The Commissioner of Accounts will often recommend that the executor retain to protect the executor from personal liability. The executor should not make any distribution or payment if the executor is not completely certain that the estate is solvent. If the estate is insolvent, the executor will be personally liable for any payment not following the order of priority. In fact, the executor cannot be compelled to make any distribution for the first six month of his/her appointment. In other states, like the District of Columbia and the State of Maryland, the executor is required to publish notices of his/her appointment. From the date of the publication of the notice, a statute of limitation runs for the creditors to file a claim. This statute of limitation does not exist in the Commonwealth of Virginia. Hearing for Proof of Debts and Demands to Protect Executor From Personal Liabity In order to have proper protection from unknown creditors or others who may have a claim against the estate, the executor may want to request the Commissioner of Accounts to hold a Hearing for Proof of Debts and Demands Once there is a clear list of claims, the executor can proceed to obtain an Order of Distribution from the Court. The executor will start the procedure by making a written request to the Commissioner of Accounts to schedule a Hearing for Proof of Debts and Demands. The fee to be paid will include the cost of the newspaper publication. Then, the executor will give written notice to creditors and claimants and provide the Commissioner of Accounts with a certification form. | The executor does not need to be at the hearing unless the executor anticipates that a person will present a disputed claim. If a creditor or claimant of a disputed claim appear, the commissioner will contact you and continue the hearing to a mutually agree upon time for all concerned parties in order to resolve the dispute. Priority When the assets of the decedent are not sufficient for the satisfaction of all demands, Virginia Code Section 64.1-157 sets the following order of payment:
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