64.1-196.11 - Delivery or filing.

§ 64.1-196.11. Delivery or filing.

A. In this section, "beneficiary designation" means an instrument, otherthan an instrument creating a trust, naming the beneficiary of (i) an annuityor insurance policy; (ii) an account with a designation for payment on death;(iii) a security registered in beneficiary form; (iv) a pension,profit-sharing, retirement, or other employment-related benefit plan; or (v)any other nonprobate transfer at death.

B. Subject to subsections C through L, delivery of a disclaimer may beeffected by personal delivery, first-class mail, or any other method likelyto result in its receipt.

C. In the case of an interest created under the law of intestate successionor an interest created by will, other than an interest in a testamentarytrust (i) a disclaimer shall be delivered to the personal representative ofthe decedent's estate or (ii) if no personal representative is then serving,it shall be filed with a court having jurisdiction to appoint the personalrepresentative.

D. In the case of an interest in a testamentary trust (i) a disclaimer shallbe delivered to the trustee then serving, or if no trustee is then serving,to the personal representative of the decedent's estate or (ii) if nopersonal representative is then serving, it shall be filed with a courthaving jurisdiction to enforce the trust.

E. In the case of an interest in an inter vivos trust (i) a disclaimer shallbe delivered to the trustee then serving; (ii) if no trustee is then serving,it shall be filed with a court having jurisdiction to enforce the trust; or(iii) if the disclaimer is made before the time the instrument creating thetrust becomes irrevocable, it shall be delivered to the settlor of arevocable trust or the transferor of the interest.

F. In the case of an interest created by a beneficiary designation madebefore the time the designation becomes irrevocable, a disclaimer shall bedelivered to the person making the beneficiary designation.

G. In the case of an interest created by a beneficiary designation made afterthe time the designation becomes irrevocable, a disclaimer shall be deliveredto the person obligated to distribute the interest.

H. In the case of a disclaimer by a surviving holder of jointly heldproperty, the disclaimer shall be delivered to the person to whom thedisclaimed interest passes.

I. In the case of a disclaimer by an object or taker in default of exerciseof a power of appointment at any time after the power was created (i) thedisclaimer shall be delivered to the holder of the power or to the fiduciaryacting under the instrument that created the power or (ii) if no fiduciary isthen serving, it shall be filed with a court having authority to appoint thefiduciary.

J. In the case of a disclaimer by an appointee of a nonfiduciary power ofappointment (i) the disclaimer shall be delivered to the holder, the personalrepresentative of the holder's estate or to the fiduciary under theinstrument that created the power or (ii) if no fiduciary is then serving, itshall be filed with a court having authority to appoint the fiduciary.

K. In the case of a disclaimer by a fiduciary of a power over a trust orestate, the disclaimer shall be delivered as provided in subsection C, D, orE, as if the power disclaimed were an interest in property.

L. In the case of a disclaimer of a power by an agent, the disclaimer shallbe delivered to the principal or the principal's representative.

(2003, c. 253.)