Small Estate Act; revises by repealing related provisions in Code. (HB346)
Introduced By
Del. Vivian Watts (D-Annandale)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Small Estate Act; revision. Revises the Small Estate Act by repealing related provisions in the Title 6.1 (Banking and Finance), Title 51.1 (Pensions, Benefits, and Retirement), and Title 64.1 (Wills and Decedents' Estates) and consolidating them in the Act. The bill also allows that a person holding a small asset belonging to a decedent may pay or deliver the asset to a designated successor if he presents an affidavit on behalf of the other known successors if the value of the asset does not exceed $50,000 and other conditions are met. The person holding the asset may pay or deliver it without being presented with an affidavit if the value of the asset does not exceed $15,000. A designated successor who received an asset has a fiduciary duty to other successors to safeguard the asset and pay or deliver it to other successors as required by law. The bill also provides that a person holding a small asset may pay or deliver up to $3,500 of the asset for the handling of the funeral of the decedent. Amends § 51.1-511 (“Persons entitled to payment of insurance on employee\u2019s death.”), § 64.1-132.1 (“Definitions.”), § 64.1-132.4 (“Discharge and release of payor.”), § 64.1-132.5 (“Payment or delivery of small asset; funeral expenses.”), § 64.1-132.6 (“Construction of article.”), of the Code of Virginia. View Full Text »
