                                 CODE OF VIRGINIA

NONPROBATE TRANSFERS ON DEATH (§ 64.2-620)

A. A provision for a nonprobate transfer on death in an insurance policy,
contract of employment, bond, mortgage, promissory note, certificated or
uncertificated security, account agreement, custodial agreement, deposit
agreement, compensation plan, pension plan, individual retirement plan, employee
benefit plan, trust, conveyance, deed of gift, marital property agreement, or
other written instrument of a similar nature is nontestamentary.
			Nontestamentary transfers also include writings stating that (i) money or
other benefits due to, controlled by, or owned by a decedent before death shall
be paid after the decedent&#8217;s death to a person whom the decedent
designates either in the instrument or in a separate writing, including a will,
executed either before or at the same time as the instrument, or later; (ii)
money due or to become due under the instrument ceases to be payable in the
event of death of the promisee or the promisor before payment or demand; or
(iii) any property controlled by or owned by the decedent before death that is
the subject of the instrument passes to a person the decedent designates either
in the instrument or in a separate writing, including a will, executed either
before or at the same time as the instrument, or later.

B. This section does not limit rights of creditors under other laws of the
Commonwealth.

HISTORY: 2001, c. 583, § 64.1-45.3; 2012, c. 614.