When the Circuit Court Clerk is to invest funds in an interest-bearing account for the benefit of a minor or other beneficiary, the court order should specifically direct the Circuit Court Clerk to invest such funds in an interest-bearing account pursuant to Code of Virginia Section 8.01-600. For accounts held for minors, such orders should include wording that funds are to be held until the minor reaches the age of 18 years old.
Pursuant to Code of Virginia section 8.01-600, an affidavit must be presented that includes the beneficiary's name, address, Social Security number, and date of birth. By law, this information cannot be included in the court order. Orders that include identifying information will not be processed.
Claiming 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 minor reaches the age of 18 years old (or approximately a week prior to their 18th birthday) or when funds become due to the beneficiary, the beneficiary should contact the Circuit Court Clerk's Office at (804) 520-9364 to discuss procedures to collect trust funds.
Requirements to Claim
When claiming funds in person, payees are required to bring a photo ID, preferably a driver's license. Parties claiming funds upon reaching the age of 18 years old are also required to present a copy of their birth certificate. Parties who are unable to appear in the Circuit Court Clerk's Office in person may be asked to provide additional documentation.
Unspecified Date of Release
If the original court order directing investment of funds did not specifically state the date on which the funds were to be released, a new court order must be presented to and entered by the judge before the funds can be disbursed.
Condemnation funds are invested in interest-bearing accounts. In order that appropriate identifying information may be presented to the bank for tracking purposes, filing parties are encouraged to provide the beneficiary's Social Security number or tax identification number and address in the documentation presented to the court. Providing this information will ensure that the beneficiary directly receives annual 1099 statements from the bank in which the funds are deposited.