Index

• Library: Estate and Trust Administration in Virginia (Virginia CLE) (2019 Ed.)

INDEX

References are to pages

ABATEMENT	315
ACCOUNTING
Final	316
Receipts and disbursements	396
Small trust	395
Statement in lieu of accounting	109
Statement of accounting	107, 316
Testamentary trust	393
Waiver in will	395
ACCUMULATION THROWBACK RULES	253, 421
ADEMPTION	366
ADMINISTRATOR. See PERSONAL REPRESENTATIVE
AFFIDAVIT OF NOTICE OF PROBATE	93
AFTER-DISCOVERED ASSETS	107, 394
AGENCY IN TRUST ADMINISTRATION
Generally	354-355
Conflict of interest	355
Consent by representation	355
Power of appointment	355
Who may represent	355
AID AND GUIDANCE OF COURT	193, 195, 297, 302
ALLOCATION OF DISTRIBUTABLE NET INCOME (DNI). See TAX, INCOME
ALLOWANCES
Exempt property allowance	153, 166
Family allowance	156, 165
Homestead allowance	167
Insolvent estates	168
ALTERNATE VALUATION DATE	275
ALTERNATIVE MINIMUM TAX	216, 238, 423
ANATOMICAL GIFTS	5, 7
ANCILLARY ADMINISTRATION
Appointment of representative	212
Defined	1
Income taxes	212
ANNUITY
As non-probate asset	12
As part of augmented estate	153
Reporting on Form 706	275
Taxation	234
ANTI-LAPSE STATUTE	367
APPEAL FROM ORDER OF PROBATE	170
APPLICABLE CREDIT AMOUNT
Basic exclusion amount	266, 280-281
Use of disclaimer to preserve	178

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APPRAISAL
Generally	103
Required for Form 706	272
Tangible personal property	301
ASSETS. See also DISTRIBUTION OF ASSETS; INVENTORY; INVESTMENTS; VALUATION
Duty of personal representative to collect and manage	86
Duty of personal representative to secure	10
Forms of ownership distinguished	12
ATTORNEY AND CLIENT
Attorney as personal representative	4
Charges	3
Multiple representation	3, 10
Scope of representation	3
ATTORNEY FEES	3
As expense of administration	230, 277, 314
Ethical considerations	3
Institutional fiduciaries	306
AUDIT OF ESTATE TAX RETURN	285-287
AUGMENTED ESTATE. See also ELECTIVE SHARE
Generally	149
Abandonment as waiver of against estate	165
Date of valuation	157
Defenses	165
Election
By other than surviving spouse	151
Capacity to make	151
Procedure	150
Trust for electing spouse	152
Exclusions	159
Group life insurance policies	153
Historical background	149
Included property	153
Insurance policy	153
Net probate estate	156
Principal family residence	164
Time for filing claim	152
Valuation of jointly owned property	157
AUTOPSY	8
BANK ACCOUNTS
Disclaimer	178
Inclusion on inventory	105
Joint accounts	13, 205
Of estate	86
Reporting on Form 706	270-271
Transfer without probate	12
BASIC EXCLUSION AMOUNT	266, 281

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BOND
Custodial trustee	304
Personal representative	58
Refunding	196, 296-297, 302
Sale of real estate within one year of decedent's death	201
Security on	19, 49, 58
Trustee	393
BREACH OF CONTRACT ACTIONS IN ESTATE PLANNING
Accrual of cause of action	197
Personal representative, standing	197
Third-party beneficiary, standing	197
BREACH OF TRUST
Generally	380
Consent, release, or ratification by beneficiary	383
Exculpation clause in trust instrument	417
Limitation of action for	383, 418
Remedies	380-382
Trust terms, reliance on	417
BURIAL EXPENSES. See FUNERAL EXPENSES
CAPITAL GAINS
Distributable net income	219, 242
Taxation	234, 421
CERTIFICATES OF QUALIFICATION. See LETTERS OF QUALIFICATION
CHARITABLE CONTRIBUTIONS
As part of distributable net income	245-246
Complex trusts	421
Computation of taxable income	224, 230, 232
Estate income tax, claim for	230, 232
Form for reporting	216
Qualified revocable trust	215
Reporting on Form 706	279
CHARITABLE TRUST
Notice requirements for suits involving	364
Total return unitrust method of distribution	414
Trustee vacancy	359
CLAIMS AGAINST DRAFTING ATTORNEYS
Accrual of cause of action	197
Personal representative, standing	197
Third party beneficiary, standing	197
CLAIMS AGAINST SETTLOR OF TRUST	387
CLAIMS AGAINST TRUST BENEFICIARY
Attachment of distributions	385
Discretionary trusts	386
Overdue distributions	386
Spendthrift provision as bar to involuntary transfer	385
CLAIMS AGAINST TRUSTEE	415

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CO-FIDUCIARIES
Generally	83
Liability for income taxes	212
COMMISSIONER OF ACCOUNTS
Generally	81
Allowance of expenses	314
Appointment	81
Approval of accounts	93
Approval of inventory	106
Assistant	82
Compensation of personal representative	306-307, 310-311, 313-314
Debts and demands hearing	295
Distributions to minors	304
Extension of time for filing inventory	82, 103, 106
Filing inventory with	106
Local customs	82
Missing beneficiary	195
Powers and duties	81-82
Real property interests	105
Statement in lieu of accounting	109, 317
Statement of accounting	107, 316, 393
Summons to require filing of inventory	107
COMMUNITY PROPERTY	14
COMPELLING PRODUCTION OF WILL	9, 57
COMPENSATION. See also ATTORNEY FEES
Allocation to principal and income	402
Attorney serving as personal representative	314
Commissioner of accounts	81, 106
Institutional fiduciaries	306, 313, 318
Personal representative
Generally	306
Five percent rule	311
Fixed by will or trust instrument	313
Forfeiture by	107
Guidelines for compensation	307
Objections to fees	307
Reasonable compensation	310, 314
Trustee
Generally	396
Conversion to unitrust, effect on	414
Investment in trustee affiliate	373
Notice of change in	370
Reduction as remedy for breach of trust	380
COMPLEX TRUST	247-248, 420
CONFLICT OF INTEREST BY TRUSTEE. See also BREACH OF TRUST
Generally	371
Impartiality between beneficiaries	375

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Investment with affiliates	373
Opportunities of trust, interference with	373
Special fiduciary to determine conflict	375
Transactions for own benefit	371
Transactions permitted when fair	374
Transactions with beneficiary	372
Transactions with related parties	372
Voting stock of trust investments	374
CONSOLIDATION OF TRUSTS. See MODIFICATION OF TRUST
CORPORATE TRUSTEE
Administration outside Virginia	368
Compensation	396
Fiscal year accounting	394
Standard of skill	399
CO-TRUSTEES
Decision-making	379
Delegation among co-trustees	380
Liability for co-trustee's action	380, 416-417
Participation required	380
Vacancy	379
CREDIT FOR FOREIGN DEATH TAXES	222, 281
CREDIT FOR TAX ON PRIOR INHERITANCES	281
CREDITORS
Claims against group life insurance assets of estate	153
Claims against insolvent estate	168
Claims against settlor of trust	387
Claims against trust beneficiary	385
Domestic asset protection trust	391
Exception creditors under spendthrift provision of trust	385
Tenancy by entirety protection in trust property	389
CRUMMEY TRUST	388
CURATOR
Appointment	53, 172
Defined	2
Powers and duties	172
Prudent investor rule	397
CUSTODIAL TRUST	304
CY PRES	364
DEATH CERTIFICATE
Obtaining	7, 89
Required for probate	60-61
Required to transfer securities	94
DEBTS AND DEMANDS PROCEDURE	295
DEBTS, reporting on Form 706	278
DEMONSTRATIVE LEGACY DEFINED	315
DESCENT AND DISTRIBUTION. See INTESTATE SUCCESSION
DESTRUCTION OR CONCEALMENT OF WILL	58

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DEVISAVIT VEL NON. See also WILL CONTEST	56, 170
DIGITAL ACCOUNTS OF DECEDENT, access to	88, 424
DISCLAIMER
Generally	175
Contents	177
Effect of	175, 177
Filing and recordation	177
Form of	178
Initial advice to beneficiaries	17
Marital deduction	279
Uniform Disclaimer of Property Interests Act	175
Waiver of spousal claim to augmented estate	165
Who may file	176
DISTRIBUTABLE NET INCOME. See TAX, INCOME
DISTRIBUTION OF ASSETS
Contingent claims	297
Estate
Checklist	298
Debts and demands procedure	296
Early distributions	301
Final accounting	316
Final distribution	318
In kind	260
Insolvent estates	315
Minors	303-304
Non-probate assets	312
Partial distribution	302
Partnership interests	262
Persons under legal disability	303-304
Residuary estate	302
Right of beneficiary to compel	302
Specific bequests	302, 312
Insolvent estates	168
Trust
Adjustment between principal and income	406-407
Creditor's ability to compel	385
Income distributions
Generally	401
Allocating...