Virginia Code 64.2-2605: Disclaimer of rights of survivorship in jointly held property
A. Upon the death of a holder of jointly held property, a surviving holder may disclaim, in whole or in part, the greater of (i) a fractional share of the property determined by dividing the number one by the number of joint holders alive immediately before the death of the holder to whose death the disclaimer relates or (ii) all of the property except that part of the value of the entire interest attributable to the contribution furnished by the disclaimant.
Terms Used In Virginia Code 64.2-2605
- Disclaimant: means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made. See Virginia Code 64.2-2600
- Disclaimer: means the refusal to accept an interest in or power over property. See Virginia Code 64.2-2600
- Jointly held property: means property held in the name of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property and includes, without limitation, property held as tenants by the entirety. See Virginia Code 64.2-2600
B. A disclaimer under subsection A takes effect as of the death of the holder of jointly held property to whose death the disclaimer relates.
C. An interest in jointly held property disclaimed by a surviving holder of the property passes as if the disclaimant predeceased the holder to whose death the disclaimer relates.