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When and how to conclude as wife, sole beneficiary and executor of small monetary estate
- Thread starter Lakesha60
- Start date
Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills Please click a topic or scroll down for more.
adjusterjack
Senior Member
Condolences.
What "process" are you referring to?
Have you had anything to do with court paperwork?
If yes, explain.
If no, you might not have to do anything further.
If your home was owned jointly with right of survivorship (read your deed) then it's automatically yours.
Any joint accounts are yours.
If you owned cars together there is probably a simple method of transferring them into your name at the DMV.
Personal property is all yours.
Virginia hasn't had an inheritance or estate tax in many years and the fed tax won't apply unless his estate was over something like $11,000,000.
If he had an IRA or 401(k) or some other qualified retirement plan you'll have to study up on how inherited accounts work so you don't get hit with a tax bill for a distribution you didn't have to make or was more than you had to. See Page 5 of the following IRS publication:
https://www.irs.gov/pub/irs-pdf/p590b.pdf
If I missed anything, feel free to continue posting.
What "process" are you referring to?
Have you had anything to do with court paperwork?
If yes, explain.
If no, you might not have to do anything further.
If your home was owned jointly with right of survivorship (read your deed) then it's automatically yours.
Any joint accounts are yours.
If you owned cars together there is probably a simple method of transferring them into your name at the DMV.
Personal property is all yours.
Virginia hasn't had an inheritance or estate tax in many years and the fed tax won't apply unless his estate was over something like $11,000,000.
If he had an IRA or 401(k) or some other qualified retirement plan you'll have to study up on how inherited accounts work so you don't get hit with a tax bill for a distribution you didn't have to make or was more than you had to. See Page 5 of the following IRS publication:
https://www.irs.gov/pub/irs-pdf/p590b.pdf
If I missed anything, feel free to continue posting.
Last edited:
What is the total value of his assets?
Did he leave a last will and testament?
If he has assets (real estate, pension benefits, etc.) then you need to have probate done at the county courthouse probate court so that his assets can be divided among his legal heirs. Soon after you file to open up probate, the court will issue a document called letters testamentary to whoever the executor or administrator is going to be. The executor will be required to purchase a legal ad/notice in a local newspaper (which can be paid for out of estate assets) to notify any creditors that they can now submit any outstanding bills for payment, if there are any outstanding bills.
Did he leave a last will and testament?
If he has assets (real estate, pension benefits, etc.) then you need to have probate done at the county courthouse probate court so that his assets can be divided among his legal heirs. Soon after you file to open up probate, the court will issue a document called letters testamentary to whoever the executor or administrator is going to be. The executor will be required to purchase a legal ad/notice in a local newspaper (which can be paid for out of estate assets) to notify any creditors that they can now submit any outstanding bills for payment, if there are any outstanding bills.
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