Payment or delivery of small asset valued at $35,000 or less without affidavit (§ 64.2-602)

§ 64.2-602 – Payment or delivery of small asset valued at $35,000 or less without affidavit

A. Notwithstanding the provisions of § 64.2-601, any person having possession of a small asset valued at $35,000 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.