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.
- Before your inventory is submitted, file the original Affidavit of Notice with the Probate Office of the Fairfax County Circuit Court. List all legal heirs and beneficiaries of assets. Include a check in the amount of $18.00 for the filing fee. Make check payable to “Clerk of the Circuit Court.” Your inventory will not be approved until this requirement is met.
- If new information has been discovered after qualification regarding the heirs, an amended List of Heirs must be filed with the Probate Office of the Fairfax County Circuit Court. Include a check in the amount of $18.00 for the filing fee. Make check payable to “Clerk of the Circuit Court.”
- 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).
- Report assets at Fair Market Value as of the date of decedent’s death. 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 .
- If an asset of the decedent has a designated beneficiary or otherwise passes to another individual by operation of law, it is not a probate asset and should not be reported on the Inventory. The sole exception to this rule is a jointly owned or POD bank account which must be reported in Part 2.
- Check all math on your Inventory and verify correctness before submitting the form.
- When an interested party has requested copies of estate filings, all fiduciaries must certify that such copies were provided by filling out and signing the Certificate of Mailing page.
- 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.
- List all personal assets owned by the decedent. 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 a date of death valuation for each asset in the account.
- Any item of tangible personal property valued at $500 or more must be listed individually. Tangible personal property specifically bequeathed in a will must be listed individually. (If an item was lost, disposed of, sold, or distributed to the named beneficiary prior to the decedent’s death, indicate this in a letter or on the Inventory.) Personal property which has unusual value may need a formal appraisal. Estimated values are acceptable in the case of ordinary household goods.
- Report any bank account jointly owned with the decedent and another living person. (A decedent’s bank account managed by an agent under a Power of Attorney is not a jointly owned account, and the asset should be reported on Part 1.) Also, report any bank account owned by the decedent which is payable on death (POD) to a designated beneficiary. These amounts are reported in the inventory as such joint accounts may be subject to claims of the decedent’s creditors. The inventory does not include jointly held brokerage accounts or mutual funds.
- Report Virginia real property owned wholly or partially by the decedent, if the Will or a Court Order gives you the power of sale as personal representative of the estate. 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. Any jointly held real estate which passes pursuant to a retained right of survivorship should not be included in the inventory.
- Report Virginia real property owned wholly or partially by the decedent over which you do not have the power to sell in this section. Interests in condominium property, cooperatives, or time-share interests are real estate interests. Any jointly held real estate which passes pursuant to a retained right of survivorship should not be included in the inventory.
- Report all non-Virginia real estate owned wholly or partially by the decedent, including real estate located outside the U.S. Interests in condominium property, cooperatives, or time-share interests are real estate interests. Any jointly held real estate which passes pursuant to a retained right of survivorship should not be included in the inventory.
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.
- After-discovered assets found in a bank account held jointly with the decedent and another living person must be reported by filing an amended inventory, as these assets do not carry forward to an account.
- After-discovered assets found in an estate where the fiduciary intends to file a Statement in Lieu of Account must be reported by filing an amended inventory, as no itemized account is being filed to show the adjustment.