Who Can Serve as an Executor in Virginia?

One of the main reasons to write a Will is to name an executor for your estate. An executor is a person or entity that you name to be legally entitled to administer your estate after you die.

Your executor will be responsible for gathering all of your assets, paying off your debts and taxes, and then distributing whatever assets remain in your estate to your heirs and beneficiaries.

Each state has its own rules regarding who can serve as an executor. Read further to find out who can serve as the executor of your estate in Virginia.

Basic Requirements for Executors in Virginia

Virginia laws do not specify any particular qualifications or characteristics that your executor must have. You can name anyone who you trust, as long as they are willing and able to serve.

If you leave a Will, it should name your chosen executor. If you do not leave a Will, known as dying intestate, the court will usually appoint your next of kin or someone else close to you, according to what it finds reasonable under the circumstances.

When your Will names the person you have chosen to serve as your executor, the court must honor your wishes. However, some circumstances may allow the court to go against your wishes and appoint someone else. For example, if someone challenges your choice of executor and provides sufficient evidence of a conflict of interest, or that the person was appointed through undue influence, the court may appoint someone else to serve.

Executor Bond

Your chosen executor may need to obtain a bond to exercise his or her duties as fiduciary of your estate. Essentially, this bond guarantees that the executor will follow the law and fulfill his or her duty to properly distribute the estate’s assets.

Your executor can obtain the bond from a bonding or surety company. The cost of the bond will be set by the probate court based on the estimated value of your estate.

Virginia law allows a person making a Will to include clear language that they are waiving the bond requirement. Eliminating the requirement of an executor bond expedites the probate process and minimizes the cost of administering the estate.

Thus, one of the advantages of creating a Last Will and Testament is that it can reduce the time needed to probate your estate and save money that could otherwise be used for beneficiary bequests. That said, your executor may still wish to obtain a bond at their own discretion, since executors are otherwise personally liable for their actions as fiduciaries.

To qualify for a bond, your chosen executor will need to have good credit and a clean criminal record. Any bankruptcy or felony conviction in their background will disqualify them from serving as a fiduciary and prevent them from obtaining a bond when one is required.

Rules for Corporate Executors

If you do not have a friend or family member who can serve as your executor, you can hire a corporate executor, as long as it is authorized to do business in Virginia. That said, you should only consider using a corporate executor when you cannot think of any individual who you trust to manage your estate, or when you have a rather large or complex estate.

Out-of-state Executors For Virginia Estates

It is always best to choose an executor who lives close to you. Your executor may need to be present to manage your affairs for days, weeks, and even months after you die.

If you must choose someone who lives a considerable distance away, you should know that, if they live out of state, he or she may be required to:

1. Post a surety bond if not working with an in-state coexecutor; and
2. Appoint someone else who resides in the state to act as their agent for service of process.

Summary

While there are no restrictions on who can act as your executor in Virginia, you should choose someone that you trust to manage your estate and carry out your wishes. Furthermore, unless your estate is large or complex, you should choose an individual, rather than a corporate executor. It is also best to choose someone who lives in the state, preferably close to you. Lastly, before you name that person in your will, you should ensure that he or she is willing and able to serve.

For more information about naming an executor for your Virginia estate, contact our law firm today at (703) 553-2577 or use the contact form on our website to arrange a consultation with our qualified Virginia probate and estate planning attorney.

The information on this site is for general informational purposes only. The information presented in this site is not legal advice or a legal opinion. You should seek the advice of legal counsel of your choice before acting upon any of the information in this site.