Instructions For: Inventory For Incapacitated Adult

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 Incapacitated Adult 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 Incapacitated Adult

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

• 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-1671 - Instructions For: Inventory For Incapacitated Adult 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-1671, 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-1671 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-1671 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 Incapacitated Adult 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.

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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-1671 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-1671, and when in doubt— consult a qualified trust & estates lawyer for that area.

Instructions For: Inventory For Incapacitated Adult 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-1671 - Instructions For: Inventory For Incapacitated Adult 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 Incapacitated Adult 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-1671 - Instructions For: Inventory For Incapacitated Adult. You can use this to get an idea of the context of the form and what type of information is needed.

FORM CC-1671 (INST) (MASTER, PAGE 1 of 4) 10/09 INSTRUCTIONS — INVENTORY FOR ESTATE OF INCAPACITATED ADULT GENERAL: You are required by law to file an inventory with the Commissioner of Accounts within four months after you were sworn in as a fiduciary for an incapacitated person (your “date of qualification”). This inventory must include all of the incapacitated person'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 incapacitated person's death by a means other than testate or intestate succession, and (iv) rights to periodic payments of money. You must report the assets as they existed on the date of your qualification, even though they have changed form or are not in existence on the date the inventory is prepared. If you discover any other assets after you file your inventory, you must make an additional report to the Commissioner of Accounts by (i) filing an amended inventory showing all assets of the estate, (ii) by filing an additional inventory showing only the after discovered assets, or (iii) with the permission of the Commissioner of Accounts, by showing the after discovered assets on the estate's next regular accounting. The filing must be made, or the permission of the Commissioner of Accounts must be obtained, within four months after you discover the assets. VALUATION: The value to be placed on assets listed on the inventory is their fair market value as of the date of your qualification, and not the date the inventory is prepared. When available, you should use exact dollar and cent values; do not round off specific values to a higher or lower amount. Real estate may be listed at its value as assessed for local real estate taxes. For all other property, fair market value is normally “the price at which the property would change hands between a willing buyer and a willing seller in the retail market, with neither one being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.” An explanation must be attached if any other method is used to value an asset. Do not reduce the gross value of property by the amount of any outstanding mortgage, loan, lien, or other claim against the property. Special valuation rules that apply to certain assets are mentioned later. If you have a question about determining the fair market value of any asset you should seek assistance from an accountant, a lawyer, any other appropriate professional, or the Commissioner of Accounts. Any reasonable expenses incurred in determining the values to place on estate assets, such as appraisals, are allowable as an administrative cost of the estate. JOINT PROPERTY AND SURVIVORSHIP PROPERTY INCLUDED: You must include in Part 5 the incapacitated person’s interest in assets held by that person and another jointly with the right of survivorship or held by the incapacitated person and that person’s spouse as tenants by the entirety. You must also include in Part 5 the incapacitated person's interest in any assets passing to another at death by way of a survivorship provision, a payable on death (POD) provision, or a transfer on death (TOD) provision; and also include in Part 5 any of the incapacitated person’s property or money payable to another person under a beneficiary designation contained in a life insurance policy, IRA, pension, or other contractual arrangement. FORM CC-1671 (INST) (MASTER, PAGE 2 of 4) 10/09 Part 1. The incapacitated person's personal estate under your supervision and control. List in Part 1 of the inventory only those assets that are in the incapacitated person’s sole name. Even if they are in the incapacitated person’s name, do not list them in Part 1 if they are designated to go to another person at the incapacitated person’s death (such as by a payable on death designation on an account, bond, certificate of deposit, stock certificate, etc.); instead list such assets on Part 5. Assets should be clearly identified, listed in reasonable detail, and valued as of your qualification date (not the date the inventory is prepared). Groupings of similar property, such as personal effects and household property may be listed together; however, if any article is worth over $500 it should be listed separately. Articles that have a higher value as a collection (stamps, coins, or other collectibles) should be valued as a collection and not individually. Uncashed checks should be listed separately and not included with the cash on hand. Motor vehicles and water craft should include make, model and year. Checking, savings, and other accounts or deposits should include the institution's name, type of account, account number, any accrued interest and any maturity date. Stocks and mutual funds, whether held in certificate form, book account form or in a brokerage account, must be listed separately and should include company name, number of shares, and price per share. Bonds and promissory notes should include the issuer's name, face amount, interest rate, and maturity date for each item. A sole proprietorship is not a separate entity like a partnership, corporation, or limited liability company, but rather an accumulation of assets that a person uses in a business, and thus the name of the proprietorship should be listed as a heading with the various personal assets which comprise it listed thereunder. (Proprietorship real estate should be listed in Part 2, 3 or 4.) Leases of real estate are personal property to be listed on this part. If, in unusual circumstances, there are assets for which there is no recognized market value, such as some partnership interests, stock in closely held corporations or legal claims against others, they may be valued at $1.00 or an estimate of value until better information is obtained. GENERAL INSTRUCTIONS FOR REAL ESTATE: Include in the description of each piece of real estate (or partial interest therein) a street address, if there is one, and the city or county in which the real estate is located. If an appraisal has been obtained, use that value, otherwise use the value as assessed for local real estate taxes, and state which value is used. The real estate’s gross value is not to be reduced by the amount of any outstanding mortgage, loan, lien, or other claim against the property. Interests in condominiums and cooperatives are real estate, but leases of real estate are personal property and should be listed on Part 1. Part 2. The incapacitated person’s real estate in Virginia over which you have a power of sale. If (i) the court has not entered an order imposing any restrictions on the sale of the incapacitated person’s Virginia real estate, or (ii) if any restrictions imposed by the court have been satisfied, list such Virginia real estate in Part 2. Part 3. The incapacitated person’s other real estate in Virginia. List all of the incapacitated person’s other Virginia real estate in Part 3. FORM CC-1671 (INST) (MASTER, PAGE 3 of 4) 10/09 Part 4. The incapacitated person’s other non-Virginia real estate. List in this part all of the incapacitated person’s real estate or partial interests in real estate not situated in Virginia whether or not located in the U.S. Part 5. The incapacitated person’s interest in any real or personal property that will pass to another at the incapacitated person's death by way of survivorship or beneficiary designation. You must include in this part the incapacitated person’s interest in assets held by that person and another jointly with the right of survivorship or held by the incapacitated person and that person's spouse as tenants by the entirety. You must also include in this part the incapacitated person's interest in any assets passing to another at death by way of a survivorship provision, a payable on death (POD) provision, or a transfer on death (TOD) provision; and also include any of the incapacitated person's property or money payable to another person under a beneficiary designation contained in a life insurance policy, IRA, pension, or other contractual arrangement. There is a special rule for determining the incapacitated person’s interest in a joint account or certificate of deposit, and in a payable on death (POD) account or certificate of deposit in a bank or credit union. The interest of the incapacitated person and others will normally be determined by the proportion of the net contributions made by each one to the sums on deposit, except that an account or deposit between persons married to each other will normally be treated as belonging to them equally. Part 6. The incapacitated person’s interest in any trust. You must include in this part the incapacitated person's interest in any trust whether created by the incapacitated person (often called a “living trust” or “self-settled trust”) or another party. If the incapacitated person is entitled to payments from a trust fund created by someone else, these payments should be listed in Part 8 of the inventory. Part 7. The incapacitated person’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 an incapacitated adult to a designated representative (whether the conservator 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 8.) 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 conservator to disclose the existence of these federal benefits on the Inventory and the Account, but does not require the conservator to account for the use of these benefits. However, if these funds are commingled with other conservatorship 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-1671 (INST) (MASTER, PAGE 4 of 4) 10/09 Part 8. The Incapacitated person’s right to periodic payments from any other source. Include all periodic payments other than those that belong in Part 7. Part 8 should include periodic payments from a retirement plan, 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 conservator to file a report with them regarding the use of those funds. Therefore, these payments must be included in Part 8 of the Inventory and be fully accounted for in your accounts. Show the value of these payments on an annualized basis. For example: “Monthly Civil Service Annuity of $1,500 ............ Value $18,000.” FORM CC-1671 (SAMP) (MASTER, PAGE ONE OF THREE) 10/12 INVENTORY FOR ESTATE OF Court File No. ........................................................................................... INCAPACITATED ADULT COMMONWEALTH OF VIRGINIA VA. CODE §§ 64.2-1300, 64.2-1308, 64.2-2016, 64.2-2021 Circuit Court of .................................................................................................................................................................................................................... Incapacitated person’s name ........................................................................................................................................................................................... Fiduciary(ies) name(s) ...................................................................................................................................................................................................... Date of qualification of fiduciary(ies) .......................................................................................................................................................................... This is [x] the first inventory [ ] an inventory showing after discovered assets [ ] an amended inventory restating all assets. The fiduciary filing this inventory is [x] a conservator [ ] trustee for ex-service person [ ] committee for an incarcerated person [ ] limited conservator Total value of assets listed in Parts 1, 2, 5 and 8 (for bond purposes) ......................................................... $ 342,355.78 ATTACH ADDITIONAL SHEETS IF NEEDED Part 1. The incapacitated person's personal estate under your supervision and control. DESCRIPTION OF PROPERTY VALUE Bank of America Checking Account (Acct. No. 5432*) 1,200.00 Bank of America Savings Account (Acct. No. 5432*) 16,520.78 Household furniture and furnishings – Total 1,200.00 Clothing and personal items – Total 500.00 Men’s emerald and diamond ring 525.00 Lladro “Romeo and Juliet” figurine 350.00 2005 Kia Amante four-door sedan 2,300.00 TOTAL VALUE OF PART 1: 22,595.78 *For financial account numbers, please list only the last four digits. FORM CC-1671 (SAMP) (MASTER, PAGE TWO OF THREE) 11/06 Part 2. The incapacita ted person’s real estate in Virginia over which you have a power of sale. DESCRIPTION OF PROPERTY VALUE 987 Eastwood Drive, Vienna, VA.-.51 acre with single-family house 185,000.00 TOTAL VALUE OF PART 2: 185,000.00 Part 3. The incapacitated person’s other real estate in Virginia. DESCRIPTION OF PROPERTY VALUE TOTAL VALUE OF PART 3: Part 4. The incapacitated person’s non-Virginia real estate. DESCRIPTION OF PROPERTY VALUE 567 Beach Drive, Ocean City MD. - .25 acre with single-family house 130,000.00 TOTAL VALUE OF PART 4: 130,000.00 Part 5. The incapacitated person’s interest in any real or personal property that will pass to another at the incapacitated person’s death by way of survivorship or beneficiary designation. DESCRIPTION OF PROPERTY VALUE 435 Rustic Way, Smith Mtn. Lake, VA. -.5 acre with single-fam cabin 115,000.00 TOTAL VALUE OF PART 5: 115,000.00 FORM CC-1671 (SAMP) (MASTER, PAGE THREE OF THREE) 11/06 Part 6. The incapacitated person’s interest in any trust. DESCRIPTION OF PROPERTY VALUE TOTAL VALUE OF PART 6: 0.00 Part 7. The incapacitated person’s rights to periodic payments from certain agencies of the U.S. government. DESCRIPTION OF PROPERTY TOTAL ANNUAL VALUE Social Security Administration—$810.00 per month 9,720.00 TOTAL VALUE OF PART 7: 9,720.00 Part 8. The incapacitated person’s right to periodic payments from any other source. DESCRIPTION OF PROPERTY TOTAL ANNUAL VALUE TIAA/CREF Annuity Acct. No. 6789* – 1,645.00 per month 19,740.00 TOTAL VALUE OF PART 8: 19,740.00 CERTIFICATE OF ACCURACY AND COMPLETENESS [Must be signed by each fiduciary.] I (we) hereby certify that to the best of my (our) knowledge and belief this is an accurate and complete inventory of this estate made in accordance with my (our) responsibilities under Virginia law. Date ...................................................................... Fiduciary ________________________________________________________ Address .............................................................................................................................................. Telephone No.: ................................................................................................................................... Date ...................................................................... Fiduciary ________________________________________________________ Address .............................................................................................................................................. Telephone No.: ................................................................................................................................... CERTIFICATE OF COMMISSIONER The Commissioner of Accounts has not independently verified the value of the items on the inventory, or the fact that they are the only assets of the estate. Inspected, found to be in proper form, and approved on ..................................................................................................................... _______________________________________________________ Commissioner of Accounts Received in the Clerk’s Office and admitted to record on .................................................................................................................. _______________________________________________________ Clerk *For financial account numbers, please list only the last four digits.