Virginia Revocable Transfer on Death Deed from Individual to Individual
Overview of this form
The Revocable Transfer on Death Deed from Individual to Individual is a legal document that allows an individual (the Grantor) to transfer property to a designated beneficiary upon the Grantor's death. This deed remains revocable, meaning the Grantor can change or cancel the transfer at any time before their death. It includes an optional section to name an alternate beneficiary if the primary beneficiary does not survive the Grantor. The deed complies with state statutes, ensuring legal effectiveness upon execution.
Key components of this form
- Grantor and Grantee names in capital letters or underlined
- Complete business address of the Grantee
- Tax map reference for the property
- Consideration amount and assumption balance, if applicable
- Declaration of primary and alternate beneficiaries
Situations where this form applies
This form is typically used by individuals who wish to smoothly transfer ownership of their property to one or more beneficiaries after their death. It is especially relevant for those looking to avoid probate and ensure a straightforward transition of property rights. This deed is useful when the Grantor wants flexibility, as it can be altered or revoked during their lifetime.
Who should use this form
This form is intended for:
- Individuals who own real property and wish to designate a beneficiary
- Grantors concerned about the probate process and property transfer
- Anyone who may want to change or revoke their property transfer before death
Instructions for completing this form
- Identify the Grantor and Grantee, ensuring their last names are capitalized or underlined.
- Enter the complete business address of the Grantee in the designated field.
- Complete the tax map reference in the left margin.
- Insert the consideration amount and any relevant assumptions in the form fields provided.
- Determine and declare the primary and alternate beneficiaries as necessary.
Notarization requirements for this form
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to capitalize or underline the Grantor and Grantee last names.
- Omitting the complete business address of the Grantee.
- Neglecting to include the tax map reference.
- Misplacing the consideration amount or assumption balance.
- Not updating the document if the beneficiary situation changes.
Benefits of completing this form online
- Convenience of instant access and flexibility in filling out the form.
- Editability allows for easy corrections before printing.
- Reliability of attorney-drafted templates meeting state standards.
- Saves time by avoiding office visits for document preparation.
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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.
