This form is a Revocable Transfer on Death Deed where the Grantor is an individual and the primary beneficiary is an individual. Form contains an optional provision for designating an alternative beneficiary in the event the Primary Beneficiary does not survive the Transferor. This transfer is revocable by Grantor until Grantor's death and effective only upon the death of the Grantor. This deed complies with all state statutory laws.
Problems With Transfer On Death Deeds In Virginia
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Virginia
Control #:
VA-01-84
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Word;
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How to fill out Virginia Revocable Transfer On Death Deed From Individual To Individual?
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Transferring Real Estate After Death in Virginia In Virginia, real property is handled differently in probate. After you pass away, title to any real estate you own solely in your own name ?drops like a rock? (as it is said in Virginia) to your heirs, testate or intestate, immediately.
Transfer on death deed authorized. An individual may transfer property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.
With a transfer on death deed, beneficiaries obtain immediate ownership of real property without the need for the property to go through probate. For a TOD deed to be valid, however, special language must be added to the deed in ance with VA Code 64.2-621.
A beneficiary who receives real estate through a transfer on death deed becomes personally liable for the debts of the dead property owner without proper counsel from an estate planning professional or a title company. The beneficiary becomes liable to potential financial obligations as a result.
To be valid, a transfer on death deed must follow the form prescribed by Virginia law. This means, among other things, that it must be dated, signed by the property owner, and notarized. In addition, a TODD must be recorded in the land records of the clerk's office of the circuit court where the real estate is located.