Instructions For: Inventory 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: Inventory 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: Inventory For Trust

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Instructions For: Inventory 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-1673 - Instructions For: Inventory 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-1673, 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-1673 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-1673 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 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?

👉 Find and Contact your Local Probate Court

👉 What is a Domicile Jurisdiction?

Sponsored by Atticus App

Need help with Virginia Probate?

Join all the other families who have trusted Atticus through probate, and experience the peace that comes from knowing you're taking the right steps, spending the least amount of money, and not wasting a single second.

Start for free

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-1673 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-1673, and when in doubt— consult a qualified trust & estates lawyer for that area.

Instructions For: Inventory 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-1673 - Instructions For: Inventory 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: Inventory 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-1673 - Instructions For: Inventory For Trust. You can use this to get an idea of the context of the form and what type of information is needed.

Page 1 of 2 FORM CC-1673 (INST) MASTER 7/02 INSTRUCTIONS FOR INVENTORY — TRUST GENERAL: You are required by law to file an inventory with the Commissioner of Accounts within four months after the first date that any assets are received by you, unless (a) you are serving as a trustee under a will that waives your duty to file accounts with the Commissioner of Accounts, and (b) you have complied with the statutory requirements for waiver prior to the due date of the inventory. This inventory must include all of the real and personal estate under your supervision and control. You must report the assets as they existed on the date of their receipt by you, even though they have changed form or are not in existence on the date the inventory is prepared. If you receive 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 trust, (ii) by filing an additional inventory showing only the after-received assets, or (iii) with the permission of the Commissioner of Accounts, by showing the after-received assets on the trust’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 receive the assets. VALUATION: The value to be placed on assets listed on the inventory is their fair market value as of the date of receipt, 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. Part 1. Trust assets excluding real estate under your supervision and control. Assets should be clearly identified, listed in reasonable detail, and valued as of the date of receipt (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 specifically mentioned in a will or 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. 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 Page 2 of 2 FORM CC-1673 (INST) MASTER 10/12 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 Parts 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. Real estate in Virginia over which you have a power of sale. List in this part all of the Virginia real estate or partial interests in real estate over which you have a power of sale, whether that power of sale is specifically mentioned in the governing document or is included by the governing document’s reference to Virginia Code § 64.2-105. Part 3. Other real estate in Virginia. List in this part all of the trust’s Virginia real estate or partial interests in real estate that are not listed in Part 2. Part 4. Non-Virginia real estate. List in this part all of the trust’s real estate or partial interests in real estate not situated in Virginia, whether or not the real estate is located in the United States.