What we commonly call a “Will” is short for “Last Will and Testament.” A Will is a legal document that allows a person to direct who shall represent the person’s estate when the person dies, who will be the heirs of the estate, and who shall act as the guardian and/or conservator of the person’s minor children.

Yes, but when the executor qualifies, he or she will most likely have to post a surety bond (even if it is waived by the Will) and will need to appoint a resident agent. A resident agent is an individual or business entity located in Virginia that will accept the service of legal documents on the executor’s behalf.

An executor is the personal representative of your estate, while a trustee manages financial assets held by the trust for the benefit of the beneficiaries of the trust. The executor ensures that your final affairs are concluded (e.g. closing accounts, paying debts and taxes, transferring assets to the appropriate beneficiary, representing the estate in litigation etc.). The executor and trustee could be the same person but they will have different responsibilities for each role that they play and different documents that authorize and direct their actions.

Every executor representing the estate of a deceased individual must first be formally appointed in order to act in such capacity. During such qualification appointment, the executor must promise to faithfully perform their duties as a fiduciary. This is known as a bond and it is required for every personal representative. However, surety may be waived. If surety is not waived, the executor must obtain a written guarantee by a third party (usually a bonding company) that the third party will pay the debt that is owed as a result of the executor’s actions on behalf of the executor. Surety usually cannot be waived if the executor is not a resident of Virginia.

The minor child’s other natural or legal parent retains custody over the minor child until they reach age 18. If both parents have passed away, the child becomes a ward of the Commonwealth of Virginia and will be appointed a guardian of the person, of their estate, and/or to represent them in legal matters. Until the guardian is determined, the child would be housed with a foster family.

The word “nominee” in this context means a person or company who owns title in name only, but who is not the actual owner. When real estate is registered in the name of a nominee, it prevents the public disclosure of the true owner of the real estate. 

A no contest clause is a provision in a will or trust that precludes any person contesting the validity of the document from inheriting under the document. The purpose of the clause is to prevent litigation over the decedent’s estate and to preserve the wishes and intent of the decedent.

Probate is the process of proving a will (if there is one) and/or administering and settling the estate of a person who has died (known as a “decedent”). The term “estate” in this context refers to all things to which the decedent had ownership of or the right to control at death. The Circuit Court of the county in which the decedent resided at death or owned real estate will govern and oversee this entire process.

Property that is owned by someone at death must pass through probate in order to transfer to another person or entity. Note that if a decedent had assets with a beneficiary designated, the beneficiary owns such property at the decedent’s death, not the decedent. The same principal applies to assets held with another person with survivorship rights and also to real estate. But, keep in mind that real estate may be subject to inclusion in decedent’s estate where the debts of the decedent cannot be satisfied from the estate or if there is a provision in the decedent’s will that directs that the property be sold.

Ten cents per every hundred dollars plus up to 33% of the tax as determined by local jurisdictions. In northern Virginia, it is commonly $1.33 per every thousand dollars.