Upon someone’s passing in Virginia, whether they have a will or not, if their estate amounts to $50,000 or less, their assets will not be subject to a probate process.
This means that the asset distribution process (if any) will be much more straightforward for the beneficiaries. This can be especially beneficial for decedents who did not leave an estate plan behind.
The Affidavit for Small Estate Transfer
As per the Virginia Code 64.2-601, the law permits beneficiaries to claim their rightful assets after the passing of the decedent as mentioned in their will if the decedent’s estate values $50,000 or less.
The beneficiaries will not have to go through a long and complex probate process and will instead be given an affidavit stating the name of the legal heir and make the Designated Successor of the estate.
The Requirements for the Affidavit
A Virginia small estate affidavit will only work for you if you meet the following requirements:
- The individual using the affidavit for the transfer of the decedent’s small estate must be a legal and authenticated beneficiary of the estate. If there are other mentioned heirs, all those individuals will be required to sign the affidavit, permitting the Designated Successor to inherit the estate and distribute the assets as mentioned in the will.
- The beneficiaries will be required to wait for 60 days after the death of the testator before using the small estate affidavit.
- The decedent’s estate must be valued at $50,000 or less to use the small estate affidavit.
- A beneficiary is legally required to submit a valid death certificate of the decedent to use the affidavit.