Bill Text: VA SB762 | 2015 | Regular Session | Chaptered
Bill Title: Tenancy by the entireties; property held in trust.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2015-03-23 - Governor: Acts of Assembly Chapter text (CHAP0424) [SB762 Detail]
Download: Virginia-2015-SB762-Chaptered.html
Be it enacted by the General Assembly of Virginia: 1. That §55-20.2 of the Code of Virginia is amended and reenacted as follows: §55-20.2. Tenants by the entireties in real and personal property; certain trusts. A. Any husband and wife may own real or personal property as tenants by the entireties. Personal property may be owned as tenants by the entireties whether or not the personal property represents the proceeds of the sale of real property. An intent that the part of the one dying should belong to the other shall be manifest from a designation of a husband and wife as "tenants by the entireties" or "tenants by the entirety." B. 2. That the provisions of this act apply to any property of a husband and wife that is held by them as tenants by the entireties and conveyed to their joint revocable or irrevocable trusts, or to their separate revocable or irrevocable trusts, regardless of whether such conveyance occurred before or after the effective date of this act. |