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In Virginia, they ensure privacy and avoid probate delays and the probate tax. But trusts cost $1,000 or more in legal fees. You will still need a pour-over will naming the trust as beneficiary ...
The executors kept the debtors' names secret for decades, despite political pressure. [9] Pendleton was one of few Virginia lawyers in this era (during which the legislature established strict attorney fee schedules) to become wealthy, and he became a respected judge after statehood.
The executor of a will is typically paid at least a nominal fee. Executor fees are mandated by state law unless the decedent specifies in the will how much the executor should be paid. In that ...
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
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An executor is the legal personal representative of a deceased person's estate. The appointment of an executor only becomes effective after the death of the testator. After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly.
A: The executor fee is calculated in many states as a percentage of probate assets, not time spent. Probate assets mean the decedent's assets that pass through the estate and not by beneficiary ...