Virginia Small Estate Affidavit
In Virginia a small estate affidavit lets successors collect a decedent's personal property when the personal probate estate is $75,000 or less, once 60 days have passed since death, without qualifying a personal representative. Attorney review available.
Introduction
A small estate affidavit is a sworn statement that lets a decedent's successors collect the decedent's personal property, such as a bank account, a final paycheck, or securities, without qualifying a personal representative in probate. In Virginia it is used under the Virginia Small Estate Act, Va. Code Section 64.2-601, where the affidavit is made by all of the known successors and names a designated successor to receive the asset. The affidavit may be used only after at least 60 days have elapsed since the decedent's death, and only when the value of the decedent's entire personal probate estate as of the date of death, wherever located, does not exceed $75,000. The person holding the small asset, such as a bank or transfer agent, pays or delivers it to the designated successor, who then owes a fiduciary duty to safeguard and promptly pay or deliver it to the other successors. A single small asset valued at $35,000 or less can be paid to a successor without any affidavit once 60 days have passed (Va. Code Section 64.2-602). The affidavit reaches the personal probate estate; Virginia real estate passes directly to the heirs or devisees and is not collected this way. DocDraft builds your Virginia small estate affidavit from your facts, with attorney review available before you sign.
0/5000
Key Things to Know
- 1
A small estate affidavit is a sworn statement that lets a decedent's successors collect the decedent's personal property, such as a bank account, final wages, or securities, without qualifying a personal representative in Virginia.
- 2
The affidavit is available only when the value of the decedent's entire personal probate estate as of the date of death, wherever located, does not exceed $75,000 (Va. Code Section 64.2-601).
- 3
It may not be used until at least 60 days have elapsed since the decedent's death (Va. Code Section 64.2-601).
- 4
The affidavit is made by all of the known successors and names a designated successor to receive the asset, and that designated successor has a fiduciary duty to safeguard and promptly pay or deliver the asset to the other successors (Va. Code Section 64.2-601).
- 5
A single small asset valued at $35,000 or less may be paid or delivered to a successor without any affidavit once at least 60 days have elapsed since the death (Va. Code Section 64.2-602).
- 6
The designated successor presents the affidavit to the person holding the small asset, such as a bank, a transfer agent, or a corporation, which then pays or delivers the asset; it is not filed with a court.
- 7
The affidavit reaches the personal probate estate; Virginia real estate passes directly to the heirs or devisees at death and is not collected through this affidavit.
Key decisions before you file
Before you file a Small Estate Affidavit in Virginia, a few decisions shape the document: which option to choose and what each one means. The Small Estate Affidavit guide walks through them.
Open the Small Estate Affidavit guideCustomize your Small Estate Affidavit Template with DocDraft
Once your Small Estate Affidavit is ready, you can check whether it needs to be notarized in Virginia in about a minute, and notarize it online through DocDraft if it does.
Virginia Requirements for Small Estate Affidavit
60-Day Waiting Period
In Virginia a small estate affidavit may not be used until at least 60 days have elapsed since the decedent's death (Va. Code Section 64.2-601). The affidavit states that this 60-day period has passed.
$75,000 Personal Estate Limit
The affidavit is available only when the value of the decedent's entire personal probate estate as of the date of death, wherever located, does not exceed $75,000 (Va. Code Section 64.2-601). Only the personal probate estate counts.
Made by All Known Successors
The affidavit is made by all of the known successors of the decedent and names a designated successor to receive the small asset on behalf of all successors (Va. Code Section 64.2-601).
Designated Successor Fiduciary Duty
The designated successor has a fiduciary duty to safeguard and promptly pay or deliver the small asset to the other successors as required by Virginia law (Va. Code Section 64.2-601).
Personal Estate Only, Not Real Estate
The affidavit reaches the personal probate estate. Virginia real estate passes directly to the heirs or devisees at death and is not collected through this affidavit (Va. Code Section 64.2-601).
Small Asset of $35,000 or Less
A single small asset valued at $35,000 or less may be paid or delivered to a successor without any affidavit once at least 60 days have elapsed since the death (Va. Code Section 64.2-602).
Presented to the Asset Holder
A Virginia small estate affidavit is presented directly to the person or institution holding the small asset, such as a bank or transfer agent, rather than filed with a court (Va. Code Section 64.2-601).
Certified Death Certificate
A certified copy of the decedent's death certificate should accompany the affidavit, and the affiants state the basis for the claiming successor's entitlement to the asset (Va. Code Section 64.2-601). The affidavit is signed under oath.
Does your Small Estate Affidavit need to be notarized in Virginia?
Whether a Small Estate Affidavit needs to be notarized depends on your state. Upload yours, pick your state, and get the current rule with the official source behind it, free and with no account. If yours does need a notary, online notarization is part of your DocDraft plan.
Check my Small Estate Affidavit