Formal Qualification Process for Trustees
Formal Qualification Appointment Requirements
- The original Last Will and Testament (if it has not already been probated)
- The completed Information form for Trustee (PDF)
- Fair market value of the real estate in the Trust
- Dollar value of personal assets in the Trust
- If bond with surety is required, the surety bond company must attend your scheduled probate appointment to sign the surety bond.
- Check, cash or credit card (PDF) to pay fees calculated during the qualification appointment.
Bond with Surety
A surety bond is a guarantee by a third party (usually an insurance or bonding company) that a Testamentary Trustee will properly account for all money and property that is in the Trust created by the Will and that the Testamentary Trustee will discharge his/her Testamentary Trustee duties as required by law.
Obtain a Bond with Surety
The Probate Division cannot recommend any bonding company; however, here is a list of local bond companies (PDF) that write surety bonds in Loudoun County.
Do I Need a Bond
A bond is a guarantee that you will perform your Testamentary Trustee duties as required by law. The Probate Clerk will set the amount of the bond and rule whether the bond is with or without surety.
Steps Are Involved in the Qualification Process
You will take an Oath of Office as Testamentary Trustee and you will sign a Bond. You will also pay the required qualification fees. The Probate Clerk handling your qualification process will then explain your duties and responsibilities as Testamentary Trustee. At the end of the qualification process, you will receive the following:
- Inventory Form (PDF)
- Account Summary Form (PDF)
- Instructions and Duties of a Testamentary Trustee (PDF)
- Important Deadlines to Remember (PDF)
- Certificates of Qualification
After your formal qualification appointment, the Clerk will Record the following public documents:
- The Probate Clerk's Order of Qualification
- The Bond
Also, after you have formally qualified, the Clerk will inform the Commissioner of Accounts of your qualification as a Testamentary Trustee.
Basic Duties of a Testamentary Trustee
- To preserve the assets in the Trust
- To administer the Trust as required as required first by the Code of Virginia and second by the terms of the Trust as established in the Will.
- Filing an Inventory
- Filing an Annual Accounting