Manual for Commissioners of Accounts

Manual for Commissioners of Accounts
Publication Date: 2014
Electronic Forms: 42
Available Formats: Print (514 pages, softbound, 1 volume)
  Electronic (searchable PDF via flash drive, CD, or immediate download)
  Both Print and Electronic formats
Product #: 872

Information

Content Highlights:
  • Jurisdiction of Commissioners
  • Access to Files
  • Fiduciary Bonds
  • The Inventory
  • Posting of Accounts
  • Account Audits
  • Vouchers and Supporting Documents
  • Estates of Decedents
  • Principal and Income
  • Guardians/Conservators of Incapacitated Adults
  • Guardians of Minors
  • Audits of Testamentary Trusts
  • Delinquent Fiduciaries
  • Hearings Before Commissioners
  • Deeds of Trust
  • Commissioners' Fees
  • Judicial Appointments and Oversight
  • Complaints Against Commissioners
  • Guidelines for Fiduciary Compensation

Prepared by the Standing Committee on Commissioners of Accounts of the Judicial Council of Virginia, the highly popular Manual for Commissioners of Accounts is an indispensable part of any law practice involving probate of estates, guardians and conservators, administration of trusts, or foreclosure under a deed of trust.

If you advise executors, trustees, guardians, and other fiduciaries, this book is essential. It lays out due dates and forms for accountings, inventories, and other reports to be filed with Commissioners of Accounts.

The 2014 edition has been thoroughly revised and updated to reflect revised Title 64.2. Its coverage has been expanded and includes a new chapter on hearings before Commissioners. Read more highlights of the new edition.

Virginia CLE®'s new and compact 7" x 10" softbound format makes this truly a handbook!


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Highlights of the New Edition

  • Statutory references in the Manual have been updated to Va. Code, Title 64.2 (Wills Trusts and Estates).
  • Senate Bill 346, effective July 1, 2014, increases various allowances and other amounts related to wills, trusts and fiduciaries including among other Va. Code Sections, the amount for transfers included in the five year look-back for augmented estates under Va. Code § 64.2-305; family allowance ($24,000), exempt property ($20,000) and homestead allowance ($20,000) under § 64.2-309, et seq.; the priority amounts for insolvent estates for funeral expenses ($4,000) and hospital and medical expenses under Va. Code § 64.2-528; small amounts ($25,000) that may be delivered to a successor without affidavit under Va. Code § 64.2-602; waiver of inventory and settlement for certain estates under $25,000, Va. Code § 64.2-1302; the amount ($25,000) under which a commissioner may permit accountings every three years under Va. Code § 64.2-1313; the amount  ($25,000) under which indicated fiduciaries may qualify without surety Va. Code § 64.2-1411; the amount (under $5,000) that a Commissioner may approve distributions by a guardian of a minor Va. Code § 64.2-1802; the amount ($25,000) under which a fiduciary may make a transfer to a custodian for a minor, Va. Code § 64.2-1905; and other amounts (refer to House Bill 346, 2014, for a complete list).
  • Va. Code § 64.2-2023 was amended (Senate Bill 346, 2014) to provide that a commissioner of accounts for the jurisdiction where a conservator qualifies may authorize the same gifts under the same circumstances as the circuit court may authorize under subsection C, except that (i) the total gifts authorized in a calendar year shall not exceed $25,000...; and subsection E increases the gift amounts ($150 per donee and $750 in a calendar year) that may be made by a conservator without hearing.
  • The former Chapter 15, Surcharge of Fiduciaries has been merged into Chapter 14, Proceeding Against Delinquent Fiduciaries.
  • A new Chapter 15, Hearings Before Commissioners of Accounts has been added providing a thorough explanation of the various types of hearings that may be conducted by Commissioners with an Appendix providing General Procedures for such hearings.
  • Chapter 16, Account of Trustee under Deed of Trust, has been substantially re-written to include information on many current topics, with additional forms.
  • Additional forms have been added to Chapter 9, Estates of Decedent: A Checklist of the Duties of the Commissioner. Additionally an informative legal memorandum on the topic of the Obligation to Sell Realty to Satisfy Legacies or Debts of the Estate is provided at the end of Chapter 9 including many relevant legal authorities on this often debated and challenging issue.
  • A thorough discussion of Immunity of the Commissioner has been provided in Chapter 17, Miscellaneous.

Table of Contents

CHAPTER LIST

1. Purposes Of Manual And Statutory Authorization And Jurisdiction Of Commissioners Of Accounts

2. Record Keeping And File Maintenance

3. Access To Files Of Commissioners

4. Adequacy Of The Fiduciary's Bond

5. The Inventory

6. Posting Of Accounts; Notice To Interested Parties

7. The Account Audit

8. The Voucher And Other Supporting Documents

9. Estates Of Decedents: A Checklist Of The Duties Of The Commissioner

10. Principal And Income

11. Guardians/Conservators Of Incapacitated Adults

12. Guardians Of Minors

13. Auditing Accounts Of Trustees Of Testamentary Trusts

14. Proceeding Against Delinquent Fiduciaries

15. Hearings Before Commissioners of Accounts

16. Account Of Trustee Under Deed Of Trust

17. Miscellaneous Matters

18. Fees Allowed The Commissioner Of Accounts

19. Creditors And Claims Against The Estate

20. Judicial Appointment And Oversight Of Commissioners Of Accounts

21. Complaints Against Commissioners

22. Guidelines For Fiduciary Compensation


CHAPTER 1: PURPOSES OF MANUAL AND STATUTORY
AUTHORIZATION AND JURISDICTION OF
COMMISSIONERS OF ACCOUNTS


1.1 IN GENERAL

1.2 SUMMARY OF STATUTORY AUTHORIZATION AND JURISDICTION
OF COMMISSIONERS OF ACCOUNTS
    1.201 Introduction
    1.202 Foreword
    1.203 Summaries of Statutes

CHAPTER 2: RECORD KEEPING AND FILE MAINTENANCE

2.1 IN GENERAL

2.2 METHODS

2.3 PRACTICE

CHAPTER 3: ACCESS TO FILES OF COMMISSIONERS

3.1 IN GENERAL
    3.101 Nature of the Office of Commissioner of Accounts
    3.102 Applicability of FOIA to the Court and Its Records

3.2 RECORDS THAT ARE NOT “PUBLIC RECORDS”

3.3 PROTECTION OF CONFIDENTIAL INFORMATION IN
COURT FILES

3.4 REVIEW BY INTERESTED PARTIES

CHAPTER 4: ADEQUACY OF THE FIDUCIARY’S BOND

4.1 IN GENERAL

4.2 REDUCTION OF PENALTY ON BONDS

4.3 FAILURE OF FIDUCIARY TO POST NEW BOND

CHAPTER 5: THE INVENTORY

5.1 IN GENERAL
    5.101 Forms
    5.102 When Inventories Not Required
    5.103 Furnishing Copies of Inventories
    5.104 Enforcement of Filing Requirement
    5.105 Affidavit of Notice of Probate; Enforcement

5.2 DECEDENTS’ ESTATES
    5.201 Instructions Generally
    5.202 Specific Instructions
    5.203 Assets Less Than $25,000
    5.204 Uniform Real Property Transfer on Death Act

5.3 TIMELINESS

5.4 VALUATION

5.5 INCAPACITATED ADULTS
    5.501 Instructions Generally
    5.502 Specific Instructions

5.6 MINORS
    5.601 Instructions Generally
    5.602 Specific Instructions

5.7 TESTAMENTARY AND INTER VIVOS TRUSTEES AND
OTHERS     
    5.701 Minor’s Tort Claims Recoveries
    5.702 Trustees for Incapacitated Veterans
    5.703 Instructions Generally
    5.704 Specific Instructions

5.8 OBJECTIONS TO INVENTORIES
    5.801 Enforcement Authority
    5.802 Unresolved Objections

CHAPTER 6: POSTING OF ACCOUNTS; NOTICE TO
INTERESTED PARTIES

6.1 IN GENERAL

6.2 DECEDENTS’ ESTATES

6.3 OTHER FIDUCIARY ESTATES

CHAPTER 7: THE ACCOUNT AUDIT

7.1 IN GENERAL

7.2 GUIDELINES FOR ACCOUNTS
    7.201 Format of Account
    7.202 Time for Processing
    7.203 Fee Quotes and Commissions
    7.204 Debts and Demands
    7.205 Vouchers (Documents) to Be Submitted to Support
    an Account
    
7.3 AUDITOR’S REVIEW

CHAPTER 8: THE VOUCHER AND OTHER SUPPORTING
DOCUMENTS

8.1 IN GENERAL

CHAPTER 9: ESTATES OF DECEDENTS: A CHECKLIST OF
DUTIES OF THE COMMISSIONER

9.1 IN GENERAL

9.2 PROTECTION OF BENEFICIARIES
    9.201 Investment of Cash
    9.202 Debts Paid Those of Decedent
    9.203 Funeral Expenses
    9.204 Fiduciary Compensation and Attorneys’ Fees
    9.205 Interest on Bequests
    9.206 Interest on Accounts and Debt Instruments
    Specifically Bequeathed
    9.207 Dividends on Stock Bequeathed
    9.208 Distribution to a Minor
    9.209 Distribution to Other Persons Non Sui Juris
    9.210 Distribution to Person Deceased
    9.211 Ademption
    9.212 Distribution to a Trust
    9.213 Improper By-Pass Distributions From the Estate to
    Beneficiaries of Trust Under Agreement
    9.214 Payment of Estate Taxes or Debts by Trust
    9.215 Allocation of Estate Taxes
    9.216 Partial Distributions
    9.217 The Omitted Spouse
    9.218 The Augmented Estate
    9.219 Family Allowance, Exempt Property and Homestead
    9.220 What to Do with the Personal Representative
    Who Will Not Settle His Account
    9.221 Statement in Lieu of Account
    9.222 Enforcement of Notice Requirement in Va. Code
    § 64.2-508
    9.223 Additional Duties of Commissioner Under Va. Code
    § 64.2-508
    9.224 Furnishing Inventories and Accounts; Delay in
    Approval of Same (Va. Code § 64.2-1303)
    9.225 Nonexoneration (Va. Code § 64.2-531)
    9.226 Sale of Real Property to Pay Estate Obligations
    or Legacies
    9.227 Uniform Real Property Transfer on Death Act

9.3 CREDITORS AND THE TAKING OF DEBTS AND DEMANDS

9.4 TAXING AUTHORITIES

9.5 THE ACCOUNT AS A PERMANENT RECORD

CHAPTER 10: PRINCIPAL AND INCOME

10.1 IN GENERAL

10.2 RECEIPTS NOT REQUIRING APPORTIONMENT

10.3 DISBURSEMENTS NOT REQUIRING APPORTIONMENT

10.4 RECEIPTS/DISBURSEMENTS REQUIRING
APPORTIONMENT

10.5 UNIFORM PRINCIPAL AND INCOME ACT (1997)—
PREFATORY NOTE, OFFICIAL TEXT, AND
COMMISSIONERS’ COMMENTS

CHAPTER 11: GUARDIANS/CONSERVATORS OF
INCAPACITATED ADULTS

11.1 INTRODUCTION

11.2 ALLOWABLE EXPENDITURES

11.3 COMPENSATION FOR CONSERVATOR

11.4 ACCOUNTS AND ACCOUNTING PERIODS

11.5 INVESTMENTS AND THE SALE OF REAL ESTATE

11.6 SURETY BOND COVERAGE

11.7 TERMINATION OF GUARDIANSHIP AND/OR
CONSERVATORSHIP

11.8 MEDICAID RULES

11.9 PROBLEM AREAS
    11.901 Joint Accounts
    11.902 Furniture and Furnishings
    11.903 Jewelry
    11.904 Real Estate
    
11.10 CONVERSION OF CONSERVATORSHIP TO CUSTODIAL
TRUSTEE

11.11 COURT APPROVED TRANSFER TO SPECIAL NEEDS
TRUST

11.12 FINANCIAL EXPLOITATION OF INCAPACITATED
PERSONS

CHAPTER 12: GUARDIANS OF MINORS

12.1 INTRODUCTION

12.2 DISBURSEMENTS OF PRINCIPAL AND INCOME

12.3 DISTRIBUTIONS TO OR FOR MINOR WITH LIVING
PARENT
    12.301 Distributions Authorized by Court
    12.302 Distributions Authorized by Commissioner of
    Accounts
    
12.4 COMPENSATION FOR GUARDIAN

12.5 ACCOUNTINGS AND ACCOUNTING PERIODS

12.6 INVESTMENTS

12.7 SURETY BOND COVERAGE

CHAPTER 13: AUDITING ACCOUNTS OF TRUSTEES OF
TESTAMENTARY TRUSTS

13.1 IN GENERAL

13.2 PRELIMINARY REQUIREMENTS

13.3 DISTRIBUTIONS FROM ESTATE

13.4 ASSETS, INTEREST, DIVIDENDS, AND RECEIPTS

13.5 FEES

13.6 ALLOCATION

13.7 FINAL STEPS

13.8 UNIFORM TRUST CODE

CHAPTER 14: PROCEEDING AGAINST DELINQUENT
FIDUCIARIES

14.1 DEADLINES
    14.101 Personal Representatives of Estates and
    Proponents of Wills
    14.102 Personal Representatives of Estates
    14.103 Testamentary Trustee
    14.104 Guardians of Minors’ Estates and Conservators
    of Incapacitated Persons
    14.105 Foreclosure Sale Trustees

14.2 REMINDER NOTICE OF DELINQUENCY

14.3 INITIATING ACTION BY THE COURT
    14.301 Affidavit of Notice
    14.302 Inventories
    14.303 Accountings—Semi-Annual Report or Summons
    Under Section 64.2-1216
    14.304 Foreclosure Accountings
    14.305 Reporting Attorney Fiduciaries to the State Bar
    14.306 The Quarterly Report

14.4 PERSONAL ASSESSMENTS TO FIDUCIARY

14.5 FORFEITURE OF COMMISSIONS

14.6 PROCEEDINGS BEFORE THE COURT

14.7 SURCHARGE OF FIDUCIARIES

CHAPTER 15: HEARINGS BEFORE COMMISSIONERS OF
ACCOUNTS

15.1 IN GENERAL

15.2 CONDUCT OF THE HEARING

15.3 STATUTORY HEARINGS
    15.301 Debts and Demands Hearings
    15.302 Hearings Pursuant to Va. Code § 64.2-1209
    15.303 Hearings Pursuant to Va. Code § 64.2-1204
    15.304 Guardianship Parental Spending Hearings
    15.305 Hearings Concerning Conservatorship and
    Guardianship Real Estate Sales

CHAPTER 16: ACCOUNT OF TRUSTEE UNDER DEED
OF TRUST


16.1 IN GENERAL

16.2 FORM FOR ACCOUNTING

16.3 PAPERS TO ACCOMPANY THE ACCOUNT

16.4 BID PRICE

16.5 TRUSTEE’S COMMISSION
    16.501 Statutory Commission
    16.502 Background
    16.503 Recent Cases and Orders

16.6 MISCELLANEOUS EXPENSES
    16.601 Clerk’s Fee and Recording Costs
    16.602 Auctioneer’s Fee
    16.603 Attorney’s Fees
    16.604 Fee to Commissioner
    16.605 Interest
    
16.7 REAL ESTATE TAXES AND OTHER CITY OR
COUNTY LIENS

16.8 SUBSTITUTION OF TRUSTEE

16.9 ADVERTISEMENT AND NOTICES

16.10 DISTRIBUTION OF BALANCE AFTER PAYMENT OF
EXPENSES OF SALE; SURPLUS
    16.1001 Payment of Other Liens
    16.1002 Credit Bids
    16.1003 Payments to Noteholder; Surplus
    
16.11 THE NOTE

16.12 ASSIGNMENT OF NOTE

16.13 POSTING AND REPORT TO COURT

16.14 OVERSIGHT OF FORECLOSURE ACCOUNTS

CHAPTER 17: MISCELLANEOUS MATTERS

17.1 WHEN THE COMMISSIONER SHOULD DISQUALIFY
HIMSELF

17.2 IMMUNITY OF THE COMMISSIONER

17.3 HEARINGS

17.4 THE COMMISSIONER’S ROLE WHEN AN AUGMENTED
ESTATE ELECTION IS MADE

17.5 THE LENGTH OF TIME AN ESTATE MUST REMAIN
OPEN

17.6 PAYMENT OF FUNDS INTO COURT WHEN PARTY
ENTITLED THERETO CANNOT BE FOUND

17.7 THE VIRGINIA UNIFORM TRUST CODE

CHAPTER 18: FEES ALLOWED THE COMMISSIONER OF
ACCOUNTS

18.1 STATUTORY AUTHORITY FOR FEES

18.2 SOURCE AND PURPOSE OF COMMISSIONERS’ FEES

18.3 RECOMMENDED UNIFORM FEE SCHEDULE

CHAPTER 19: CREDITORS AND CLAIMS AGAINST
THE ESTATE

19.1 IN GENERAL

19.2 STATUTES OF LIMITATION

19.3 SPECIFIC STATUTES OF LIMITATIONS

CHAPTER 20: JUDICIAL APPOINTMENT AND OVERSIGHT
OF COMMISSIONERS OF ACCOUNTS

20.1 INTRODUCTION

20.2 APPOINTMENT PROCEDURES
    20.201 Preliminary Considerations of the Office of
    Commissioners of Accounts
    20.202 Job Description and Qualities to Consider in
    Prospective Appointees
    20.203 Appointment Procedure
    20.204 Assistant/Deputy Commissioners of Accounts:
    Appointment and Relationships
    
20.3 SUPERVISION
    20.301 Review of Timeliness of Fiduciaries’ Work
    20.302 Timeliness of the Commissioner’s Work
    20.303 Evaluation of the Commissioner’s Continuing
    Commitment to the Office
    20.304 The Commissioner’s Relationships with the Public,
    the Bar and Court Personnel

20.4 EQUIPMENT

20.5 CONCLUSION

CHAPTER 21: COMPLAINTS AGAINST COMMISSIONERS

CHAPTER 22: GUIDELINES FOR FIDUCIARY
COMPENSATION

22.1 INTRODUCTION

FORMS APPENDIX

INDEX

Authors

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