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  1. #1
    krickey1098 Guest

    What time frame to settle an estate?

    What is the name of your state? VA

    My grandmother passed away in October of 2002. My uncle has been handling her estate. The house has been placed up for sale and all beneficiaries are agreeable. However he feels that if the house sells that he can not distribute the money until the anniversary of her death. What are the laws about distributing the inheritance if all family members are in agreement?
  2. #2
    JETX is offline Senior Member
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    According to my cursory research, I was not able to find a specific answer to your question. However, the probate of an estate should be completed on or before the 16th month after the administrator has been chosen. As such, the funds would presumably be processed by that time.

    Here is a list of duties and responsibilities of the administrator or executor:
    - Pay all probate taxes due to the Clerk of the Circuit Court.
    - Provide written notice of qualification or probate to certain persons within 30 days of the date of qualification.
    - File affidavit, under oath, in the Clerk's Office stating the names, addresses, and when notices of qualification or probate were mailed or delivered.
    - Ascertain and take possession of the deceased person's property over which the executor or administrator has responsibility or control, determine the liabilities (debts) of the estate and the value of the estate over which the fiduciary does not have control, see to the payment of debts of the deceased and the estate (including taxes) and the sale or distribution of the property of the estate in accordance with the dictates of the will and the law of Virginia.
    - Keep assets under his or her control as executor or administrator separate from the executor/administrator's individual and personal assets.
    - Exercise reasonable care in investing and selling assets and paying debts with funds under the executor/administrator's control.
    - File an Inventory with the Commissioner of Accounts within four months of qualification as executor or administrator.
    - File a Settlement of Accounts or a Statement in Lieu of Settlement of Accounts with the Commissioner of Accounts within sixteen months of qualification as executor or administrator.
    - File any individual or fiduciary income or estate tax returns required by state or federal government.
  3. #3
    dibarb Guest
    Is this also true for South Carolina.
  4. #4
    JETX is offline Senior Member
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    Sorry, only one 'topic' to a thread. If you want to ask a specific for YOUR situation, start a new thread so that you don't divert attention from the original poster.
  5. #5
    hexeliebe Guest
    Tick Tock...Tick Tock...

    It's getting real close to LOCK 'N LOAD TIME !!!
  6. #6
    dibarb Guest
    Sorry

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