Quick answer: once 60 days have passed and personal property is at or under $75,000, a successor completes the sworn affidavit stating their basis for entitlement and presents it directly to each bank or asset holder. Check whether an estate qualifies with the Virginia small estate checker.
Step by step
- Wait 60 days from the date of death.
- Confirm no personal representative has qualified in any jurisdiction for this estate.
- Total the qualifying personal property, excluding real estate.
- Confirm the total is $75,000 or less.
- Complete the sworn affidavit, naming the successor(s) and the basis for entitlement.
- Present it, with a death certificate, to each bank or asset holder directly.
Only a genuine successor can sign
Entitlement has to be spelled out, not just asserted
The affidavit must state that the claiming successor is entitled to payment or delivery of the asset, along with the specific basis for that entitlement — under the will's terms or the laws of intestate succession.
One collector for a group of heirs
When several people share an interest in the same asset, one or more can be named as a "Designated Successor" to receive payment or delivery on behalf of everyone entitled to it — simplifying collection instead of requiring every heir to appear separately.
A local probate attorney can review your estate — many offer a free consultation.
The $75,000 threshold and 60-day wait apply the same way in Fairfax, Virginia Beach, Richmond, and every other Virginia locality.