Deciding Which Assets to List on a Virginia Small Estate Affidavit

Short answer: Only list the specific assets you intend to collect through the affidavit — normally the decedent’s sole-owned personal property that did not pass automatically to someone else (by joint ownership, beneficiary designation, trust, or survivorship). Do not use the affidavit to claim assets already titled to a beneficiary, assets in a trust, or real estate unless the statute or the transferring entity specifically allows it. When you list an asset, give an accurate description and a reasonable value; put “0” only for assets that truly had no value at the decedent’s death. Misstatements can lead to refusal by third parties or legal exposure.

What a Virginia small estate affidavit is and what it does

A small estate affidavit (sometimes called an affidavit for collection of personal property) is a written declaration used to collect certain types of the decedent’s property from banks, businesses, or other third parties without formal probate administration. Virginia law provides procedures for collecting some personal property by affidavit under the decedents’ estates statutes. See Virginia Code Title 64.2 for the governing law: https://law.lis.virginia.gov/vacode/title64.2/.

Which types of assets you should list

• Solely owned bank accounts and cash: If the account was in the decedent’s name alone and the institution will release funds on an affidavit, list the account and an estimate of its balance at death. Confirm the bank’s procedures before filing.
• Household goods and tangible personal property: Furniture, appliances, clothing, and similar items owned solely by the decedent are typically appropriate. Provide reasonable descriptions and values.
• Vehicles (motor vehicles): If a vehicle was solely titled to the decedent, many institutions and the Virginia DMV accept an affidavit for transfer. Provide title information and estimated value; check DMV requirements at https://www.dmv.virginia.gov/.
• Small accounts or intangible personal property owned solely by the decedent: Examples include savings accounts, some brokerage accounts (if not payable to a beneficiary), and personal checks. Confirm each institution’s policy on affidavit transfers.

Which assets you generally should NOT list

• Jointly owned property with right of survivorship: Property titled jointly with survivorship passes automatically to the surviving co-owner and should not be claimed on the affidavit.
• Assets with beneficiary designations: Life insurance, retirement accounts (401(k), IRA), payable-on-death (POD) or transfer-on-death (TOD) accounts — these pass to named beneficiaries. Do not use the affidavit to claim assets that have a designated beneficiary.
• Trust property: Assets held in a revocable or irrevocable trust typically transfer according to the trust, not by affidavit.
• Real estate: Deeds to real property generally require probate or specific statutory procedures to transfer and are almost never transferred using a small estate affidavit. If you think real estate might qualify under a narrow statutory exception, get legal advice and check the statute.
• Assets encumbered by liens or mortgages: The affidavit does not clear liens or mortgages. For example, do not attempt to transfer mortgaged real estate through a small estate affidavit.

How to decide whether to list an asset or leave it blank/put zero

1. Ask whether you need the affidavit to access the item. Only list assets you actually intend to collect from the third party (bank, title office, dealer). If the item will transfer automatically outside probate (joint title, beneficiary), do not list it.
2. Confirm the third party’s requirements. Banks, DMV, brokers and insurers each have their own forms and policies. Some will not accept any affidavit; others will accept only a particular affidavit form. Call ahead and ask what they require and which information they expect on the affidavit.
3. List only assets you are legally claiming. The affidavit is a sworn statement. Only include items you are entitled to collect and that you understand the third party will release on your affidavit.
4. Give accurate descriptions and reasonable values. For each listed asset, provide a clear description (institution and account number for accounts; make/model/VIN for vehicles; brief description for household goods) and a reasonable fair market value as of the date of death. If something truly had no value, you may put “0,” but if you are unsure, use a conservative estimate or seek a quick valuation.
5. If you are not claiming an item, don’t invent it on the affidavit. Leaving unrelated fields blank is preferable to restating irrelevant items. Do not list other people’s property or property you do not intend to collect.

Common practical questions

Can I put zero for items I don’t want to claim (to make the form look complete)?

No. Putting “0” for an asset you do not own or do not intend to collect can create confusion or raise suspicion. If you are not claiming a type of asset, leave that section blank or omit that line. Only list and value assets you intend to collect.

What if I don’t know the exact value at the date of death?

Use a reasonable, good-faith estimate of fair market value. For bank accounts, the balance at death is usually available from the institution. For other items, make a conservative estimate. Keep documentation (bank statements, appraisals, and receipts) in case a third party or a later proceeding asks.

Do I need to list debts or liabilities?

No. A small estate affidavit is for collecting property, not formally winding up the estate or paying creditors. Listing debts on the affidavit is unnecessary; however, you remain responsible to handle valid creditor claims if you take possession of assets.

What happens if I list something incorrectly?

Filing a false affidavit can expose you to refusal of the institution, civil claims from heirs or beneficiaries, and potential criminal penalties for perjury. If you discover a mistake, correct it promptly and notify the third party and counsel if necessary.

Step-by-step checklist before filing an affidavit

• Obtain several certified copies of the death certificate.
• Gather account numbers, titles, vehicle VINs, and documents proving sole ownership.
• Call each institution to confirm whether they accept a small estate affidavit and what form they require.
• Make reasonable value estimates and collect supporting documentation (statements, appraisals, receipts).
• Sign the affidavit before a notary and include any required attachments (death certificate, copy of will if applicable, identity documents).
• Keep copies of everything you submit and a record of communications with institutions.

Where to get authoritative guidance

Review the Virginia decedents’ estates statutes in Title 64.2 of the Virginia Code for the formal rules and limits: https://law.lis.virginia.gov/vacode/title64.2/. For vehicle transfer rules, see the Virginia DMV: https://www.dmv.virginia.gov/. If you have any doubt about whether an asset should be listed or how to value it, consult an attorney or the local circuit court clerk before filing.

Helpful Hints

• Confirm the current statutory limits and exact affidavit form required by the bank or institution before you prepare the affidavit.
• Only claim the items you intend to collect; do not list assets that pass outside probate (joint property, beneficiary-designated accounts, trust assets).
• Use conservative, documentable value estimates; keep supporting statements and bank records.
• Never sign an affidavit with incorrect information; correct mistakes promptly and notify the institution.
• When in doubt, contact the circuit court clerk’s office or an attorney — small errors can cause refusal or later disputes.
• Remember that collecting property may create duties to notify creditors or distribute assets to heirs; holding assets can create personal liability if you ignore valid claims.

Disclaimer: This article explains general principles of Virginia law and does not provide legal advice. It is not a substitute for speaking with a licensed attorney about your specific situation.