Legal Question in Wills and Trusts in Virginia
time limit on closing an estate in virginia
How long are you legally allowed to keep an estate open in the state of virginia?
1 Answer from Attorneys
Generally depends upon the nature and complexity of the estate. Under Va. Code Sec. 26-17.5, the personal representative is required to file the first formal
accounting with the commissioner of accounts within 16 months from the date of his or her qualification (as personal representative) "of all money
and other property which such fiduciary has received, or become chargeable with, or has disbursed within twelve months from the date of qualification".
Thereafter, subsequent accountings must be filed within the timeframes specified in the above-referenced statute until the estate has been finally settled and is ready to be closed.