| Testamentary Trusts - Accountings |
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Links are provided below for Instructions and a sample testamentary trust accounting and coversheet:
The cover sheet serves as a balance sheet the trust accounting. If the account balances the total of the numbers in the top half for the cover sheet will balance with the total of numbers in the bottom half of the cover sheet. More information on the sections of the cover sheet is reviewed below. Although the sample accounting is simple, review of this sample along with the instructions will provide you with a better understanding of the information and form for testamentary trustee accountings.The accounting (to which the cover sheet is to be attached) can be prepared as an Excel spread sheet, in a word processing program or other form that provides the required information.
Tip: Using the links above, print a copy of the Instructions and the cover sheet. Reviewing the Instructions and sample accounting will provide most, if not all, the information you need to prepare a property accounting.
The parts of the cover sheet are listed below. An itemized list must be attached to support the total provided for each line item of the cover sheet, except items 1, 6 and 13 and the totals for lines 5 and 13 must balance:
1. Beginning Assets (from Parts 1, 2, 3 & 4 of the Trust Inventory or ending assets of a prior account).
2. Principal Receipts
3. Income Receipts
4. Gains on Asset Sales
5. Adjustments
6. Total of 1, 2, 3, 4 & 5 (must equal total in line 13).
7. Principal Disbursements
8. Income Disbursements
9. Losses on Asset Sales
10. Principal Distributions to beneficiaries
11. Income Distributions to beneficiaries
12. Assets on hand (remaining) at the end of the accounting period.
13. Total of items 7, 8, 9, 10, 11, & 12 (total must equal the total of Line 6).
The Trustee's final accounting will show zero assets on hand as all assets have been disbursed or distributed according to the terms of the trust under administration. The Instructions at the link provide above provides further detail on the section of the coversheet.
Note: The Trust accounting cover sheet distinguishes between principal and income when describing receipts, disbursements and distributions. As described in the Instructions, principal receipts are generally capital gains distributions and principal distributions from the estate. Income receipts are generally interest, dividends, rental income, refunds and income distributions from the estate. The Instructions also provide principal and income disbursements and distributions. Waiver of Testamentary Trust Accountings.
Waiver of Trust Accountings Although Virginia law does not provided for waiver of decedent estate accountings (unless the total value of the probate assets are less than $25,000), there are certain circumstances under which testamentary trustee accountings may be waived, in the requirements and notice for such waiver are satisfied met as set out in more detail under Virginia Code Section 64.2-1307. Filing Fees Commissioner filings fees for testamentary accountings are provided in the Uniform Fee Schedule Guidelines for Commissioners of Accounts. Additionally there is a small filing fee payable to the Clerk's Office for the Circuit Court where the trust is being administered. If you will to confirm the total filing for the Commissioner and Clerk you may want to contact the Commissioner's office.
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