Virginia Statement in Lieu of Accounting-Intent to File is a document filed by an estate executor or administrator when no accounting is required to be filed. It is a statement of intent to file an accounting of the estate when/if needed. This document is filed with the Clerk's Office in the Virginia Circuit Court where the estate is being administered. Types of Virginia Statement in Lieu of Accounting-Intent to File include: Unsupervised Administration Statement, Supervised Administration Statement, and Small Estate Statement.
Virginia Statement in Lieu of Accounting-Intent to File
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Statement in Lieu of Accounting-Intent to File
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Virginia allows an heir of a person who has died to avoid probate by following a summary administration process using a small estate affidavit. With a small estate affidavit, an heir can usually claim bank accounts and other estate assets much faster and at far less cost than via probate.
Under Virginia law, a ?small estate? is an estate with assets belonging to the decedent, or presently distributable to them, that have a value at death of $50,000 or less.
The probate tax is imposed on the probate of most wills and grants of administration, and applies to property in Virginia. No tax is imposed on estates valued at $15,000 or less. The tax does not apply to the following types of property within an estate: Property passing by the exercise of a power of appointment.
The Virginia Small Estate Affidavit is a sworn statement that a direct heir can take to the deceased's bank, to their financial institution, to a DMV, or to other institutions that may hold the deceased's assets.
The Virginia Small Estate Affidavit is a sworn statement that a direct heir can take to the deceased's bank, to their financial institution, to a DMV, or to other institutions that may hold the deceased's assets.
Step 1 ? Determine Whether a Will Exists. Under Virginia Code § 64.2-601, a will must be admitted to probate, even if it pertains to a small estate.Step 2 ? Prepare Affidavit. Download the Virginia Small Estate Act Affidavit and fill it out.Step 3 ? Get Affidavit Notarized.Step 4 ? Collect the Assets.