2006 Code of Virginia § 26-12 - Inventories to be filed with commissioners

26-12. Inventories to be filed with commissioners.

A. Every personal representative or curator shall, within four months afterthe date of the order conferring his authority, return to the commissioner ofaccounts an inventory of all the personal estate under his supervision andcontrol, the decedent's interest in any multiple party account in anyfinancial institution, all real estate over which he has the power of saleand any other real estate that is an asset of the decedent's estate, whetheror not situated in the Commonwealth. Every personal representative or curatorshall also return to the commissioner an inventory of any such assetsdiscovered thereafter as provided in subsection E.

B. Every guardian of an estate, conservator or committee shall, within fourmonths after the date of the order conferring his authority, return to thecommissioner of accounts an inventory of the ward's personal estate which isunder his supervision and control, the ward's real estate, the ward's legalor equitable ownership interest in any real or personal property that willpass to another at the ward's death by a means other than testate orintestate succession, and any periodic payments of money to which the ward isentitled. Every guardian of an estate, conservator or committee shall alsoreturn to the commissioner an inventory of any such assets discoveredthereafter as provided in subsection E.

C. Every trustee who qualifies in the clerk's office shall, within fourmonths after the first date that any assets are received, return to thecommissioner of accounts an inventory of the real and personal estate whichis under the trustee's supervision and control. Every such trustee shall alsoreturn to the commissioner an inventory of any such assets receivedthereafter as provided in subsection E. However, any trustee who is notrequired to account under the provisions of 26-17.7 shall be exempted fromthe duty to file an inventory for so long as there remains no duty to fileannual accounts with the commissioner of accounts.

D. In listing property pursuant to subsection A, B or C, the fiduciary shallplace the market value on each item. The market value shall be determined asof the date of death if a decedent's estate; the date assets are received bythe trustee if a trust; or as of the date of qualification in all othercases. Any reasonable expense incurred in determining such values shall beallowable as a cost of the administration of the estate.

E. In the case of assets discovered or received by a fiduciary after filingan inventory, the further inventory required by subsections A, B and C may bemade by filing an amended inventory showing all assets of the estate ortrust, by filing an additional inventory showing only the after-discoveredassets or, with the permission of the commissioner of accounts, by showingthe after-discovered assets on the estate's or trust's next regularaccounting. The filing shall be made or the permission granted within fourmonths after the discovery or receipt of the assets.

(Code 1919, 5403; 1932, p. 337; 1966, c. 337; 1973, c. 544; 1993, c. 581;1997, c. 842; 1998, c. 610; 2001, c. 73.)