STATEMENT IN LIEU OF SETTLEMENT OF ACCOUNT FOR 2025

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Statement in lieu of settlement of accounts by personal representatives in certain circumstances. A. For the purposes of this section, the term residuary beneficiary shall not include the trustee of a trust that receives a residuary gift under a decedents will.
No commissioner of accounts shall approve any personal representatives inventory or account (i) until 21 days have elapsed from the receipt of such inventory or account and (ii) unless the inventory or account contains a statement that any copies requested pursuant to this section have been mailed and shows the names
64.2-1312. Report to circuit court; death of fiduciary; fiduciary for recipient of federal benefits. A. The commissioner of accounts shall state, settle, and report to the circuit court an account of the transactions of a fiduciary, as provided by law.
A Statement in Lieu of Accounting gives beneficiaries the opportunity to complete the administration of the estate in a timely and cost efficient manner. In addition, it can save the personal representative of the probate estate (executor/ administrator) considerable duress and money.
If all distributees of a decedents estate or all residuary beneficiaries under a decedents will are personal representatives of that decedents estate, whether serving alone or with others who are not distributees or residuary beneficiaries, the personal representatives may, in lieu of the settlement of accounts
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The priority of beneficiaries is outlined in 64.2-200 of the Virginia Code. Within 30 days of the decedents death, the sole heir or any heir with consent of the other heirs may qualify as Administrator of the intestate estate. After 30 days, any heir may qualify as Administrator.

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