There are many tasks necessary to settle a decedent's estate -- gathering and securing assets, paying creditors, filing the decedent's final income tax returns, identifying beneficiaries, preparing an estate inventory, preparing accountings, and distributing assets according to the terms of the will. Depending on the value of the estate, the executor may need to file an estate tax return, which requires detailed knowledge of the estate and tax rules and considerable experience. In addition to those services, Virginia Fiduciary has the expertise to identify and take advantage of post-mortem tax planning opportunities.

Modern estate plans often avoid or minimize probate administration by an executor through the use of a funded living trust. It is not uncommon for all the liquid assets to be held in the trust or received by the trust at the decedent's death (such as life insurance proceeds). Consequently, the trustee may be required to assume many of the estate settlement tasks normally performed by the executor.

For more information on fees charged for executor services, click here.