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Inventory

TRUST

The accuracy of the inventory form is of vital importance. It is the starting point and the basis upon which all future accountings rest.  See Lamb, Virginia Probate Practice § 16 (1957)  The guidance below will assist you in completing the inventory correctly.

General

  • Read the Inventory 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 Inventory form provided on this website or complete the Inventory form provided in your qualification packet with legible handwriting using blue ink. Provide itemized lists if all assets do not fit on the form.  Font on inventory and itemized lists must be 12 points or larger.
  • All fiduciaries must sign and date the Inventory (original signature(s) required). Do not print your name on the trustee line in the box labeled “Certificate of Accuracy and Completeness”.  That field is for your signature.
  • Report assets at Fair Market Value as of the date of your receipt of the asset. Do not adjust the value of an asset due to a loan obligation associated with the asset.  The valuation of assets for inventory purposes has tax implications.  The fiduciary may wish to consult with a tax professional before filing the inventory.  This office cannot give tax advice.
  • Check all math on your Inventory and verify correctness before submitting the form.
  • Include a check payable to “Commissioner of Accounts” for the inventory filing fee. A current filing fee schedule is provided on this website.  It is important to note that filing fees are based on an inventory that requires one audit by the staff.  Additional fees will be charged outside of this parameter.
  • File your inventory with the Commissioner of Accounts Office. Submit the original inventory (and itemized lists, if appropriate) without binders, staples or paperclips, as the paperwork is scanned as one document into our system.  No copies are required.

Part 1

  • List each financial account separately, stating the financial institution, type of account (checking, savings, CD, etc.) and the last 4 digits of the account number.
  • For brokerage accounts, provide the valuation for each asset in the account as of the date of your receipt of the account.
  • Any item of tangible personal property valued at $500 or more must be listed individually.

Part 2

Report any Virginia real estate or partial interests in real estate over which you have power of sale. The property should be identified by the full street address or tax map number. You may use the tax assessed value if the fair market value of the property is not available.

Part 3

Report any Virginia real estate, or partial interests in real estate, over which you do not have a power of sale. The property should be identified by the full street address or tax map number. You may use the tax assessed value if the fair market value of the property is not available.

Part 4

Report the trust’s non-Virginia real estate or partial interests in real estate, including real estate located outside the United States. The property should be identified by the full street address or tax map number. You may use the tax assessed value if the fair market value of the property is not available.

Changes to the Inventory after Filing

In most cases, after-discovered assets may be reported by showing the after-discovered assets as an adjustment on the first itemized account, thus eliminating the need to file an amended inventory.