55-20.2 - Tenants by the entireties in real and personal property; certain trusts. - Virginia Statutes

§ 55-20.2. Tenants by the entireties in real and personal property; certaintrusts.

A. Any husband and wife may own real or personal property as tenants by theentireties. Personal property may be owned as tenants by the entiretieswhether or not the personal property represents the proceeds of the sale ofreal property. An intent that the part of the one dying should belong to theother shall be manifest from a designation of a husband and wife as "tenantsby the entireties" or "tenants by the entirety."

B. Any property of a husband and wife that is held by them as tenants by theentireties and conveyed to their joint revocable or irrevocable trusts, or totheir separate revocable or irrevocable trusts, shall have the same immunityfrom the claims of their separate creditors as it would if it had remained atenancy by the entirety, so long as (i) they remain husband and wife, (ii) itcontinues to be held in the trust or trusts, and (iii) it continues to betheir property.

(2001, c. 718; 2006, c. 281.)