A. Notwithstanding the provisions of § 64.2-601, any person having possession of a small asset valued at $25,000 or less may pay or deliver the small asset to any successor provided that:
1. At least 60 days have elapsed since the decedent's death; and
2. No application for the appointment of a personal representative is pending or has been granted in any jurisdiction.
B. The designated successor shall have a fiduciary duty to safeguard and promptly pay or deliver the small asset as required by the laws of the Commonwealth to the other successors, if any.
1981, c. 281, § 64.1-132.3; 2010, c. 269; 2012, c. 614; 2014, c. 532.
Structure Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 6 - Transfers without Qualification
§ 64.2-601. Payment or delivery of small asset by affidavit
§ 64.2-602. Payment or delivery of small asset valued at $25,000 or less without affidavit
§ 64.2-603. Discharge and release of payor
§ 64.2-604. Payment or delivery of small asset; funeral expenses
§ 64.2-605. Construction of article
§ 64.2-607. Transfer of evidences of indebtedness, securities, and stock held in decedents' estates
§ 64.2-608. Transfer of securities of nonresident decedents
§ 64.2-609. Money and personal property belonging to nonresident decedents
§ 64.2-610. When court may allow another to qualify on estate
§ 64.2-611. Disposition by sheriff of property when no person entitled thereto
§ 64.2-613. Registration in beneficiary form; sole or joint tenancy ownership; applicable law
§ 64.2-614. Origination of registration in beneficiary form
§ 64.2-615. Form of registration in beneficiary form; effect
§ 64.2-616. Ownership on death of owner
§ 64.2-617. Protection of registering entity
§ 64.2-618. Nontestamentary transfer on death
§ 64.2-619. Terms, conditions, and forms for registration; examples
§ 64.2-620. Nonprobate transfers on death
§ 64.2-624. Transfer on death deed authorized
§ 64.2-625. Transfer on death deed revocable
§ 64.2-626. Transfer on death deed nontestamentary
§ 64.2-627. Capacity of transferor
§ 64.2-629. Notice, delivery, acceptance, consideration not required
§ 64.2-630. Revocation by instrument authorized; revocation by act not permitted
§ 64.2-631. Effect of transfer on death deed during transferor's life
§ 64.2-632. Effect of transfer on death deed at transferor's death
§ 64.2-634. Liability for creditor claims and statutory allowances
§ 64.2-635. Optional form of transfer on death deed
§ 64.2-636. Optional form of revocation
§ 64.2-637. Uniformity of application and construction
§ 64.2-638. Relation to federal Electronic Signatures in Global and National Commerce Act