Virginia Small Estate Affidavit

As long as they qualify under state law to make use of it, the Virginia Small Estate Affidavit relieves a Successor of the burden of navigating through a probate hearing to obtain one or more small assets that make up the small estate of a Decedent. As noted by § 64.2-600 of the Virginia Small Estate Act, a “small asset” includes, “any bank account, savings institution account, credit union account, brokerage account, security, deposit, tax refund, overpayment, item of tangible personal property, or an instrument evidencing a debt, obligation, stock, or chose in action.”

Laws & Required Conditions

Laws: Virginia Small Estate Act (§§ 64.2-600 to 64.2-605)

Maximum Estate Value: $50,000

Required Conditions: Virginia state law sets out various requirements for a Successor to follow if they wish to file a Small Estate Affidavit (these requirements must also be stated in the Affidavit):

  • It has been a minimum of sixty (60) days since the death of the Decedent,
  • A personal representative may not be appointed or due for appointment,
  • If the Decedent left a will, it must be duly probated,
  • The Successor must be qualified, in line with state law provisions, to receive the small asset,
  • All Successors’ names and addresses must be recorded, and
  • The Successor designated to collect the small asset on behalf of the other Successors must have “a fiduciary duty to safeguard and promptly pay or deliver the small asset as required by the laws of the Commonwealth.” That is, unless they qualify to be discharged from this duty in accordance with § 64.2-601(B).