Article: Virginia Revocable Pay-On-Death (POD) Deed

A Revocable Pay on Death (POD) or Transfer on Death (TOD) Deed is an instrument that allows the owner or owners of real property (land and buildings) to transfer ownership of that property to one or more beneficiaries at the time of their death.

This method allows the transfer of the real property while also avoiding the often complicated and time-consuming process of Probate. In executing a POD Deed, no current property rights are given to the beneficiaries and the transfer does not qualify as a gift for property or tax purposes.

This method allows the owner or owners who wish to transfer the property to remain in full control of the property until death. The revocable nature of the POD Deed also allows the owner of the property to change beneficiaries at any point before death should they change their mind. Revocable Pay on Death Deeds are often used in order to avoid the costs associated with the Probate process. Further, the creditors of the beneficiaries are not able to reach the property until after the death of the grantor.

The Virginia statute on POD Deed transfers has several different requirements for the successful transfer of property through the process. One drawback to these statutory requirements is that properly recording the Deed to the right individual and ensuring the intended benefits of the transfer become realized may be difficult for individuals without experience in these types of transfers. It is advised that one speak with an attorney to properly file and prepare the necessary documents for a greater likelihood of a successful transfer to intended beneficiaries. It is also advised that one speak with an attorney to decide if this method of transfer is the right decision for an individual.

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