§ 20–361. Payment or delivery of small asset by affidavit.

(a) Any person having possession of a small asset shall pay or deliver the small asset to the designated successor of the decedent upon being presented an affidavit made by all of the known successors stating:

(1) The value of the decedent's entire probate estate, less liens and encumbrances, as of the date of the decedent's death, wherever located, exceeds the estate's known liabilities but does not exceed $40,000, and that such estate does not include an interest in real property;

(2) At least 60 days have elapsed since the decedent's death as shown in a certified copy of the decedent's death certificate attached to the affidavit;

(3) No application for the appointment of a personal representative is pending or has been granted in any jurisdiction;

(4) The decedent's will, if any, was duly admitted to probate;

(5) The funeral expenses of the decedent have been paid;

(6) The names and addresses of all successors, to the extent known, and the amount, proportion, or percentage of the small asset to which each successor is entitled;

(7) The name of each successor designated to receive payment or delivery of the small asset on behalf of any other successor, the grounds for such representation, and that each designated successor shall have a fiduciary duty to safeguard and promptly pay or deliver the small asset as required by District law; and

(8) The person named as successor to the small asset under the affidavit swears or affirms that all statements in the affidavit are true and material, under penalty of perjury pursuant to § 22-2402.

(b) The designated successor may discharge his fiduciary duty to promptly pay or deliver the small asset to a successor who is, or is reasonably believed to be, incapacitated or under a legal disability, by paying or delivering the asset directly to the incapacitated or disabled successor or applying it for such successor's benefit, or by:

(1) Paying it to the guardian or conservator of such successor's property or, if no such guardian or conservator exists, the guardian of such successor's person;

(2) Paying it to such successor's custodian under Chapter 3 of Title 21 or custodial trustee under Chapter 11 of Title 19, and, for that purpose, creating a custodianship or custodial trust;

(3) If the designated successor does not know of a conservator, guardian, custodian, or custodial trustee, paying it to an adult relative or other person having legal or physical care or custody of such successor to be expended on such successor's behalf; or

(4) Managing it as a separate fund on such successor's behalf, subject to such successor's continuing right to withdraw the asset.

(c) A transfer agent of any security, upon the surrender of the certificates, if any, evidencing the security, shall change the registered ownership on the books of a corporation from the decedent to the designated successor upon the presentation of an affidavit as provided in subsection (a) of this section.

(d) The Department of Motor Vehicles shall transfer title of a motor vehicle from the decedent to the designated successor upon the presentation of an affidavit as provided in subsection (a) of this section and payment of any necessary fees.

(e)(1) Upon the presentation of an affidavit as provided in subsection (a) of this section, the designated successor may endorse or negotiate any small asset that is a check, draft, or other negotiable instrument that is payable to the decedent or the decedent's estate.

(2) Notwithstanding the provisions of §§ 28:3-403, 28:3-417, and 28:3-420, a financial institution accepting such check, draft, or other negotiable instrument presented for deposit in such manner is discharged from all claims for the amount accepted.

(f) For purposes of subsection (a) of this section, a distributee shall have the same rights as a personal representative under Chapter 25 of Title 21 to access a digital asset of the decedent.