TRANSFER ON DEATH DEEDS it or gives it to someone else by deed recorded before he or she dies); b. A deed of revocation; c. A TOD naming a subsequent benefi ciary (though any revoca-tion document must be record-ed prior to the death of the transferor) 11 . 9. Revocation must be recorded prior to the death of the transferor(s) and is not effec-tive if the original TOD deed, or a copy of the recorded TOD deed, is marked to indicate that the transferor changed her mind 12 . 10. Effect of the TOD deed during the trans-feror’s life 13 : a. A TOD deed is only effective after the death of the transferor. b. A TOD deed has no effect on the right of the transferor to sell, gift or encumber the real estate (e.g., to have a deed of trust recorded). c. The fact that a third party has actual knowledge of the TOD deed does not affect the ownership interest of the transferor (i.e., he can do what he wants with the real estate) d. No interest is vested in the transferee during the life of the transferor. The transferee has no legal or equitable interest during the life of the trans-feror; his creditors cannot attach any interest in the real estate. 11. Effect of the transfer on death deed after the transferor’s death 14 : a. Property interest conveys at the mo-ment of death to the benefi ciary in the most recent, recorded, unrevoked TOD deed. b. The benefi ciary must survive the transferor. c. Multiple benefi ciaries take title in equal undivided shares with no right of survivorship. However, if one of multiple benefi ciaries fails to take title for any reason (predeceased transferor, disclaims, slayer statute applies, etc.) then surviving named benefi ciaries take that benefi ciary’s interest in proportional shares. d. Divorce or annulment revokes a TOD deed, unless the deed specifi -cally says otherwise. e. Benefi ciaries take title subject to “all conveyances, encumbrances, assignments, contacts, mortgages, www.vsb.org liens, and other interests to which the property is subject at the transferor’s death.” f. TOD deed “transfers property with-out covenant or warranty of title even if the deed contains a contrary provision.” 12. A benefi ciary may disclaim all or part of his interest following disclaimer rules set out in Va. Code § 64.2-2600 et seq . 15 13. Property is subject to claims of creditors of the transferor , but a proceeding to enforce the liability must be “commenced not later than one year after the transfer-or’s death.” 16 14. A statutory form is provided in Va. Code § 64.2-635. Kay M. Creasman , assistant vice president and counsel for Old Republic National Title Insurance Company, focuses on practical problem solving while getting real estate transactions to close. She is former chair of the Real Property Section of the VSB and recipient of the Traver Scholar Award (2017) presented by the Real Property Section and VaCLE. She is a member of the VSB Trusts and Estates Section and on the Board of Governors for the VBA’s Real Estate Section. Creasman is past president of the Virginia Land Title Association and 2010 recipi-ent of its Distinguished Service Award. Endnotes: 1 Virginia Uniform Real Property Transfer on Death Act, Va. Code § 64.2-621 et seq. 2 Federal exemption equivalency for 2019 is $11,400,000. 3 Such as, one marriage or all children from one marriage. 4 Va. Code § 64.2-622. 5 Va. Code § 64.2-625. 6 Va. Code §§ 64.2-626, -627. 7 Va. Code §§ 64.2-628, -629. 8 Va. Code § 64.2628(3). 9 Va. Code § 64.2628(5). 10 Va. Code §§ 64.2-621, -628(6). 11 Va. Code § 64.2-630(A). 12 Va. Code § 64.2-630(C). 13 Va. Code § 64.2-631. 14 Va. Code § 64.2-632 . 15 Va. Code § 64.2-633. 16 Va. Code § 64.2-634. REAL PROPERTY | Vol. 68 | October 2019 | VIRGINIA LAWYER 27