Probate Assets. An estate inventory lists the assets that constitute the probate estate of the decedent under the possession and control of the personal representative (executor of administrator); and it provides the beginning assets for the first estate accounting. 

Tip: Although the Clerk of court provides paper forms and instructions at when an executor or administrator qualifies at the Clerk's office, fillable pdf copies of the forms are available at the Virginia Judicial Website. The fillable forms can be completed online by computer, the total will be calculated, and the document can be printed ready for signature and filing with the commissioner. 

The paper version of the estate inventory form provided by the Clerk's office at the time of qualification may also be completed by hand, if legible, signed and filed with the commissioner along with the required filing fee.

Tip:The instructions for an estate inventory provided by the Clerk at time of qualification contain detailed information and answers to common questions. The commissioner and the commissioner’s staff will expect executors and administrators to have read the instructions before contacting the commissioner's office with questions. Reading form instructions will save you time as compared to having the inventory returned to you if it is incorrect or incomplete. 

Date of Death Values.  As indicated in the instructions provided by the Clerk's office, the values stated for the items listed on the inventory are the estimated market value as of the date of the decedent's death. You are not expected to have exact professional appraisals for purposes of the estate inventory. In many cases your best estimate will do, and an adjustment can be made later when better information is obtained. As the instructions indicate you can use the real estate tax assessed value established by the locality where real property is located. You can also obtain vehicle value estimates online. 

Personal Belongings and Furnishings.  Normally it is acceptable to group personal belongings and furnishings together and estimate the value of such items as a group. It is helpful for accounting purposes to list unique personal property, expensive antiques and jewelry and items that are specifically bequeathed under the decedents will separately.

Bank and other Financial Accounts.  Bank, investment, retirement and other accounts should be listed separately, and as the inventory is recorded of public record it is sensible to identify such accounts using the last four digits of the account number vs. then entire account number. 

Multiparty Accounts.  The commissioner may account statements or documents to confirm the accounts that pass by survivorship listed under Part 2 of the Inventory.