Fund Administration

  1. Trust Funds
  2. Equity Funds
  3. Condemnation Funds

Trust Fund Administration

When the Clerk is to invest funds for the benefit of a minor, the court order should specifically direct the Clerk to invest such funds pursuant to Code of Virginia § 8.01-600.

  • Such orders should include wording which reflects that funds are to be held until the infant reaches the age of majority.
  • An affidavit must be presented that includes the beneficiary’s name, date of birth, address, and social security number. Orders that include social security numbers will not be processed.

To claim trust funds

  • Since trust funds are invested through an off-site financial institution, advanced notice of the intent to claim funds is required.
  • When the infant reaches the age of 18, he/she should contact the Circuit Court Clerk’s Office regarding procedures to collect trust funds.
    • Parties claiming funds are required to present a photo ID (preferably a driver’s license) and a copy of their birth certificate.
    • Parties who are unable to appear in the Clerk’s Office in person may be asked to provide additional documentation.
  • IMPORTANT: If the original court order directing investment of funds does not state the date on which the funds may be released, a new court order must be presented to and entered by the judge before the funds can be disbursed.

NOTE: Any tax consequences are the responsibility of the beneficiary.