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Inventory

Conservatorship

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 fiduciary 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 qualification. 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 all personal assets owned by the incapacitated person. List each financial account separately, stating the financial institution, the 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 as of the date of your qualification or provide a complete account statement for the month of your qualification.
  • Assets with right of survivorship are reported in Part 5, not Part 1.
  • Any item of tangible personal property valued at $500 or more must be listed individually. Personal property which has unusual value may need a formal appraisal. Estimated values are acceptable in the case of ordinary household goods.

Part 2

  • Report all Virginia real property owned by the incapacitated person if the Court order gives you the power of sale, without restriction. 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. Interest in time-shares that transfer by deed, condominium properties or cooperatives are real estate interests.

Part 3

  • Report all Virginia real property owned by the incapacitated person if the Court order does not give you power of sale or if there are restrictions conditioning the 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. Interest in time-shares that transfer by deed, condominium properties or cooperatives are real estate interests.

Part 4

  • Report all the incapacitated person’s non-Virginia real estate or partial interest in real estate, including real estate located outside the U.S.

Part 5

  • Report all the incapacitated person’s assets that are held jointly with another with a right of survivorship or that will pass directly to another person under a beneficiary designation, a payable on death (POD) provision or a transfer on death (TOD) provision. This includes all types of assets, such as jointly-held bank accounts, brokerage accounts, mutual funds, or real estate. Life insurance policies, IRAs, pensions and other contractual relationships are also included in this section. For real estate, the valuation should be limited to the proportionate share of the incapacitated adult. All other assets should be reported at full value, unless you have a court order authorizing you to report a share of less than 100% of the jointly owned asset for the incapacitated person.

Part 6

  • Report the incapacitated person’s interest in any trust.

Part 7

  • Report the incapacitated person’s periodic payments from Social Security, Supplemental Security Income, Veterans Administration and the Black Lung Benefit program. The reported value should be the annual total of each benefit.

Part 8

  • Report the incapacitated person’s periodic payments from the Office of Personnel Management (OPM), Defense Finance and Accounting Service (DFAS) or from a company pension. The reported value should be the annual total of each benefit.

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.