Tenants by entireties; allows transfer of real and personal property into trusts. (HB1319)

Introduced By

Del. Harvey Morgan (R-Gloucester)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
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