Under most state’s laws, a party is permitted to “disclaim” any interest or assets that are attempted to be passed through a Last Will & Testament. When one disclaims property that is being passed through a Will, he or she is renouncing his or her interest in that property in total.<\/p>\n
Most states require that such disclaimers be made in writing. The disclaimer can be written and presented prior to the death of the person making the Will, or up to nine months after the death of the maker (then provided to the executor). If the person making the disclaimer is a minor, he or she can make the disclaimer within nine months after reaching age 21.<\/p>\n
When the property is properly disclaimed, it is as if the property was never owned by the person who was listed as a beneficiary in the Will.<\/p>\n
If a person is seeking to disclaim property for tax or estate planning reasons, he or she may wish to consult legal and tax counsels, so as to make sure that the disclaimer is properly prepared so that the value of such property is not attributed credited to such person.<\/p>\n