Code of Virginia (Last Updated:July 28, 2020) |
TITLE 64.2. Wills, Trusts, and Fiduciaries |
SUBTITLE II. Wills and Decedents' Estates |
CHAPTER 6. Transfers Without Qualification |
ARTICLE 5. Uniform Real Property Transfer on Death Act |
SECTION 64.2-631. Effect of transfer on death deed during transferor's life |
During a transferor's life, a transfer on death deed does not: 1. Affect an interest or right of the transferor or any other owner, including the right to transfer or encumber the property; 2. Affect an interest or right of a transferee, even if the transferee has actual or constructive notice of the deed; 3. Affect an interest or right of a secured or unsecured creditor or future creditor of the transferor, even if the creditor has actual or constructive notice of the deed; 4. Affect the transferor's or designated beneficiary's eligibility for any form of public assistance; 5. Create a legal or equitable interest in favor of the designated beneficiary; or 6. Subject the property to claims or process of a creditor of the designated beneficiary. 2013, c. 390 . |