Directing payment of estate administration fee to State Auditor
Impact
The bill directs that $5 from the collected fees will be forwarded to the State Auditor, who will deposit these funds into the Inheritance Tax Administration Fund. This allocation is intended to cover costs incurred by the State Auditor and facilitate the administration of the provisions in SB443. The remaining funds will be allocated to the county fiduciary fund, which will help support localized estate management efforts. The effective date of the provisions is set for July 1, 2023, which indicates a relatively swift implementation in response to the needs of estate management within the state.
Summary
Senate Bill 443 aims to amend existing state law regarding estate administration fees in West Virginia. The bill allows county commissions to authorize fiduciary supervisors to charge specific fees for the settlement of decedent estates based on the total value of the estate's assets. Fees are structured in tiers: $25 for estates under $10,000, $100 for estates between $10,000 and $50,000, and $175 for estates exceeding $50,000. This fee collection process is designed to streamline the operations of fiduciary supervisors and ensure prompt administration of estate-related matters.
Sentiment
The sentiment around SB443 appears generally favorable as it passed the legislature with a unanimous vote of 96 to 0, suggesting a broad agreement on the necessity for structure in estate administration practices. Supporters likely view it as a necessary modernizing change that addresses the financial and operational needs of fiduciaries tasked with managing estates, while also enhancing state oversight through the involvement of the State Auditor.
Contention
However, some potential points of contention may arise concerning the fees imposed on estates, particularly for modest estates, as critics could argue that any increase in financial burdens might disproportionately impact lower-income families or those with limited means. There is an implicit concern that while improved structure is beneficial, the new fees should be assessed with careful consideration of their impact on individuals navigating the often complex and distressing process of settling estates.
Authorize the ordering of restitution to the state for reimbursement of costs incurred for misuse of public funds, and to create the State Auditor’s Public Integrity and Fraud Fund for use of said funds