Virginia Revocable Transfer on Death Deed from Individual to Individual
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FAQ
Because transfer-on-death beneficiary deeds do not become effective until you pass away, someone can challenge the validity of the deed after you die.Or, beneficiaries and family members can sue each other to take the property entirely. In this case, a court proceeding may be required to resolve the issue.
Do assets in a TOD account receive a step up (or step down) in cost basis when the account owner dies? Yes. Securities held in TOD accounts receive a new cost basis as of the account owner's date of death using the same income tax rules that apply at the death of an individual.
In most cases, the surviving owner or heir obtains the title to the home, the former owner's death certificate, a notarized affidavit of death, and a preliminary change of ownership report form. When all these are gathered, the transfer gets recorded, the fees are paid, and the county issues a new title deed.
Virginia allows you to leave real estate with transfer-on-death deeds, also called beneficiary deeds. You sign and record the deed now, but it doesn't take effect until your death.
A transfer on death deed (TOD) lets a property owner pass land or real estate to a designated beneficiary outside of the probate process. A transfer on death deed can be a helpful estate planning tool but it is not permitted in every state.
A revocable TOD deed does not avoid the owner's creditors. Creditors may seek collection against the designated beneficiaries as to secured and unsecured obligations of the original owner.
If you'd like to avoid having your property going through the probate process, it's a good idea to look into a transfer on death deed. A transfer on death deed allows you to select a beneficiary who will receive your property, but only when you've passed away.
Virginia's statutory transfer on death deed became effective on July 1, 2013. These deeds are governed by the Uniform Real Property Transfer on Death Act (URPTODA), which is incorporated into the Virginia statutes at 64.2-621 et seq.