Tenants by entireties; allows transfer of real and personal property into trusts. (HB1319)
Introduced By
Del. Harvey Morgan (R-Gloucester)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Tenants by the entireties in real and personal property; transferred into trusts. Amends statute to allow any property owned as tenants by the entireties to be transferred into joint, separate, revocable or irrevocable trusts. Currently only the principal family residence can be transferred into a trust while maintaining tenants by the entireties' immunity. The changes also eliminate the requirements that the property has to be transferred in equal shares if being transferred to separate trusts. Amends § 55-20.2 (“Tenants by the entireties in real and personal property; certain trusts.”), of the Code of Virginia. View Full Text »
Status
03/30/2006: signed by governor
View Bill's History

