                                 CODE OF VIRGINIA

DUTY OF FIDUCIARIES AS TO JOINT ACCOUNTS (§ 64.2-515)

A. Except as provided in subsection B, a fiduciary charged with the
administration of the estate of a decedent is not required to assert a claim on
behalf of the decedent&#8217;s estate to any funds on deposit in any financial
institution in a joint account held, at the time of the decedent&#8217;s death,
in the name of the decedent and one or more other persons when the terms of the
contract of deposit, or the laws of the state in which such funds are deposited,
permit such financial institution to pay the funds to (i) any of such persons in
whose name the account is held, whether the other, or others, are living or not,
or (ii) a named survivor or survivors.

B. The fiduciary shall assert a claim to such funds if he receives a request in
writing from any person interested in the estate within six months from the date
of the initial qualification of the estate. The fiduciary, or his attorney,
shall acknowledge in writing receipt of such request within 10 days, and if the
fiduciary is the surviving cotenant of such funds, the fiduciary shall segregate
such funds and place such funds in an interest-bearing account, awaiting an
appropriate court order concerning the ultimate disposition of such funds. The
fiduciary shall not use such funds for his own personal account. However, if the
fiduciary accedes to the request that such funds be treated as estate funds, the
fiduciary may distribute the funds according to law without any court order.

HISTORY: Code 1950, § 64-131.1; 1966, c. 600; 1968, c. 656, § 64.1-140; 1970,
c. 425; 2012, c. 614.