Funding of the Trust 

As discussed previously a testamentary trust is created under a decedent's will. Unlike an estate administration where all probate assets are identified in the inventory, a testamentary trust is funded from a provision in the will the establishes the trust and identifies those assets of the probate estate that will be distributed to the trustee to fund the trust. If the decedent's will indicates that $10,000 is to be distributed to the trust then that will be the sole principal asset of the trust.

Filing Trust Inventory

A testamentary trustee must file an inventory of trust assets with the commissioner of accounts within four months after the first date that the trustee receives trust assets. The values to be used for the trust assets identified on the inventory is the fair market value as of the date the trustee receives the assets.

Tip. PDF fillable trust inventory forms are available at the Virginia Judicial System website, allowing completion of the form online via computer, totals will be automatically calculated and the completed form printed for filing with the commissioner. 

Filing Fees. 

Applicable filing fees will be payable when the trust inventory if filed. You can contract the commissioner's office to confirm the filing fee amount that will be due, which is calculate on a sliding scale based on the total amount of trust assets.

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.