Instructions For: Account For Trust

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Instructions For: Account For Trust is a commonly used form within Virginia. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Instructions For: Account For Trust

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Instructions For: Account For Trust:

• This form pertains to the State of Virginia

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Virginia’s Form CC-1684 - Instructions For: Account For Trust up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Virginia form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Virginia probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form CC-1684, take a break, and then review. Probate and estate settlement processes in VA are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form CC-1684 online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form CC-1684 witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Instructions For: Account For Trust to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

Need help getting in touch with a local probate court or identifying a domicile probate jurisdiction?

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Virginia.

5 reasons you should submit CC-1684 as quickly as possible:

1. The sooner you begin, the faster Virginia can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Virginia. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Virginia is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Virginia probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Virginia probate clerk or court for exact answers regarding Form CC-1684, and when in doubt— consult a qualified trust & estates lawyer for that area.

Instructions For: Account For Trust is one of the many probate court forms available for download through Atticus.

It may also be available through some Virginia probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Virginia.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form CC-1684 - Instructions For: Account For Trust f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Virginia probate court office.

Instructions For: Account For Trust is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Virginia-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Virginia Form CC-1684 - Instructions For: Account For Trust. You can use this to get an idea of the context of the form and what type of information is needed.

FORM CC-1684 (INST) (MASTER, PAGE ONE OF THREE) 10/12 INSTRUCTIONS FOR ACCOUNT FOR TRUST I. GENERAL A. Accounts required by law to be filed must be filed with the Commissioner of Accounts. Ask the Commissioner of Accounts how many copies are required to be filed. B. Accounts required by law to be filed must be signed by each of the Trustees. C. Unless the Trustee qualified prior to July 1, 1993 or unless one trustee is a corporation under Va. Code § 6.2-1001, then the following rules apply: 1. The first account must cover the period beginning with the date the Trustee qualified and ending on December 31 of the same year. 2. Second and later accounts must cover the calendar year. 3. All trust accounts are due by May 1 of the following year, and no less frequently than annually thereafter. D. Appropriate documentation to prove the account (as set forth below) must accompany the account. Whenever these instructions refer to a receipt, statement, invoice, etc., you must furnish the original of the document in question to the Commissioner. If you seek to use a photocopy of a check as a voucher or receipt, a copy of both sides of the canceled check shall be sufficient, or a copy of the front side of the canceled check, and the periodic statement from the financial institution showing the check number and amount that coincides with the copy shall be sufficient, provided such copy was made in the regular course of business in accordance with the admissibility requirements of Va. Code Section 8.01-391, and provided further that the Commissioner of Accounts may require a fiduciary to exhibit a proper voucher for a specific payment or for distributions to beneficiaries. II. BEGINNING ASSETS A. Use total from Parts 1, 2, 3 and 4 of the Inventory (including Amended or Supplemental Inventory) if this is a First Account. B. Use total Assets on Hand from prior account if this is a second or later account. III. RECEIPTS A. PRINCIPAL RECEIPTS Itemize in chronological order all principal receipts received during the account period. Generally, principal receipts are capital gains distributions and principal distributions from the estate. You may group principal receipts by payor. FORM CC-1684 (INST) (MASTER, PAGE TWO OF THREE) 0 7/22 B. INCOME RECEIPTS 1. Itemize in chronological order all income receipts received during the account period. Generally income is interest, dividends, rental income, refunds and income distributions from the estate. You may list all receipts from each payor in the same place, so long as each receipt is separately stated. 2. Show each item of income separately. For example, show each quarterly dividend from XYZ Stock rather than showing a lump sum for the year. IV. GAINS ON ASSET SALES A. For securities sold by a broker, show net proceeds less carrying value of asset sold. In all other cases show total sales proceeds less costs of sale and less carrying value of asset sold. B. Provide original broker’s statement or signed settlement sheet as verification. V. ADJUSTMENTS Show any corrections to items reported on a prior account, e.g. where the value of an asset or the number of shares was incorrectly reported. VI. PRINCIPAL AND INCOME DISBURSEMENTS FOR EXPENSES A. Li st all disbursements from principal in chronological order. You may group principal disbursements by payee. B. Income taxes on capital gains are generally principal disbursements. C. List all disbursements from income in chronological order. You may group income disbursements by payee. D. Trustee fees and filing fees must be allocated between principal and income. Effective January 1, 2000, Virginia law provides that Trustee fees and filing fees shall be allocated one-half to income and one-half to principal, unless the terms of the trust provide otherwise. E. A proper voucher or a signed invoice or receipt from each payee must be provided in support of each disbursement and they must be organized in the same order as they appear on the account. F. Where a reimbursement is made to the Trustee or another person for expenses paid on behalf of the trust, evidence of the expenses paid must be provided. The Commissioner may also require evidence that the obligation paid was a debt or expense of the trust. NOTE: Instruction VI. does not include all requirements for the allocation of disbursements between principal and income. See Virginia Code Sections 64.2-1064 – 64.2-1070. FORM CC-1684 (INST) (MASTER, PAGE THREE OF THREE) 10/12 VII. LOSSES ON ASSET SALES A. Show carrying value of assets sold less total sales proceeds. B. Provide copy of broker’s statement or signed settlement sheet as verification. VIII. PRINCIPAL AND INCOME DISTRIBUTIONS TO BENEFICIARIES A. A ll principal distributions should be listed in chronological order stating the name of the beneficiary and the amount paid. B. All income distributions should be listed in chronological order stating the name of the beneficiary and the amount paid. C. A proper voucher or signed receipt from each beneficiary must be provided. Canceled checks must be endorsed on the back by the beneficiary. IX. ASSETS ON HAND A. Itemize each asset remaining on hand at its carrying value as of the ending date of this account. B. Where the market value of the asset is not equal to its carrying value, show the market value in parentheses within the asset description, or attach a separate itemized list. C. Provide verification of the existence of each asset, i.e., bank statements (reconciled to agree with your account balance), broker’s statements or original stock certificates, original notes, copies of K-1 forms. X. FORMAT A. T he use of the Account Summary form is strongly encouraged. If this format is not used, the information required by this form must be summarized on one page. B. The itemized lists attached to the A ccount Summary form must comply with these In structions and the accompanying Sample Account, or else you must make a complete accounting that complies with the provisions of Virginia Code Sections 64.2- 1206 and 64.2-1308. FORM CC-1684 (SAMP) (MASTER, PAGE ONE OF TWO) 07/20 ACCOUNT FOR TRUST Court File No. ................................................................................. COMMONWEALTH OF VIRGINIA VA. CODE §§ 64.2-1206, 64.2-1308, 64.2-1306 Circuit Court of ................................................................................................................................................................................................................................... Name of trust beneficiary(ies) ...................................................................................................................................................................................................... Name of decedent, if trust under a will .................................................................................................................................................................................... Name of trustee ................................................................................................................... Day telephone .............................................................................. Mailing address ................................................................................................................................................................................................................................... Name of other trustee ....................................................................................................... Day telephone .............................................................................. Mailing address ................................................................................................................................................................................................................................... Name of other trustee ....................................................................................................... Day telephone .............................................................................. Mailing address ................................................................................................................................................................................................................................... This is account number [ ] one [ ] two [ ] three or [ ] ................................................. Is this a final account? [ ] yes [ ] no From ....................................................... (date of qualification or end of last account) to ............................................... (end of this account) ACCOUNT SUMMARY 1. Beginning Assets (from Parts 1, 2, 3 & 4 of the $ 600,000.00 inventory or balance from the prior account) 2. Principal receipts (attach itemized list) $ 100,000.00 3. Income receipts (attach itemized list) $ 11,087.48 4. Gains on Asset Sales (attach itemized list) $ 2,117.50 5. Adjustments (attach itemized list) $ 0.00 6. Total of 1, 2, 3, 4 & 5 (must equal Total on Line 13) $ 713,204.98 7. Principal Disbursements (attach itemized list) $ 2,906.50 8. Income Disbursements (attach itemized list) $ 2,306.50 9. Losses on Asset Sales (attach itemized list) $ 0.00 10. Principal Distributions (attach itemized list) $ 0.00 11. Income Distributions (attach itemized list) $ 7,500.00 12. Assets on Hand (attach itemized list) $ 700,491.98 13. Total of 7, 8, 9, 10, 11 & 12 (must equal Total on Line 6) $ 713,204.98 Market Value of Assets on Hand $ 730,491.98 I (We) declare, under penalty of perjury, that this is a true and accurate accounting of the assets of this trust for the period described and that to the best of my (our) knowledge all taxes have been paid or provided for. Date ...................................................... Trustee’s signature ___________________________________________________ Date ...................................................... Trustee’s signature ___________________________________________________ Date ...................................................... Trustee’s signature ___________________________________________________ Note: Virginia law requires that every account be signed by all trustees. FORM CC-1684 (SAMP) (MASTER, PAGE TWO OF TWO) 11/06 PRINCIPAL RECEIPTS: Distributions form estate: 09/01/06 Cash 80,000.00 10/15/06 MNO Inc., 400 shares @$50/sh. 20,000.00 TOTAL PRINCIPAL RECEIPTS 100,000.00 INCOME RECEIPTS: 09/01/06 Cash distribution from estate 8,012.59 09/30/06 XYZ dividend 1,025.00 09/30/06 ABC money market interest 235.66 10/31/06 ABC money market interest 242.14 11/30/06 ABC money market interest 258.71 12/31/06 ABC money market interest 263.38 12/31/06 XYZ dividend 1,050.00 TOTAL INCOME RECEIPTS 11,087.48 GAINS ON ASSET SALES: 09/16/06 Proceeds of sale 400 sh. MNO 22,117.50 less carrying value 20,000.00 TOTAL GAINS 2,117.50 ADJUSTMENTS – none 0.00 PRINCIPAL DISBURSEMENTS: 12/31/06 Commissioner of Accounts ½ of First Account filing fee 306.50 12/31/06 Internal Revenue Service, estimated tax on capital gains 500.00 12/31/06 Virginia Dept. of Taxation estimated tax on capital gains 100.00 12/31/06 Mary Doe, Trustee commission 1,000.00 12/31/06 Salle Doe, Trustee commission 1,000.00 TOTAL PRINCIPAL DISBURSEMENTS 2,906.50 INCOME DISBURSEMENTS: 12/31/06 Commissioner of Accounts, ½ of First Account filing fee 306.50 12/31/06 Mary Doe, Trustee commission 1,000.00 12/31/06 Sally Doe, Trustee commission 1,000.00 TOTAL INCOME DISBURSEMENTS 2,306.50 LOSSESS ON ASSET SALES – none 0.00 PRINCIPAL DISTRIBUTIONS – none 0.00 INCOME DISTRIBUTIONS: 10/01/06 John J. Doe, Jr. 2,500.00 11/01/06 John J. Doe, Jr. 2,500.00 12/01/06 John J. Doe, Jr. 2,500.00 TOTAL INCOME DISTRIBUTIONS 7,500.00 ASSETS ON HAND as of 12/31/06: ABC Money Market Account #2345678 100,491.98 6,000 Shares XYZ Stock @ carrying value of $100/share (Market value 12/31/06 @ $105/share = $630,000) 600,000.00 TOTAL ASSETS ON HAND 700,491.98