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Probate and Estate Administration

Massanutten Financial Services offers these Probate and Estate Administration services to our clients:

• Probate accounting
• Executor assistance, including guidance in probate issues and inventory of estate

What is Probate?

The word probate refers to the process of proving before a proper court that a document offered as the last will and testament of a deceased person is genuine.

The Virginia Circuit Court, or the clerk or deputy clerk of that Court, has jurisdiction over the probate of wills in the City or County where the decedent had a house or residence, and if none, where any real estate lies that is devised or owned by the decedent, and if none, the City or County where the decedent has estate assets.

Personal representatives must have a clear understanding of their powers and duties, and failure to properly perform such duties can result in personal liability.

Executor Assistance

Handling the administration of a decedent's estate can be a significant undertaking. Although the process of receiving and properly disbursing estate assets sounds simple, it can be a complicated process even for relatively small estates.

An executor or administrator can save time and reduce complications and personal liability by obtaining professional, legal, tax and investment advice when handling an estate.

Fees paid for services of professional advisors are normally considered a cost of administrating the estate payable out of estate assets and not personally payable by the executor or administrator.

These are some of the services we offer to estates and executors of estates:

• Obtain an EIN
• Prepare affidavit and inventory of estate
• Help with security transfers (stocks, bonds, mutual funds)
• Prepare accounting for Commissioner of Accounts
• Prepare Form 1041 if needed

Guide to Probate Procedures for Estate Administrators

Within 30 Days:

• Call Clerk of the Court
• Apply for Estate Tax Identification Number
• Open Estate Bank Account
• File Affidavit of Notice to Heirs

Within 4 Months:

• Asset Identification (inventory of estate)
• File Inventory

Within 9 Months:

• Pay Creditors
• File Estate Tax Return -if applicable
• Sell, Transfer and Distribute Certain Assets

Within 12 Months:

• File Fiduciary Income Tax Return (if estate Income is greater than $600)
• File Deceased Income Tax Return if applicable ( by 4/15 following year of death)

Within 16 Months:

• File first Estate Accounting Report with the Commissioner of Accounts with all supporting documents.

Probate and Estate Administration in Virginia

Clerk of the Circuit Court by County:

Rockingham: (540) 564-3113
Page: (540) 743-4064
Augusta: (540) 245-5321

Commissioner of Accounts:

Rockingham: (540) 434-7306
Page: 540-743-4511
Augusta: (540) 886-9346