Instructions For: Inventory For Estate Of Minor

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: Inventory For Estate Of Minor 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: Inventory For Estate Of Minor

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Instructions For: Inventory For Estate Of Minor:

• 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-1672 - Instructions For: Inventory For Estate Of Minor 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-1672, 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-1672 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-1672 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: Inventory For Estate Of Minor 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-1672 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-1672, and when in doubt— consult a qualified trust & estates lawyer for that area.

Instructions For: Inventory For Estate Of Minor 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-1672 - Instructions For: Inventory For Estate Of Minor 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: Inventory For Estate Of Minor 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-1672 - Instructions For: Inventory For Estate Of Minor. You can use this to get an idea of the context of the form and what type of information is needed.

INVENTORY INSTRUCTIONS FOR GUARDIANS OF MINORS GENERAL: You are required by law to file an inventory with the Commissioner of Accounts within four months after you were sworn in as guardian (“your date of qualification”). The inventory must include the minor’s (i) personal estate under your supervision and control, (ii) real estate, (iii) legal or equitable ownership interest in any real or personal property that will pass to another at the minor’s death by a means other than testate or intestate succession, and (iv) rights to periodic payments of money. List assets on the inventory in the form they existe on the date of your qualification, even if the assets have changed form or no longer exis FORM CC-1672 (INST) (MASTER, PAGE ONE OF THREE) 10/09 d t when ou prepare the inventory. For example, identify an asset as “cash proceeds from personal ust r e ts on your next regular accounting. The filing must be made, or the ermission of the Commissioner of Accounts must be obtained, within four months after you ate of nd o sell ts.”) Attach an explanation if you use nother method to value assets. Do not reduce the value of any asset by the amount of a ortga propriate professional, or the Commissioner of Accounts. Your reasonable xpenses to determine inventory asset values are payable as administrative costs from the ng, w t rate and maturity date. An asset without a recognized arket value, such as a claim against others, may be valued at $1.00 or an estimated value until you obtain better information. y injury settlement,” not “account in XYZ Bank” where you deposited the cash proceeds. If you discover any other assets after you file your inventory, within four months you m make an additional report to the Commissioner of Accounts (i) by filing an amended inventory showing all of the minor’s assets, (ii) by filing an additional inventory showing only the afte discovered assets, or (iii) with the permission of the Commissioner of Accounts, by showing th after discovered asse p discover the assets. VALUATION: Show the value of assets on the inventory at their fair market value on the d your qualification, not the date you prepare the inventory. Use exact dollars and cents. You may list real estate at its value assessed for local real estate taxes. For other property, use fair market value (“the price at which the property would change hands between a willing buyer a a willing seller in the retail market, with neither one being under any compulsion to buy or t and both having reasonable knowledge of relevant fac a mge, loan, lien or other claim against the asset. If you have a question about an asset’s value, get assistance from an accountant, lawyer, other ap e minor’s estate. Part 1. The minor’s personal estate under your supervision and control. Identify assets clearly and list them in reasonable detail, valued as of your date of qualification. List checki savings, and other accounts and deposits with the institution’s name, type of account, account number, accrued interest and maturity date. List stocks and mutual funds separately, with company name, number of shares and price per share. For bonds and promissory notes, sho issuer’s name, face amount, interes m FORM CC-1672 (INST) (MASTER, PAGE TWO OF THREE) 10/09 GENERAL INSTRUCTIONS FOR REAL ESTATE: Include in the description of each piece of real estate (or partial interest in it) a street address, if there is one, and the city or county where the real estate is located. If you have an appraisal, use that value. Otherwise, use the value as assessed for local real estate taxes, and state which value is used. Do not reduce the real estate’s value by the amount of any outstanding mortgage, loan, lien, or other claim against the property. List interests in condominiums and cooperatives with real estate. List leases of real estate with personal property in Part 1. Part 2. The minor’s real estate in Virginia over which you have a power of sale. Unless the Court has given you permission to sell the minor’s real estate, you will list nothing in Part 2. Part 3. The minor’s other real estate in Virginia. In most instances this is the correct place for you to list the minor’s real estate. Part 4. The minor’s non-Virginia real estate. List here all of the minor’s real estate or partial interests in real estate not situated in Virginia, whether or not located in the U.S. Part 5. The minor’s legal or equitable ownership interest in any real or personal property that will pass to another at the minor’s death by a means other than testate or intestate succession. Include in this part the minor’s interest in any asset passing to another at the minor’s death under a survivorship provision, payable on death (POD) provision, or transfer on death (TOD) provision. Include the minor’s interest in a trust fund that has beneficiaries following the minor’s death, whether the trust was created under a will or during lifetime. Part 6. The minor’s rights to periodic payments from certain agencies of the U.S. government. This part requires the disclosure of periodic payments of certain federal benefits that are paid on behalf of a minor to a designated representative (whether the guardian or another) for which the designated representative (often called a representative payee) is required to report to a federal agency. (Payments for which a designated representative is not required to report to a federal agency are reportable in Part 7.) As a general rule, only Social Security payments, Supplemental Security Income (SSI) benefits, Department of Veterans Affairs benefits and Black Lung benefits will be listed in this section. If the designated representative is required by the agency to file a separate report with that agency regarding the use of the funds, Virginia law requires the guardian to disclose the existence of these federal benefits on the Inventory and the Account, but does not require the guardian to account for the use of these benefits. However, if these funds are commingled with other guardianship funds, they must be included in the Account (see Instructions to Account). Show the value of these payments on an annualized basis. For example, “Monthly Social Security benefits of $250 ............................ Value $3,000.” FORM CC-1672 (INST) (MASTER, PAGE THREE OF THREE) 10/09 Part 7. The minor’s right to periodic payments from any other source. Include all periodic payments other than those that belong in Part 6. Part 7 should include periodic payments from retirement plan benefits left to the minor, a disability program, an annuity, a trust fund, etc. Although payments from such sources as the Office of Personnel Management (OPM) and the Defense Finance and Accounting Service (DFAS) are from the U.S. government, they are retirement pay based on employment. Neither OPM nor DFAS require a guardian to file a report with them regarding the use of those funds. Therefore, these payments must be included in Part 7 of the Inventory and be fully accounted for in your account. Show the value of these payments on an annualized basis. For example: “Monthly Annuity of $1,500 ................................. Value $18,000.”