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1994 SESSION

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HB 785 Security for personal representatives.

Introduced by: W. Tayloe Murphy, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Security for personal representatives. Eliminates the requirement that multiple personal representatives post security when they are also the only beneficiaries or distributees of the estate. Under current law, security is not required in this situation provided there are no more than three personal representatives/beneficiaries. In 1993 a similar change was made to the section which allowed multiple personal representatives/beneficiaries to file a statement in lieu of an accounting (§ 26-20.1).

This bill is recommended by the Wills, Trusts and Estates section of the Virginia Bar Association.


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