What you need
Have the last account or the inventory, the year’s bank and brokerage statements, and a voucher for every payment. Line 1 is last account’s line 9.
The example follows Ruth Adair, an invented ward whose conservator qualified 02/03/2025. Her first account covered 02/03/2025 to 06/03/2025. This is account number two, covering 06/03/2025 to 06/03/2026, and it is due 10/03/2026.
Line 5 must equal line 10
The account is kept on carrying value: each asset at the value it came in at. What you started with and took in must equal what went out and what is left.
| 1. Beginning assets | $31,812.30 |
|---|---|
| 2. Receipts | 7,462.18 |
| 3. Gains on asset sales | 650.00 |
| 4. Adjustments | 0.00 |
| 5. Total of 1 to 4 | $39,924.48 |
| 6. Disbursements | 5,837.40 |
| 7. Losses on asset sales | 0.00 |
| 8. Distributions (final account only) | 0.00 |
| 9. Assets on hand, carrying value | 34,087.08 |
| 10. Total of 6 to 9 | $39,924.48 |
Where the figures came from
| Pension, $610.00 × 12 | $7,320.00 |
|---|---|
| Savings interest | 142.18 |
| Receipts | $7,462.18 |
| Assisted living, $400.00 × 12 | 4,800.00 |
|---|---|
| Pharmacy | 612.40 |
| Bond premium | 150.00 |
| Tax preparer | 275.00 |
| Disbursements | $5,837.40 |
| Checking | 11,144.90 |
|---|---|
| Savings | 18,142.18 |
| Mutual fund, 60 shares at $80.00 | 4,800.00 |
| Carrying value | $34,087.08 |
The sale
Ruth came in with 120 fund shares, carried at $80.00 each. Her conservator sold 60 for $5,450.00. Those shares were already in line 1 at $4,800.00, so only the $650.00 difference goes on line 3. The rest of the proceeds is the same money, moved from the fund to checking.
Line 9 keeps the 60 shares left at $80.00. What they would sell for today, $93.10 each, goes on the line marked ** below: $34,873.08 at market value.
Benefits held as payee
Ruth’s conservator is also her Social Security payee, and accounts for those benefits to SSA on the SSA-623. She keeps them in a separate payee account. Benefits you report to SSA or the VA, and keep in a separate account, stay out of line 2, and what you spend from them stays out of line 6. Their total for the period goes on the line marked *. Benefits mixed into the estate’s own accounts go in line 2 like any other income. Va. Code §64.2-1312(C) (opens in a new tab)
Ruth received $1,380.00 a month, so the * line reads $16,560.00. The same rule covers VA benefits, where the VA’s own accounting takes their place.
Common mistakes
A first account covering a year
The first account covers only the first four months after you qualify. Every account after it covers 12 months.
Market value on line 9
Line 9 is carrying value, the figure the other lines use. Put market value there and line 10 stops matching line 5.
Sale proceeds counted as receipts
Line 1 already holds what was sold. Only the gain or loss goes on line 3 or line 7.
A payment with no voucher
Every disbursement needs one. A copy of both sides of the check will do, or its front with the bank statement that shows its number and amount. The Commissioner can still ask for a proper voucher for any one payment. §64.2-1311 (opens in a new tab)
If you hold $35,000 or less, the Commissioner may later let you account every three years instead, and may withdraw that permission. §64.2-1313 (opens in a new tab)
Sources
- CC-1682, Account for Incapacitated Adult (opens in a new tab), Supreme Court of Virginia
- Va. Code §64.2-1305 (opens in a new tab), when accounts are due
- Va. Code §64.2-1311 (opens in a new tab), vouchers
- Va. Code §64.2-1312 (opens in a new tab), benefits held as payee
- Va. Code §64.2-1313 (opens in a new tab), accounts every three years
Also for Virginia: CC-1671, Inventory for Estate of Incapacitated Adult
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