Undo And Redo In Legal Virginia Small Estates Forms For Free

§ 64.2-600. "Small asset" means any indebtedness owed to or any asset belonging or presently distributable to the decedent, other than real property, having a value, on the date of the decedent's death, of no more than $50,000.

While 64.2-601 (the Small Estate Affidavit) considers the total value of the probate estate, 64.2-602 looks at the value of each asset comprising the probate estate. If an individual asset is worth less than $25,000, an heir can access it without a Small Estate Affidavit and without formal probate proceedings.

If someone dies and their combined assets qualify as a small estate, an heir can use the Virginia Small Estate Affidavit to administer the estate (administering someone's estate means distributing their assets as they directed through their estate plan, or distributing their assets ing to state law if they do not ...

Any licensed funeral service establishment to whom payment or delivery of a small asset has been made under this section is answerable and accountable therefor to any personal representative of the decedent's estate or to any successor having an equal or superior right.

To keep and retain any or all investments and property, real, personal or mixed, including stock in the fiduciary, if the fiduciary is a corporation, in the same form as they are at the time the investments and property come into the custody of the fiduciary, regardless of the character of the investments and property, ...

Payment or delivery of small asset by affidavit. 8. That the designated successor shall have a fiduciary duty to safeguard and promptly pay or deliver the small asset as required by the laws of the Commonwealth.