                                 CODE OF VIRGINIA

STATEMENT IN LIEU OF SETTLEMENT OF ACCOUNTS BY PERSONAL REPRESENTATIVES IN
CERTAIN CIRCUMSTANCES (§ 64.2-1314)

A. For the purposes of this section, the term &#8220;residuary
beneficiary&#8221; shall not include the trustee of a trust that receives a
residuary gift under a decedent&#8217;s will.

B. If all distributees of a decedent&#8217;s estate or all residuary
beneficiaries under a decedent&#8217;s will are personal representatives of that
decedent&#8217;s 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 required by &#xA7; 64.2-1304, file with the
commissioner of accounts a statement under oath that (i) all known charges
against the estate have been paid, (ii) six months have elapsed since the
personal representatives qualified in the clerk&#8217;s office, and (iii) the
residue of the estate has been delivered to the distributees or beneficiaries.
In the case of a residuary beneficiary, the statement shall include an itemized
listing, substantiated and accompanied by proper vouchers, showing satisfaction
of all other bequests in the will. The statement shall be considered an account
stated and subject to all the provisions of this chapter applicable to accounts
stated.

C. If the statement authorized by this section cannot be filed with the
commissioner of accounts within the time prescribed by &#xA7; 64.2-1304, the
personal representatives, within that time, shall file either (i) an interim
account or (ii) a written notice under oath that the personal representatives
intend to file a statement in lieu of the settlement of accounts when all
requirements of this section have been met, which shall include an explanation
of why such a statement cannot presently be filed. Second and subsequent interim
accounts or notices of intent to file shall be filed annually until the
statement in lieu of the settlement of accounts is filed. A commissioner of
accounts who determines that the reasons offered for not presently filing a
statement in lieu of settlement are not sufficient, whether in a first or
subsequent written notice, may require the personal representatives to file an
interim account in addition to the notice. The filing of an interim account
shall not preclude the filing of a subsequent statement.

HISTORY: 1960, c. 428, § 26-20.1; 1972, c. 326; 1975, c. 192; 1980, c. 199;
1981, c. 113; 1983, c. 328; 1984, c. 309; 1993, c. 525; 1998, c. 610; 2001, c.
107; 2012, c. 614; 2017, c. 638.