In Virginia. When an executor and sole heir of an estate sells a home/land. Is it true that he has to wait 1 year before the proceeds can be touched? If so, when does that 1 year begin, from the date of sale?
Country relating to Question: United States
State (if USA): Virginia
Our estate lawyer mentioned something previously but we don't recall.
Thank you for posting your question to JA/Pearl. Legal questions often take time for research or I may be offline so please be patient, I will reply.Virginia law provides that any person desiring to prove any debt or demand against the estate shall file his claim or a written statement thereof with the Commissioner of Accounts. There is filing fee under the uniform Commissioners of Accounts fee schedule of $25 for each claim filed. Within 12 months after filing your inventory or 16 months after qualification, whichever occurs first, the personal representative is required to file an accounting of the estate records for the entire year following the inventory. In most cases, a first and final accounting is prepared and the personal representative can distribute the estate to the beneficiaries and close the estate out.Therefore it is not one year from the sale but one year after the filing of the inventory. Where you are the sole heir, there is nothing preventing you from taking an early distribution when all of the claims have been paid. However, you would be personally responsible if there was not enough money left in the estate to pay the creditor.
Actively practicing trial attorney
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