64.1-196.6 - Disclaimer of rights of survivorship in jointly held property. - Virginia Statutes

§ 64.1-196.6. Disclaimer of rights of survivorship in jointly held property.

A. Upon the death of a holder of jointly held property, a surviving holdermay disclaim, in whole or in part, the greater of (i) a fractional share ofthe property determined by dividing the number one by the number of jointholders alive immediately before the death of the holder to whose death thedisclaimer relates; or (ii) all of the property except that part of the valueof the entire interest attributable to the contribution furnished by thedisclaimant.

B. A disclaimer under subsection A takes effect as of the death of the holderof jointly held property to whose death the disclaimer relates.

C. An interest in jointly held property disclaimed by a surviving holder ofthe property passes as if the disclaimant predeceased the holder to whosedeath the disclaimer relates.

(2003, c. 253.)