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Trust Administration Procedure

In all trust estates, fiduciaries must file an inventory of the assets in the trust with the commissioner’s office within four months after the later of qualification or first funding of the trust. Note that a devise of real estate to the trust funds the trust upon the decedent’s death. Trustees of testamentary trusts or minor’s trusts under court supervision must file an account of the financial activities in the first calendar year from initial funding through December 31 on or before May 1 of the year following qualification. Thereafter, accounts are due annually on or before May 1 reporting financial activities during the prior calendar year. Corporate trustees may select a fiscal year rather than the calendar year.

Under certain limited conditions, testamentary trustees may file a waiver of inventory and accounts pursuant to Virginia Code § 64.2-1307. If you wish to seek such a waiver, you should consult a professional advisor to determine whether you qualify. Copies of waiver forms are available at the Forms link below and at the Forms Task Bar.

Copies of the approved form for a trust inventory and account, together with instructions for each form, are available at the Forms link below and at the Forms Task Bar. Original signatures by all fiduciaries are required on all filings. Endorsements in blue ink are preferred for easier verification.

Fiduciary Timeline After Qualification





 



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