64.1-151.2 - Exempt property. - Virginia Statutes

§ 64.1-151.2. Exempt property.

In addition to the family allowance, the surviving spouse of a decedent whowas domiciled in this Commonwealth is entitled from the estate to value notexceeding $15,000 in excess of any security interests therein in householdfurniture, automobiles, furnishings, appliances and personal effects. Ifthere is no surviving spouse, the minor children of the decedent are entitledin equal shares to the same value. If encumbered chattels are selected and ifthe value in excess of security interests, plus that of other exemptproperty, is less than $15,000, or if there is not $15,000 worth of exemptproperty in the estate, the spouse or minor children are entitled to otherassets of the estate, if any, to the extent necessary to make up the $15,000value. Rights to exempt property and assets needed to make up a deficiency ofexempt property have priority over all claims against the estate, but notover the family allowance.

The right to exempt property is in addition to any benefit or share passingto the surviving spouse or minor children by the will of the decedent, byintestate succession, or by way of elective share.

(1981, c. 580; 1990, c. 831; 1996, c. 549; 2001, c. 368.)