                                 CODE OF VIRGINIA

TERMS, CONDITIONS, AND FORMS FOR REGISTRATION; EXAMPLES (§ 64.2-619)

A. A registering entity offering to accept registrations in beneficiary form may
establish the terms and conditions under which it will receive requests (i) for
registrations in beneficiary form and (ii) for implementation of registrations
in beneficiary form, including requests for cancellation of previously
registered TOD beneficiary designations and requests for reregistration to
effect a change of beneficiary. The terms and conditions so established may
provide for proving death, avoiding or resolving any problems concerning
fractional shares, designating primary and contingent beneficiaries, and
substituting a named beneficiary&#8217;s descendants to take in the place of the
named beneficiary in the event of the beneficiary&#8217;s death.
			Substitution may be indicated by appending to the name of the primary
beneficiary the letters LDPS, standing for &#8220;lineal descendants per
stirpes.&#8221; This designation substitutes a deceased beneficiary&#8217;s
descendants who survive the owner for a beneficiary who fails to so survive, the
descendants to be identified and to share in accordance with the law of the
beneficiary&#8217;s domicile at the owner&#8217;s death governing inheritance by
descendants of an intestate. Other forms of identifying beneficiaries who are to
take on one or more contingencies, and rules for providing proofs and assurances
needed to satisfy reasonable concerns by registering entities regarding
conditions and identities relevant to accurate implementation of registrations
in beneficiary form, may be contained in a registering entity&#8217;s terms and
conditions.

B. The following are illustrations of registrations in beneficiary form which a
registering entity may authorize:

   1. Sole owner-sole beneficiary: John S. Brown TOD (or POD) John S. Brown, Jr.

   2. Multiple owners-sole beneficiary: John S. Brown Mary B. Brown JT TEN TOD
   John S. Brown, Jr.

   3. Multiple owners-primary and secondary (substituted) beneficiaries: John S.
   Brown Mary B. Brown JT TEN TOD John S. Brown, Jr. SUB BENE Peter Q. Brown or
   John S. Brown Mary B. Brown JT TEN TOD John S. Brown, Jr. LDPS.

HISTORY: 1994, c. 422, § 64.1-206.8; 2012, c. 614.