Small Estates General Summary: Small Estate laws were enacted in order to enable heirs to obtain property of the deceased without probate, or with shortened probate proceedings, provided certain conditions are met. Small estates can be administered with less time and cost. If the deceased had conveyed most property to a trust but there remains some property, small estate laws may also be available. Small Estate procedures may generally be used regardless of whether there was a Will. In general, the two forms of small estate procedures are recognized:
1. Small Estate Affidavit -Some States allow an affidavit to be executed by the spouse and/or heirs of the deceased and present the affidavit to the holder of property such as a bank to obtain property of the deceased. Other states require that the affidavit be filed with the Court. The main requirement before you may use an affidavit is that the value of the personal and/or real property of the estate not exceed a certain value.
2. Summary Administration -Some states allow a Summary administration. Some States recognize both the Small Estate affidavit and Summary Administration, basing the requirement of which one to use on the value of the estate. Example: If the estate value is 10,000 or less an affidavit is allowed but if the value is between 10,000 to 20,000 a summary administration is allowed.
Virginia Summary:
Under Virginia statute, where as estate
is valued at less than $15,000, an interested party may, sixty (60) days
after the death of the decedent, issue a small estate affidavit to collect
any debts owed to the decedent.
Virginia Requirements:
Virginia requirements are set forth in the statutes below.
Title 64.1 - WILLS AND DECEDENTS' ESTATES.
Chapter 6 - Personal Representatives and Administration of Estates
§ 64.1-132.2. Collection of personal property by affidavit.
A. Sixty days after the death of a decedent, any person indebted to the decedent or having possession of tangible personal property or an instrument evidencing a debt, obligation, stock or chose in action belonging to the decedent may make payment of the indebtedness or deliver the tangible personal property or an instrument evidencing a debt, obligation, stock or chose in action to a person claiming to be the successor of the decedent upon being presented an affidavit made by or on behalf of the successor stating that:
1. The value of the entire personal probate estate, wherever located, does not exceed $15,000;
2. At least sixty 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 was duly filed; and
5. The claiming successor is entitled to payment or delivery of the property, and the basis upon which such entitlement is claimed.
B. A transfer agent of any security shall change the registered ownership on the books of a corporation from the decedent to the successor upon the presentation of an affidavit as provided in subsection A.
§ 64.1-132.3. Effect of affidavit.
The person paying, delivering, transferring, or issuing personal property or the evidence thereof pursuant to the affidavit is discharged and released to the same extent as if he dealt with a personal representative of the decedent. He is not required to see to the application of the personal property or evidence thereof or to inquire into the truth of any statement in the affidavit. If any person to whom an affidavit is delivered refuses to pay, deliver, transfer, or issue any personal property or evidence thereof, it may be recovered, or its payment, delivery, transfer, or issuance compelled upon proof of rightful claim in a proceeding brought for the purpose by or on behalf of the person entitled thereto. Any person to whom payment, delivery, transfer or issuance has been made is answerable and accountable therefor to any personal representative of the estate or to any other person having a superior right.
Small Estate Affidavit for estates under 15,000
