|
|
Commissioner of Accounts Info
TIPS
- It is strongly recommended that you immediately read and regularly refer to the Instructions and Duties of an Executor or Administrator, provided to you at the time of your qualification, prior to beginning the administration of your estate.
- To assist you in the administration of the estate, I suggest you contact a lawyer, accountant or other professional. If you hire someone to assist you in preparing the documents to be filed with this office, their fees will be deducted from any fee that you would be entitled to receive (except under unusual circumstances).
- You must establish a separate interest bearing estate account with a financial institution in the state of Virginia. You must not deposit or maintain estate funds in your personal account. You must use a financial institution that provides either original cancelled checks or a bank copy of the front of your cancelled checks with your bank statements. Consult with the financial institution concerning the type of accounts offered before opening the account. Not all financial institutions provide the documentation required.
- If you feel that you are dealing with an insolvent estate, (debts are greater than estate assets) you should seek legal counsel immediately. Do not pay any bills for the estate, including funeral expenses and medical bills, until you have read Section 64.1-157 of the Code of Virginia, 1950, as amended. Your failure to do so may require reimbursement to the estate from your own personal funds.
- Merely because you have been given the power of sale does not mean you can sell real property as an asset of the estate. You should communicate with the Commissioner of Accounts office prior to entering into a sales contract. If the real property will appear in Part 4 of your inventory, you should communicate with the Commissioner's office prior to expending estate monies for maintenance, repairs, mortgage, taxes or utilities for said real property.
- It is your responsibility to be sure that estate administration documents are filed on time, even if you retain the services of a professional. Guidelines for filing your documentation are outlined in the Instructions and Duties of an Executor or Administrator. If you fail to file your documents on time, you will be charged a late filing fee.
- All paperwork must be typed (no exceptions).
- All individuals who qualified on the estate must sign all paperwork filed with this office.
- You must retain all deposit slips with a detailed record of what was deposited, as well as all bills and receipts relative to the administration of the estate for use in the review and audit of your accounting.
- Original supporting documentation (all checks [original or bank copies], and deposit slips, bank statements, brokerage statements, signed and notarized beneficiary receipts, etc.) must be provided with all filings.
- If a document filed with the Commissioner's Office is found to be incorrect or lacks supporting documentation and requires an extraordinary amount of time to correct or resolve discrepancies, you will be assessed an additional administrative fee of $125.00 for each additional hour required to correct or complete your filing.
- If you do not want to mail your documentation, it may be dropped off at the Commissioner's Office between the hours of 9:00 A.M. and 5:00 P.M., Monday through Friday. If you would like to speak with the Commissioner's assistant when dropping off documentation, it will be necessary to make an appointment in advance. To schedule an appointment to discuss the administration of your estate, please phone (757)-224-2929.
Lawrence G. Cumming
Commissioner of Accounts
2236 Cunningham Drive, Hampton, Virginia 23666
(757) 224-2929
Documents
- Instructions and Duties of an Executor or Administrator
- Fiduciary Questionairre
|
