After the death of people, the declaration of their assets is the most sensitive procedure that can cause complications. If the deceased person has declared the will, it gets easy to distribute the assets to his successors. Otherwise, the distribution activity gets extensive.
It is necessary to form an estate affidavit and solve the estate matters by following a legal way in both cases. Like any state, Virginia probate forms have firm rules that must be followed while drafting the small claims affidavit. In this article, we will acknowledge how to fill Virginia small estate act legally.
Laws and Requirements in Virginia
The Virginia laws help the surviving family of the decedent access the assets to which they are entitled. However, the legal documentation by successors avoids probate procedures to receive the assets.
It is not compulsory to reach out to the court for transferring both tangible and intangible property from decedent to beneficiary. The matter can be solved via an affidavit that follows the rules and laws of the state of Virginia.
Following are requirements that must be followed to file a small estate affidavit in Virginia.
- The affidavit can be drafted if it has been a minimum of 60 days since the decedent's demise.
- The value of the decedent's entire personal property where he died does not exceed $50,000.
- No application related to a personal representative has been granted in the jurisdiction or is pending.
- The affidavit must contain the names and addresses of successors to an extent.
- The names and addresses of successors designated to receive assets on behalf of beneficiaries must be mentioned.
- The claiming successor is paid based on his entitlement and receives payment or small assets based on it.
- In case the decedent had declared his will, the distribution must be attained by following it.
- It is a must for the successor to qualify a follow law provision to receive the small estate.
- The designated successor will have a fiduciary responsibility to protect the assets. He must deliver or pay the small estate as it is obligated by the commonwealth laws to other successors of the decedent.
Judicial Administration of Small Estates in Virginia
If the number of assets is less than the specific amount, the successors follow the instructions and laws explained above and file an affidavit. If any third party holds the assets (e.g., bank), the party will require a copy of the decedent's affidavit and death certificate. After this, it will release the assets to designated successors.
According to Virginia laws, two processes enable the decedent's successors to skip the lengthy probate procedure altogether. One approach is for real estate, and the other one is for the decedent's personal property.
For undertaking personal property, the following points must be mentioned in the inheritor's Virginia affidavit form.
- The names and residential addresses of all adult heirs and beneficiaries must be mentioned.
- The names of guardians of underage beneficiaries or beneficiaries who are entitled to receive assets on behalf of successors should be mentioned.
- The affidavit should exhibit the reason why the successor is entitled to the claimed asset of the decedent.
For the real property, the successors must use the form given by the executive secretary office of the Supreme Court. The document will show the following aspects:
- The name and addresses of adult heirs would be mentioned in it.
- It will revise that the deceased person died without declaring his will.
- The legal description of claimed real property.
After this confirmation, the court clerk would pass the affidavit to the revenue commissioner after declaring it in the land records. The commissioner, therefore, will transfer the property in the terrestrial book and begin the process of assessment of property with the new possessor.
How to Fill Out a Small Estate Affidavit Template
The affidavit template needs to be filed adequately. It must depict concise and complete information about successors and decedents. For this, the user can consume a proficient template by accessing an online platform named CocoDoc. The following steps show how to fill the affidavit form that follows the law of Virginia.
- Write the complete name of the claiming successor.
- Enter the name of the decedent and his residence of death in Section 2.
- Check the corner that shows assets, including bank account, insurance policies, cars, boats, and any other investment account.
- Check the box that depicts the relationship of the successor with the decedent in section 7.
- In section 8, mention the names and addresses of all adult heirs and beneficiaries of the decedent. The age and their relationship with the deceased should also be mentioned.
- Mention the names of claiming successors that are designated to receive payments of the estate.
- In last, all the successors sign the affidavit by taking oath in front of the public notary.
Should a Small Estate Affidavit Be Notarized in Virginia
According to Virginia's law of estate affidavit, it is a must for all beneficiaries to take an oath and sign the affidavit in front of an attorney. The state also acquires to attach a copy of the decedent's certified death certificate along with the affidavit. However, the death certificate is easy to be fetched by the health department with a reasonable fee.
After the Virginia small estate affidavit is filed, the following procedure covers the small estate administration process of the court. This procedure involves the successors receiving permission from authorities and taking over the ownership of property.
The successors, therefore, must consider the provisions of laws and pay the court fees and other expenditures. After satisfying all the rules, the decedent's estate is distributed under the will of the deceased. If there is no will be declared by the decedent, the law of intestacy is to be followed.
The article explains the laws and requirements of the Virginia small estate act affidavit form. To acquire the personal property or estate property, the affidavit must abide by the set rules of instructions by the state. The article further explains the judicial administration procedure of affidavit.
The procedure to fill out the small estate affidavit Virginia is also explained. In the last, the importance of notarization of the affidavit in Virginia is also stated. This would guide the users into designing a perfect affidavit for gaining small estate in Virginia.