Preparation and Filing of the Inventory



Font Size & Margins

THE USE OF 10 -12 POINT FONT SIZE IS REQUIRED. Since your filings will be recorded in the Henrico Circuit Court fiduciary records, the font size used on inventory and accounts should not be less than 10-12 point.


MARGINS ON ALL FOUR SIDES OF EACH PAGE OF THE ACCOUNT MUST BE 1" OR MORE. Digital copying of the account for the electronic public computer records requires these margins. Failure to comply may result in the return of your account to be re-stated to meet these standards.


No Excel spreadsheets should be submitted unless they comply with these requirements.

Your inventory and/or account may be returned if it is not clearly legible and a minimum of 10-12 point font size.


                                    INVENTORY FORMS


Form CC-1670 is the required form for the filing of an Inventory of the assets of a decedent’s probate estate.  At the time of qualification you were given Form CC-1670 and Form CC-1670 (INST), an instruction summary for completing the inventory.  These instructions are specific and will give you all of the information needed to properly complete the inventory.  It is critical that the inventory be correctly stated in terms of the assets of the estate and the assets are placed in the proper location on the form.  Certain assets pass outside of the estate and are not included on the inventory.  These assets would include real estate which passes by survivorship designation in the deed, life insurance with a designated beneficiary, annuities with a designated payee.  These assets, as you will determine from the instructions, are not listed anywhere on the inventory because you have no control over them.

However, there is an exception. For joint or pay on death accounts or certificates of deposit with banks and credit unions, accounts also not under your control, they must nonetheless be listed in Part 2 of the inventory, but are not included in the total value of assets shown on the front of the inventory form.  For example, if John Doe has a joint bank or credit union account with his daughter Jane Doe as co-owner, or on which Jane was designated as the survivorship beneficiary, or pay on death ("p.o.d") beneficiary, that account passes outside of the probate estate; is not included in the total probate estate; is not subject to administration by the executor; but must be shown in Part 2 of the Inventory.  The proper designation in part 2 for example would be: 

SunTrust Bank checking account (2140)..$10,000.00, survivorship to Jane Doe 

Note: If the account was joint only as a convenience in transacting business for the decedent prior to death, and was not intended as a survivorship account, it should be a part of the probate estate and listed in part 1 of the inventory. Such an account may have been a power of attorney account or an account in joint names only to facilitate the paying of the decedent's bills prior to death.






Part 1:  This section includes tangible and intangible personal property owned by the decedent over which you as the fiduciary have control. If the asset passes by a beneficiary designation made by the decedent before death, it passes according to that designation and not under the will. If a life insurance policy was owned by the decedent but had a designated beneficiary named in the policy, it is not reported in Part 1. or anywhere else on the inventory, because it is not under your supervision and control. It passes by the terms of the life insurance contract designation. If the policy states that the "estate" is the beneficiary, or the named beneficiary does not survive, it may be a Part 1 asset. You must review the contract to see what the default provisions are for payment of the policy at death.

The date of death value is used when reporting all assets on the inventory

If the decedent owned stocks and bonds, call the stockbroker and get a statement of the date of death values.  Determine if the brokerage account had a named beneficiary (T.O.D.-transfer on death). If so, it is not under your supervision and control and passes by the T.O.D. designation to the named beneficiary.

Do not list the entire brokerage account with one value.  The individual components of a brokerage account must be listed if it has no named T.O.D. beneficiary.  For example, an account at Morgan Stanley worth $100,000.00 should not be listed in that manner, but should be listed with the component parts.  If the account has 1000 shares of Exxon stock valued at $50.00 per share on the date of death, and 2000 shares of Anthem at $25.00 per share on date of death, these individual companies must be listed with the number of shares, per share value and total value for each company’s stock on the date of death or close of business on the last business day before death.

Bank accounts just in the decedent's name without any survivorship designation should be listed by type of account (checking, saving, CD, IRA), with the date of death balance  Only the last four digits of the account number should be shown for any account listed on the inventory or any other filing to protect individual and estate privacy. Joint bank accounts are not listed in Part 1 unless it is a power of attorney account. Joint accounts (accounts in multiple names or having a pay on death beneficiary on the account) go to the survivor by contractual agreement with the bank, but they are listed in Part 2. if in a bank or credit union.

The value of automobiles may be obtained online at NADA or KELLEY BLUE BOOK. Use the fair market value without reduction for any lien on the vehicles.



Ownership of jointly titled vehicles should be reported as follows in accordance with current DMV regulations:

a. The surviving titleholder is considered a joint owner with the right of survivorship if;

     (i) The title reads John Doe "or" Mary Doe; or

     (ii) The titleholders' names are followed by the words "or survivor".

     Under the above circumstances the decedent would have no interest in the vehicle and the vehicle would not be reported in Part 1.

b. If only the decedent's name appears on the title, the total interest in the vehicle is reported in Part 1;

c. The surviving titleholder does not have the right of survivorship if:

      (i) The word "and" appears between the titleholders' names; or

      (ii) The words "or survivor" do not appear after the titleholders' names.

      Under the above circumstances the decedent had a 1/2 interest (if two titleholders) and the 1/2 interest is reported in Part 1 at 1/2 of the fair market value, without reduction for any lien.




Furniture and Furnishings are often omitted, but should be reported. The items may be reported collectively at a value that you could expect to receive at auction or back yard sale if not collectables or antiques. Any individual item worth $500 or more should be listed individually. Any item specifically bequeathed in the will should be listed separately. These items are not valued at replacement cost, but the price that a sale would bring to the estate.


Clothing should be reported as a collective value, unless there are valuables such as fur coats which should be listed separately. The omission of clothing raises frequent objections by heirs or beneficiaries. Before donating the clothing ask the heirs or beneficiaries to email your their agreement to donate. Sometimes family members wish to have the usuable clothing of the decedent. Offer clothing to beneficiaries first before donating.


Collections may be valued by calling dealers or clubs involved in the same type of collection or searching online for dealers, experts or clubs.

Antiques and fine jewelry must be listed by individual item and may need to be appraised depending on the disposition of the asset provided for in the will, or the value of the estate if estate taxation may be involved.

The date of death value of U.S. Savings Bonds may be obtained online at


Check with the Virginia Division of Unclaimed Property to see if the decedent had any right to unclaimed property at the time of death at If you prefer call (800)468-1088.


BE CAREFUL in listing all assets of the decedent. Items omitted become "priceless" to some heirs and beneficiaries, and to omit them or dispose of them by donation could create problems in the accountings to be filed.



There is no requirement for appraisal of the entire estate and to do so is generally a waste of estate money, unless appraisal is directed by the will, or appraisal is necessary to properly allocate personal property by equal value among beneficiaries/heirs, or the estate is taxable for Federal estate taxes.


****All inventory assets are reported at fair market value without reduction for anything owed on the asset.



Part 2: This section lists only multiple party bank and credit union accounts and certificates of deposit.


A joint or multiple party account is any one of the following:


             (i) an account which the decedent owned with another (except a power of attorney or as trustee); or


             (i) an account on which the decedent had made a “pay on death” designation; or


             (iii) an account which contains a “survivorship” designation.


Only accounts with banks and credit unions are listed.


The bank name, last four numbers of the account and joint or survivor payee must be listed with the date of death value of the account. Please refer to Form CC-1670(INST) for further clarification on bank and credit union accounts.

If the account was joint only for convenience with an attorney in fact  being listed or some other person listed only for signing purposes, the account should be listed in Part 1 as a probate asset.

If the account was designated as a survivorship account by an attorney in fact for the decedent prior to death. listing himself as the beneficiary, and the account had not been so established by the decedent personally, it should be listed in Part 1 because such a designation by an attorney in fact normally represents self dealing and would be considered improper.


Virginia statutory law (Section 6.2-608, Code of Virginia (1950), as amended, controls the disposition of joint, pay on death (POD), transfer on death (TOD) and specifically designated survivorship accounts upon the decedent's death, and you may have to consult those statutes or consult with an estate attorney if you have a question as to whether the bank or credit union account is an asset of the estate or passes outside of probate.


You should obtain copies of the account cards for each bank account to determine how the account was established. You should save these account cards for future reference in case your determination is questioned by a beneficiary and for presentation to the Commissioner with your inventory. If the bank or credit union no longer has the account card, request a letter from the institution describing how the account was established as to ownership at death. See Sections 6.2-604; 6.2-605; 6.2-606; 6.2-607 and particularly 6.2-608, Code of Virginia (1050), as amended.


NOTE: We require proof that the accounts reported in part 2 were, in fact, joint or survivorship accounts. This proof must be submitted with your inventory. Copies of the bank statements in the month of death may show how the accounts were titled. If not, a copy of the account card must be obtained from the bank. If none exists, a letter from the bank stating how the bank's records reflect ownership at death will be sufficient.

The same information is required even if all the beneficiaries/heirs are listed as joint account holders, so that we may determine that the assets have been correctly reported in Part 2., and should not be Part 1. probate assets.


NOTE: If a brokerage account was owned by the decedent, who during his lifetime executed with the broker a transfer on death designation (TOD), the account is not listed in part 1 because it passes by survivorship designation, and will not appear in Part 2 of the inventory because it is not an account held by a bank or credit union.




Parts 3 and 4: Real estate in Virginia is listed in Part 3 or 4 on the Inventory:

  1. If the decedent had a will and you have power to sell real estate under the will, and the decedent’s real estate does not pass by survivorship, that real estate is shown in Part 3. It does not matter what the will does with the real estate as we are concerned about ownership just prior to death. 

    Read the will to determine if you are directed to sell, are specifically authorized to sell real estate, or if the fiduciary powers of Sections 64.1-56 or 64.2-105, Code of Virginia, are incorporated by reference giving you the power to sell real estate among other powers. 

  2. The value may be the fair market value based on a certified real estate appraisal (which must be supplied with the inventory), or the year of death tax assessed value by the county/city wherein the property is located. The Henrico County tax assessed value may be obtained by phone at 804-755-7380, or on the internet by street address at Once on the County website click on "real estate property information" under online services on the left of the page, then check the "disclaimer" box, click on "submit" and you can enter the street address for the tax assessed value.

  3. If the decedent had real estate and you qualified as executor but the will did not give you the power to sell real estate, or if you qualified as the administrator of an intestate estate, you have no power of sale over real estate, and the decedent’s interest in Virginia real estate should be listed in Part 4 of the inventory.


                                         PART 5: REAL ESTATE OUTSIDE OF VIRGINIA

  4. Non-Virginia real estate anywhere in the world, owned by the decedent entirely or partially, should be listed in Part 5 of the Inventory. 
  5. NOTE:     
    1. Burial rights owned by the decedent are generally treated as personal property, not real estate, and are reported in Part 1.
    2. Time shares may be treated as real estate if there is a recorded deed; or personal property if a contract right gives the decedent the “right to use” the real estate for designated periods.

  6. The value to be listed for real estate is the tax assessed value or appraised value without reduction for deed of trust notes (mortgages) on the property.


You are required to submit a first inventory within four (4) months of qualification even if you have not determined all of the assets of the estate.

Thereafter, if you find additional assets to report, a supplemental inventory must be filed (on the same inventory form) if the assets are $25,000.00 or more. That supplemental inventory may report only the additional assets, or may re-state the entire inventory. Please check the appropriate box on the inventory form to indicate what you are reporting.

When you submit that supplemental inventory you will submit a check payable to the Commissioner of Accounts for $126.00, which includes Commissioner's fees of $110.00 and the $16.00 filing fees for the Clerk of Court.


1. If the additional assets found after filing the inventory are less than $25,000.00, you may report the assets as "adjustments" on line 4 of your first account. The additional assets reported are not "receipts", but are adjustments;

2. If you have already filed and received approval for your first account, you do not need to file a supplemental inventory, but must report the additional asset(s) on line 4 of the next accounting, under Adjustments.



      However, by statute TOD real estate is potentially subject to the satisfaction of the decedent's debts, administrative costs, funeral costs or disposal of the decedent's remains and statutory allowances and claims if other assets of the estate are insufficient to pay such expenses.

      Therefore, while you are not obligated to report a transfer on death deed on the inventory, you are considered obligated to make the Commissioner's Office aware that there was a transfer on death deed, and to provide a copy of the recorded deed at the time you file your inventory.

Part 5 : Real estate (or any recorded interest therein) located outside of the Commonwealth of Virginia is to be listed in part 5 of the inventory in the same manner as real estate is listed in parts 3 and 4. Contact the real estate assessor's office in the foreign jurisdiction and get the assessed value and notify the tax department of your qualification so that you will receive notices associated with the property.

You will probably have to go through an "ancillary administration" of the estate in the state where the real estate is located in order to sell or transfer the real estate. You should make contact with an estate attorney in the city or county where the property is located to advise and assist you in administering the foreign real estate.


When is the Inventory Filed?

The inventory shall be filed four (4) months from the date of your qualification.  Failure to file could result in a delinquent letter, a summons by the Commissioner or an Order to appear before the Court. If you have not completed your search for the decedent's assets when the inventory is due, file the first inventory timely, followed by a restated inventory when you have discovered all assets.

Where is the Inventory Filed?

The inventory is delivered or mailed to the Henrico County Commissioner of Accounts, 8500 Mayland Drive, Henrico, VA. 23294 


What is filed with the inventory?


File the Inventory in duplicate, signed by all fiduciaries, with a COPY OF THE BANK STATEMENTS, IN THE MONTH OF DEATH, FOR ALL PART 2 ACCOUNTS REPORTED. Include a check for the appropriate fees as determined from the schedule of the inventory filing fees.  With the Commissioner’s fee you shall include the Clerk of the Circuit Court’s filing fees based on the number of pages submitted, usually a $16.00 clerk's fee. All fees shall be written as one (1) check payable to the Commissioner of Accounts.


Clerk of Court fees:


1 - 10 pages..................................$16.00

11 - 30 pages................................$30.00

31 or more pages..........................$50.00


The Commissioner's fee schedule is as follows:

$ 0-50,000...................................$110.00



Above $500,000.00......................$275.00


Supplemental or amended inventory..........$ 110.00 plus Clerk's fee of $16.00





Forms to be Used for Testate and Intestate Estate Inventory:

  1. Inventory of Decedent’s Estate (Form CC-1670 | Instructions)