1. What Is a Small Estate Affidavit in Virginia?

Under Virginia Code § 64.2-619, you can claim personal property from a deceased person’s estate without formal probate when certain conditions apply. A small estate affidavit lets you collect assets held by banks, financial institutions, or other custodians.

2. Who Qualifies for the Small Estate Affidavit?

• The decedent died without appointing a personal representative.
• The value of the estate’s personal property does not exceed $50,000 (excluding liens and secured debts).
• No real estate transfers are sought.
• At least 45 days have passed since the date of death.
• No pending probate proceedings exist.

3. What Property Can You Claim Through the Affidavit?

You can collect bank accounts, stocks, bonds, life insurance proceeds payable to the estate, and other personal property. The process does not apply to real estate.

4. Steps to Distribute Estate Assets Using a Small Estate Affidavit

1. Gather information: decedent’s death certificate, list of assets, and heirs’ details.
2. Obtain or prepare the Virginia Small Estate Affidavit form. Include:
   • Decedent’s full name, date and place of death.
   • Statement that no personal representative was appointed.
   • Value of the estate’s personal property (Va. Code § 64.2-619).
   • Names and addresses of heirs and relationship to the decedent.
   • Description of assets you claim.
   • Creditors’ claims status (no unpaid claims other than funeral expenses and last-illness expenses).
3. Wait at least 45 days after the death before filing the affidavit.
4. Submit the affidavit to the custodian holding the property (e.g., bank or insurer). Provide a certified death certificate and valid ID.
5. The custodian releases the property to the heirs per the affidavit.
6. Distribute the assets among heirs per the terms of the affidavit or Virginia’s intestacy law.
7. Keep copies of all documents for your records.

5. Common Mistakes to Avoid

• Failing to confirm the total value of the estate does not exceed $50,000.
• Attempting to include real estate in the affidavit.
• Missing the 45-day waiting period.
• Overlooking notification of potential creditors.
• Not keeping accurate records of distributions.

Disclaimer

This article provides general information about Virginia law and does not constitute legal advice. For guidance on your specific situation, consult a licensed attorney in Virginia.