§ 64.2-600 Definitions
For the purposes of this article, the following definitions apply: “Designated successor” means one or more successors who are designated pursuant to subdivision A 7 of § 64.2-601. “Person” means any individual, corporation, business trust, fiduciary, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. “Small asset” means any indebtedness owed to or any asset belonging or presently distributable to the decedent, other than real property, having a value, on the date of the decedent’s death, of no more than $75,000. A small asset includes any bank account, savings institution account, credit union account, brokerage account, security, deposit, tax refund, overpayment, item of tangible personal property, or an instrument evidencing a debt, obligation, stock, or chose in action. “Successor” means any person, other than a creditor, who is entitled under the decedent’s will or the laws of intestacy to part or all of a small asset.
History
This law was first created in 1981. The record of its establishment is cataloged in chapter 281 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1981 “Acts” aren’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2010, chapter 269; in 2012, chapter 614; in 2025, chapter 148.
1981, c. 281, § 64.1-132.1; 2010, c. 269; 2012, c. 614; 2025, c. 148.