§ 64.1-151.2. Exempt property
In addition to the family allowance, the surviving spouse of a decedent who was domiciled in this Commonwealth is entitled from the estate to value not exceeding $15,000 in excess of any security interests therein in household furniture, automobiles, furnishings, appliances and personal effects. If there is no surviving spouse, the minor children of the decedent are entitled in equal shares to the same value. If encumbered chattels are selected and if the value in excess of security interests, plus that of other exempt property, is less than $15,000, or if there is not $15,000 worth of exempt property in the estate, the spouse or minor children are entitled to other assets of the estate, if any, to the extent necessary to make up the $15,000 value. Rights to exempt property and assets needed to make up a deficiency of exempt property have priority over all claims against the estate, but not over the family allowance.
The right to exempt property is in addition to any benefit or share passing to the surviving spouse or minor children by the will of the decedent, by intestate succession, or by way of elective share.
(1981, c. 580; 1990, c. 831; 1996, c. 549; 2001, c. 368.)
Sections: Previous 64.1-146 64.1-147 64.1-148 64.1-149 64.1-150 64.1-151 64.1-151.1 64.1-151.2 64.1-151.3 64.1-151.4 64.1-151.5 64.1-151.6 64.1-152 64.1-153 64.1-154 NextLast modified: April 3, 2009