                                 CODE OF VIRGINIA

DISCLAIMER OF INTEREST IN PROPERTY (§ 64.2-2604)

A. In this section:
			&#8220;Future interest&#8221; means an interest that takes effect in
possession or enjoyment, if at all, later than the time of its creation.
			&#8220;Time of distribution&#8221; means the time when a disclaimed interest
would have taken effect in possession or enjoyment.

B. Except for a disclaimer governed by § 64.2-2605 or 64.2-2606, the following
rules apply to a disclaimer of an interest in property:

   1. The disclaimer takes effect as of the time the instrument creating the
   interest becomes irrevocable or, if the interest arose under the law of
   intestate succession, as of the time of the intestate&#8217;s death.

   2. The disclaimed interest passes according to any provision in the instrument
   creating the interest providing for the disposition of the interest, should it
   be disclaimed, or of disclaimed interests in general.

   3. If the instrument does not contain a provision described in subdivision 2,
   the following rules apply:
   				a. If the disclaimant is an individual, the disclaimed interest passes as
   if the disclaimant had died immediately before the time of distribution.
   However, if by law or under the instrument, the descendants of the disclaimant
   would share in the disclaimed interest by any method of representation had the
   disclaimant died before the time of distribution, the disclaimed interest
   passes only to the descendants of the disclaimant who survive at the time of
   distribution.
   				b. If the disclaimant is not an individual, the disclaimed interest passes
   as if the disclaimant did not exist.

   4. Upon the disclaimer of a preceding interest, a future interest held by a
   person other than the disclaimant takes effect as if the disclaimant had died
   or ceased to exist immediately before the time of distribution, but a future
   interest held by the disclaimant is not accelerated in possession or
   enjoyment.

HISTORY: 2003, c. 253, § 64.1-196.5; 2012, c. 614.