Required Reports in Court Filings in Virginia Estate Administration

When administrating a Virginia estate, in some situations, an individual will be required to file an inventory of the assets that will generally involve a list of all of the assets in the decedent’s sole name and value at the date of death.

Additionally, a personal representative or an executor may be required to file an accounting which is all of the actions that occurred in the estates, including all the income, gains, losses, expenses or debts paid, and then the distribution, if any. It essentially starts with the inventory value and then reflects all transactions to the current value. These are just a few of the reports that an individual or their estate administration attorney in Virginia is required by the Commonwealth in Virginia Estate Administration.

Inventory

An inventory is required in certain Virginia estates and it is basically a list of all of the assets in the decedent’s sole name as of the date of death at the market value of the date of death. Typically, along with inventory, you would file any supporting documentation that you have that shows how the market value was achieved. That could be appraisal for real estate or tangible personal items, or it could also include other information to reflect the date of death values.

The purpose of the inventory is to reflect the assets of the date of death. For the court, it’s their starting point to begin to evaluate what actions need to occur and for them to monitor the actions of the executor.

Appraisers and Accounting

Appraisers can be used to value business interests and, in some cases, real estate to provide a market value. They also are often used to value tangible personal items.

In some situations and in some cases, an accounting is required , which will reflect all of the transactions in an estate and so include a reflection of all the income, gains, and losses, as well as any expenses paid. It reflects interests and it reflects dividends, and it reflects dividend reinvest, and then, ultimately, any distributions that have been made from the estate. To perform an accounting efficiently is really dependent on the good record-keeping skills of the personal representative or the executor.

When requiring reports for court filings in Virginia, the purpose of the account is to show what has occurred in the estate to the court and, in some cases, to the interested person. In most cases, they can file an objection against the account. If they disagree with some of the items that have been included, then they may file their concern with the court.