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 | We have the expertise to efficiently
administer and settle any estate.
| 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 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. |
The fees charged by Virginia Fiduciary for estate settlement services as executor and as trustee are based on (1) the value of the probate estate and (2) the value of non-probate trust assets, as shown below: | | Estate settlement fee based on
value of
probate estate | | First $1,000,000 | 3.0% | | Next $2,000,000 | 2.0% | | Over $3,000,000 | 1.0% | | | | | | Estate settlement fee based on
value of
non-probate trust assets | | Trust Assets Held or Received at Death | | First $1,000,000 | 1.5% | | Over $1,000,000 | 0.5% | | | | | | Minimum combined fee | $10,000
| | Additional fees | No fee is charged on income earned by the estate assets
or the trust assets. We charge on an hourly basis for
tasks beyond those normally provided by an executor
or trustee, such as tax return preparation, litigation,
managing real estate and family businesses, and legal services. |
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