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TRUST

General

  • Read the Account instructions provided by the Commonwealth of Virginia, given to you by the Probate Office in your qualification packet. The instructions are also provided under Forms on this website.
  • Fill in and print out the Account form provided on this website or complete the Account form provided in your qualification packet with legible handwriting using blue ink. Provide itemized lists to support the summary page.  Font on account and itemized lists must be 12 points or larger.
  • All fiduciaries must sign and date the Account (original signature(s) required).
  • Covering period: Accounts cover a calendar year. The 1st account covers from the date the trust was funded through December 31st of that year.  The 2nd and subsequent accounts cover from January 1st through December 31st until the trust terminates.  Trust accounts are due annually on May 1.
  • Check all math on your account and verify correctness before submitting the form. Verify that totals on the itemized lists match the totals on the Account Summary page and that the account balances (line 6 matches line 13).
  • Any fiduciary compensation must be in accordance with the guidelines. The current fiduciary compensation schedule is provided on this website.
  • Include a check payable to “Commissioner of Accounts” for the account filing fee. A current filing fee schedule is provided on this website.  It is important to note that filing fees are based on an account covering 12 months or less and that requires one audit by the staff.  Additional fees will be charged outside of these parameters.
  • File your account with the Commissioner of Accounts Office. Submit the original account, itemized lists, and supporting vouchers without binders, staples or paperclips, as the paperwork is scanned as one document into our system. All documentation must be on 8×11 paper, including all receipts. You are permitted to copy multiple small receipts on one piece of paper and submit. No copies are required.

Beginning Assets

  • For 1st account, report the total of parts 1, 2, 3 and 4 from the Approved Inventory. For 2nd and subsequent accounts, report the ending assets on hand at carrying value from the previous account.
  • Assets are reported at carrying value (original value listed on the inventory) in the account until the asset is sold or reinvested.

Principal and Income Receipts

  • Report all interest, dividends, rental income, refunds, and other income receipts, properly allocated between principal and income, earned during the account period.
  • For stocks and securities in dividend reinvestment programs, add any reinvested dividends to the carrying value of the security and increase the number of shares to reflect the additional shares purchased.
  • Do not report market fluctuations.
  • Do not include intra-account transfers as receipts or disbursements.

Gains on Assets Sales

  • Report the net proceeds from the sale of any asset where the sale price was greater than the inventory (carrying) value. Provide original brokerage statements which report the sale or the real estate settlement statement as verification.
  • Report zero as the gain for any asset sold where the sale price was equal to the inventory (carrying) value.

Adjustments

  • Report additional assets that were not included on the inventory or corrections to the value of an asset listed on the inventory. Minor adjustments can be made to balance lines 6 and 13.

Principal and Income Disbursements

  • Report all expenses paid from the trust showing the date, payee, and the amount.
  • Provide proper vouchers such as canceled checks (or bank statements which include one side of canceled checks), paid receipts, or original signed receipts in the same order as listed on the account.
  • Generally, administrative expenses such as trustee fees, filing fees, and other professional fees are allocated equally between principal disbursements and income disbursements.
  • For reimbursements, proper evidence must be provided showing that the individual being reimbursed made the payment on behalf of the trust.
  • For attorney and accounting expenses, a copy of all invoices detailing the service provided must be submitted.
  • Do not include intra-account transfers as receipts or disbursements.

Losses on Asset Sales

  • Report the net proceeds from the sale of any asset where the sale price was less than the inventory (carrying) value. Provide original brokerage statements which report the sale or the real estate settlement statement as verification.

Principal and Income Distributions

  • Report distributions to beneficiaries in chronological order. State the beneficiary’s name, the description of the asset distributed, and the value of the asset distributed. Properly allocate between principal and income.
  • Provide a proper voucher such as a canceled check (or bank statement which includes one side of canceled check) or an original signed receipt from each beneficiary.

Assets on Hand

  • Report the assets remaining in the trust at carrying value on Line #12 of the summary sheet. The market value (current value at end of covering period) is reported below Line #13 of the form.
  • Provide an itemized list of each asset remaining in the trust. Include two columns for each asset, one for carrying value and one for market value.
  • Provide documentation supporting the value of each asset as of the ending date of the account.

For Final Accounts

  • The assets on hand must be zero. Include bank statement(s) reflecting the “0.00” balance.

See “Final Account” page for additional information.