Allowances and Exemptions
Before distributing any remaining assets, the estate must satisfy certain family allowances and exemptions. For example, the surviving spouse may claim a homestead allowance (up to $15,000) under W.Va. Code §44-3-19 and a family allowance under §44-3-34. These reduce the pool of assets available for general distribution.
Step 5: Calculate the Residuary Estate
Subtract total debts, taxes, court costs, statutory allowances, and administration fees from the gross estate value. The balance is called the residuary estate. This represents the assets remaining for distribution to beneficiaries or heirs.
Step 6: Distribute the Residue According to the Will or Intestate Law
If the decedent left a will, the personal representative distributes the residue as directed. Without a will, West Virginia’s intestate succession rules apply. See the order of distribution in W.Va. Code §44-4-6. Heirs receive shares based on their relationship to the decedent.
Helpful Hints
- Keep clear records of all assets and expenses. Detailed ledgers simplify accounting.
- Obtain professional appraisals for real estate and valuable personal property.
- Monitor publication deadlines for creditor notice to avoid unknown claims later.
- Consult probate court rules in your county for local filing requirements.
- Consider hiring a probate attorney if the estate is complex or if disputes arise.