Deadlines and Tips
for Fiduciary

You must file an accounting with the Commissioner of Accounts to prove that someone actually received the money that you paid. If you give someone cash or personal property, you have to prove to the Commissioner that the beneficiary actually received the cash or personal property and what it is worth, so you must get a receipt. If you make purchases or pay expenses of the estate, you must present the invoice and the proof of payment. Retain copies of cancelled checks and bank statements.

For each item, you need to write down or keep track of when, who/what/why and how much was paid out or received. For example, if you get a $20 check from an insurance company, you need to record the date you received it, who it was from (name of insurance company), what it was for (refund of premium, etc.) and how much (exact amount of check). Try to photo copy or take pictures of checks before you deposit them in the bank.

If there is not enough money in the estate, you can be personally responsible if you overpay creditors. This includes the funeral bill. There are laws that say who is entitled to what payment and when. If you think there may not be enough money to pay everything, consult an attorney.

There are strict and detailed rules for handling someone else’s money and few people have experience doing it. Find a lawyer experienced in probate or estate administration and use them as a resource. Asking a question is a lot cheaper than fixing a mistake. If you have a question for the Commissioner of Accounts, please call (804) 598-3906 to schedule an appointment or email audit@powhatancommissionerofaccounts.com

Your inventory is due at the Commissioner’s office in four months. Your accounting is due in sixteen months (six months if you are a guardian/conservator). The forms are available at this website: https://www.vacourts.gov/forms/circuit/fiduciary.html

You are responsible for making sure all tax returns are filed and taxes are paid on time. If you are not sure what to do, get an accountant or CPA to help you.

The heirs of the Estate want their money yesterday, but Virginia law doesn’t make you distribute for a year. If you give money or personal property to someone too early and you need it back, you are personally and legally responsible for it.