The Circuit Court makes the Conservator or Guardian responsible for the assets of a living person who cannot handle his or her own financial affairs due to incapacity such as dementia or age (Virginia law considers being a minor an incapacity), and the process includes a court hearing and the Judge’s entry of an Order.
of Trust under Will (TUW ) or Trust under Agreement (TUA)
The administration of a decedent’s estate usually takes between 12 and 16 months and requires only one accounting. There are exceptions, however, and sometimes more than one accounting must be filed.
Trustees are required to file for as long as the trust exists. Accountings for a trust always report on a calendar year and are due by April 30 of the following year. Depending upon the date of qualification, the first accounting may report on only part of a year.
When you qualified as Executor, Administrator, Trustee, Conservator, or Guardian at the Clerk’s office, the Circuit Court gave you the responsibility of handling assets that belong to someone else. With that responsibility comes the Court’s oversight in the form of required filings.
The Clerk gave you instructions and sample forms for submitting these filings but if you are like most people, the information went in one ear and out the other, and now you may not be sure exactly what you are expected to do. Here are timelines to remind you of your Circuit Court filing obligations.