Virginia Small Estate Affidavit

When you want to settle a loved one’s small estate after their passing in Virginia, you can sometimes do so without probate via the small estate affidavit. Learn all about the small estate affidavit in Virginia in this article. You can use the free small estate affidavit Virginia template above to begin drafting one immediately.

The following should be in every Virginia small estate affidavit for it to be legally binding.

• • Name of successor 
  • Name of decedent
  • Date of decedent’s demise
  • Description of decedent’s assets
  • Main reason for succession
  • Secondary reasons for succession
  • Name and addresses of all successors to the decedent 
  • Signature of successors Notarization of these signatures

What Is a Virginia Small Estate Affidavit?

Small estate affidavits are legal documents that facilitate the transfer of a person’s property after their demise. Usually, when a person dies, their assets are distributed through a court-supervised probate process. The small estate affidavit helps you avoid this process.

As the name suggests, the small estate affidavit only applies to assets below a state-appointed value threshold. In the state of Virginia, the value threshold has been set at $50,000.

You can use the Virginia small estate affidavit as proof of ownership. If a third party is holding property or assets belonging to the deceased, you show them the affidavit and ask them to transfer the property to you. For example a bank.

You don’t need to file this affidavit at probate court. But a will, if available, does need to be filed. If there’s no will and real estate property needs transferring, then you must file the affidavit at the probate clerk’s office.

Virginia Small Estate Affidavit Requirements

Before the Virginia small affidavit becomes permissible, you must satisfy all these conditions laid out in the Virginia Code section 64.2-601:

• The value of the small estate to be probated, as of the date of the death of your loved one, does not exceed $50,000.
• 60 days have elapsed since the decedent’s demise. You need to attach a death certificate as proof here.
• No personal representative has been appointed for the distribution, and no application for such is pending in any jurisdiction.
• The will, if available, was filed and probated.
• The claimant is entitled to the asset, and why that is the case.
• All heirs or successors have been listed, with names and addresses, to the extent known.
• The name of the successor who will receive the payment and assets and/or deliver the payment and assets to the successors.
• The affidavit is signed in front of a public notary.

Once all these conditions are met, the small estate affidavit becomes official. Note that according to the Virginia Code section 64.2-602, you can receive assets valued at up to $25,000 without the need for an affidavit. In such cases, you must meet two conditions only:

• 60 days have passed since the demise of your loved one.
• No personal representative has been appointed or is in the process of being appointed.

Please note that while you may receive assets without a small affidavit if they are under $25,000, the holding party is not legally obligated to hand them to you. If they are amenable, you can proceed, Otherwise, you need the small estate affidavit.

What Are the Benefits and Drawbacks to File a Small Estate Affidavit in Virginia?

There are multiple benefits to filing a small estate affidavit in Virginia:

• The small estate affidavit allows you to avoid long-drawn-out, maybe costly probate proceedings.
• If you wish to settle the estate quickly, you can do so.
• You can handle everything without hiring an attorney and paying their fees.

There aren’t many drawbacks to filing a small estate affidavit. You have a legal responsibility to make sure every successor gets his or her due. In some cases, if the loved one had a debt, it may transfer over to you if you file a small estate affidavit. When in doubt, consult with an attorney.

Conclusion

Brush up on all the laws mentioned in the Virginia probate codes before you compose the affidavit. Or you can consult with an attorney if you don’t understand something. For straightforward cases, you should have no trouble composing the small affidavit yourself.

Use CocoSign’s free Virginia Small Estate Affidavit template to create an appropriate document in minutes. CocoSign offers free templates, legal forms, and other helpful resources for individual and business purposes.