                                 CODE OF VIRGINIA

INVENTORIES TO BE FILED WITH COMMISSIONERS OF ACCOUNTS (§ 64.2-1300)

A. Every personal representative or curator shall, within four months after the
date of the order conferring his authority, return to the commissioner of
accounts an inventory of all the personal estate under his supervision and
control, the decedent&#8217;s interest in any multiple party account in any
financial institution, all real estate over which he has the power of sale, and
any other real estate that is an asset of the decedent&#8217;s estate, whether
or not situated in the Commonwealth. Every personal representative or curator
shall also return to the commissioner of accounts an inventory of any such
assets discovered thereafter as provided in subsection E.

B. Every guardian of an estate, conservator, or committee shall, within four
months after the date of the order conferring his authority, return to the
commissioner of accounts an inventory of the ward&#8217;s personal estate under
his supervision and control, the ward&#8217;s real estate, the ward&#8217;s
legal or equitable ownership interest in any real or personal property that will
pass to another at the ward&#8217;s death by a means other than testate or
intestate succession, and any periodic payments of money to which the ward is
entitled. Every guardian of an estate, conservator, or committee shall also
return to the commissioner of accounts an inventory of any such assets
discovered thereafter as provided in subsection E.

C. Every trustee who qualifies in the circuit court clerk&#8217;s office shall,
within four months after the first date that any assets are received, return to
the commissioner of accounts an inventory of the real and personal estate which
is under the trustee&#8217;s supervision and control. Every such trustee shall
also return to the commissioner of accounts an inventory of any such assets
received thereafter as provided in subsection E. However, any trustee who is not
required to account under the provisions of &#xA7; 64.2-1307 shall be exempted
from the duty to file an inventory for as long as there remains no duty to file
annual accounts with the commissioner of accounts.

D. In listing property pursuant to subsection A, B, or C, the fiduciary shall
place the market value on each item. The market value shall be determined as of
(i) the date of death if a decedent&#8217;s estate; (ii) the date assets are
received by the trustee if a trust; or (iii) the date of qualification in all
other cases. Any reasonable expense incurred in determining such values shall be
allowable as a cost of the administration of the estate.

E. In the case of assets discovered or received by a fiduciary after filing an
inventory, the further inventory required by subsections A, B, and C may be made
by filing an amended inventory showing all assets of the estate or trust, by
filing an additional inventory showing only the after-discovered assets or, with
the permission of the commissioner of accounts, by showing the after-discovered
assets on the estate&#8217;s or trust&#8217;s next regular accounting. The
filing shall be made or the permission granted within four months after the
discovery or receipt of the assets.

HISTORY: Code 1919, § 5403, § 26-12; 1932, p. 337; Code 1950, § 26-12; 1966,
c. 337; 1973, c. 544; 1993, c. 581; 1997, c. 842; 1998, c. 610; 2001, c. 73;
2012, c. 614.