                                 CODE OF VIRGINIA

RIGHT OF SURVIVORSHIP (§ 6.2-608)

A. Sums remaining on deposit at the death of a party to a joint account belong
to the surviving party as against the estate of the decedent unless there is
clear and convincing evidence of a different intention at the time the account
is created. If there are two or more surviving parties, their respective
ownerships during their lifetime shall be in proportion to their previous
ownership interests under &#xA7; 6.2-606 augmented by an equal share for each
survivor of any interest the decedent may have owned in the account immediately
before his death; and the right of survivorship continues between the surviving
parties.

B. If the account is a P.O.D. account:

   1. On the death of one of two or more original payees, the rights to any sums
   remaining on deposit are governed by subsection A;

   2. On the death of the sole original payee or of the survivor of two or more
   original payees, any sums remaining on deposit belong to the P.O.D. payee or
   payees if surviving, or to the survivor of them if one or more die before the
   original payee. If two or more P.O.D. payees survive, there is no right of
   survivorship in the event of death of a P.O.D. payee thereafter unless the
   terms of the account or deposit agreement expressly provide for survivorship
   between them.

C. If the account is a trust account:

   1. On the death of one of two or more trustees, the rights to any sums
   remaining on deposit are governed by subsection A;

   2. On the death of the sole trustee or the survivor of two or more trustees,
   any sums remaining on deposit belong to the persons named as beneficiaries, if
   surviving, or to the survivor of them if one or more die before the trustee,
   unless there is clear evidence of a contrary intent. If two or more
   beneficiaries survive the death of the sole trustee or the last survivor of
   two or more trustees, there is no right of survivorship in the event of death
   of any beneficiary thereafter unless the terms of the account or deposit
   agreement expressly provide for survivorship between them.

D. In other cases, the death of any party to a multiple-party account has no
effect on beneficial ownership of the account other than to transfer the rights
of the decedent as part of his estate. If the terms of the account clearly
indicate that there is no right of survivorship, the estate of a decedent party
shall succeed to the rights of decedent in such account.

E. A right of survivorship arising from the express terms of the account or
under this section, a beneficiary designation in a trust account, or a P.O.D.
payee designation, cannot be changed by will.

HISTORY: 1979, c. 407, § 6.1-125.5; 1981, c. 53; 2010, c. 794.