Consequences of Failure to File Inventory or Accounts

Your failure to file accounts can result in a number of consequences to you personally and to you as the guardian.

The Commissioner of Accounts is obligated by law and the rules of the Henrico County Circuit Court to enforce the obligations to timely file inventories and accounts.  If you fail to timely file an inventory or account without the permission of the Commissioner of Accounts, any or all of the following may result:

1. Issuance of a delinquency letter resulting in the requirement that you file the document within thirty (30) days.  This results in a personal charge to the guardian;
2. Issuance of a summons by the Commissioner of Accounts requiring the fiduciary to appear and/or present the missing inventory, account or documents to the Commissioner’s office within thirty (30) days.  This results in additional charges to the fiduciary personally;
3. Issuance of a report to the Court by the Commissioner of Accounts requesting the issuance of a Show Cause Order requiring the guardian to appear before the Court and explain to the Court why the required inventory or accountings have not been filed.  This may result in a fine of up to $500.00, contempt of Court proceedings resulting in the incarceration of the guardian, or the removal of the guardian;
4. The Commissioner of Accounts may disallow commission to the fiduciary for failure to properly file an inventory or account.

Therefore, timely filing of the inventory and all accounts in a proper manner with the Commissioner of Accounts is important in preserving the guardian’s right to reasonable compensation and preventing the guardian from being exposed to personal fees, costs and/or Court action resulting from the failure to file.

Please note that if an account is filed with the Commissioner but it is an improper account, it will be returned to the guardian for correction and the period of time will not be stopped within which a proper account should have been filed.  If you feel that you are unable to properly complete an account, you should obtain the services of a CPA for the preparation of your inventory and/or account or an attorney experienced in accounting procedures.