64.1-45.3 - Nonprobate transfers on death. - Virginia Statutes

§ 64.1-45.3. Nonprobate transfers on death.

A. A provision for a nonprobate transfer on death in an insurance policy,contract of employment, bond, mortgage, promissory note, certificated oruncertificated security, account agreement, custodial agreement, depositagreement, compensation plan, pension plan, individual retirement plan,employee benefit plan, trust, conveyance, deed of gift, marital propertyagreement, or other written instrument of a similar nature is nontestamentary.

Nontestamentary transfers also include writings stating that (i) money orother benefits due to, controlled by, or owned by a decedent before deathshall be paid after the decedent's death to a person whom the decedentdesignates either in the instrument or in a separate writing, including awill, 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 inthe 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 deaththat is the subject of the instrument passes to a person the decedentdesignates either in the instrument or in a separate writing, including awill, 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 thisCommonwealth.

(2001, c. 583.)