                                 CODE OF VIRGINIA

LIABILITY OF SURVIVING PARTY FOR DEBTS AND OTHER LIABILITIES OF DECEDENT&#8217;S
ESTATE (§ 6.2-611)

A. If the assets of a deceased party&#8217;s estate, other than the assets in a
multiple-party account, are not sufficient to pay the debts, taxes, and expenses
of estate administration, including statutory allowances to the surviving
spouse, minor children, and dependent children, no transfer of account funds, to
which the deceased party was beneficially entitled immediately before his death,
shall be effective, by virtue of a party&#8217;s survivorship of the decedent,
against the estate of such deceased party to the extent such funds are needed to
pay such liabilities of the estate.

B. A surviving party, P.O.D. payee, or beneficiary who receives payment from a
multiple-party account after the death of a deceased party shall be liable to
account to his personal representative for amounts the decedent owned
beneficially immediately before his death to the extent necessary to discharge
the claims and charges described in subsection A that remain unpaid after
application of the decedent&#8217;s estate. No proceeding to assert this
liability shall be commenced (i) unless the personal representative has received
a written demand by a surviving spouse, a creditor, or one acting for a minor or
dependent child of the decedent and (ii) later than two years following the
death of the decedent. Sums recovered by the personal representative shall be
administered as part of the decedent&#8217;s estate.

C. This section shall not affect the right of a financial institution to make
payment on multiple-party accounts according to the terms thereof, or make it
liable to the estate of a deceased party unless, before payment, the institution
has been served with process in a proceeding by the personal representative.

HISTORY: 1979, c. 407, § 6.1-125.8; 2010, c. 794.