Small Estates

Small Estates

Small Estates 

Receive special treatment concerning 

(a) the probate of an estate having assets totaling less than $50,000, and  

(b) the payment of a sum due that is less than $15,000.

Collection of Property by Affidavit

When the total of probated assets is below $50,000, the appointment of an executor or administrator is unnecessary. Section 64.1-132.2 provides that any beneficiary may execute an affidavit in order to collect the assets. 60 days after the date of death, any beneficiary of the estate may execute an affidavit, which declares as follows:

1. The value of the entire personal probate estate, wherever located, does not exceed $50,000;

2. At least 60 days have elapsed since the death of the decedent.
3. No application for the appointment of a personal representative is pending or has been granted in any jurisdiction;

4. The Will, if any, was duly probated and the list of heirs required by § 64.1-134 of Code of Virginia was duly filed; and

5. The claimingr successor is entitled to payment or delivery of the property, and the basis upon which such entitlement is claimed.

Any individual in possession of an estate asset may deliver or make payment to the person presenting the affidavit.

Payment of Certain Small Sums

60 days after the date of death, when a sum due is less than $15,000, the holder may deliver such sum to the surviving spouse or to the distributee of the estate. Their receipts will be a full discharge and acquaintance. See Sections 64.1-123, et seq. of Virginia Code for the list of hSubpage Listingolderallowed to deliver such small sums.