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Mississippi Renunciation and Disclaimer of Real Property Interest

Mississippi Renunciation and Disclaimer of Real Property Interest

Name: Mississippi Renunciation and Disclaimer of Real Property Interest
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.78 (302 reviews)

Category:

Real Estate - Disclaimers of Property Interest

State:

Mississippi

Control #:

MS-06-03

Format:

Instant download

Description Renunciation Disclaimer Property

This form is a Renunciation and Disclaimer of a Real Property Interest acquired by the beneficiary through the death of the decedent. However, the beneficiary has chosen to disclaim the real property interest pursuant to the Mississippi Code, Title 89, Chapter 021. The real property interest will devolve to others as though the beneficiary predeceased the decedent. The form also contains a state specific acknowledgment and a certificate to verify delivery.

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Renunciation Property Interest FAQ

In law, a disclaimer is a statement denying responsibility intended to prevent civil liability arising for particular acts or omissions. Disclaimers are frequently made to escape the effects of the torts of negligence and of occupiers' liability towards visitors.

Disclaimer of interest, in the law of inheritance, wills and trusts, is a term that describes an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. A disclaimer of interest is irrevocable.

It must be in writing. It must be made within 9 months of the date of death of the decedent. The disclaimant cannot receive any benefits from the assets.

What is a Deed of Disclaimer? A Deed of Disclaimer is a document that you can execute if you wish to Disclaim an inheritance due via the Rules of Intestacy and you are not applying for probate. A typical example of this is if a spouse of a deceased would prefer the estate passes to the children.

Yes, a fiduciary can disclaim an interest in property if the will, trust or power of attorney gives the fiduciary that authority or if the appropriate probate court authorizes the disclaimer.The primary reason an executor or trustee might disclaim property passing to an estate or trust is to save death taxes.

Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. Setting up a joint tenancy is easy, and it doesn't cost a penny.

Jointly owned property is treated as consisting of a both present and a future interest in the jointly owned property. Thus, a surviving spouse may disclaim the future interest in jointly owned property on the death of their spouse, including assets that were held by the spouses as tenants by the entirety.

Disclaim, in a legal sense, refers to the renunciation of an interest in, or an acceptance of, inherited assets, such as property, by way of a legal instrument. A person disclaiming an interest, right, or obligation is known as a disclaimant.

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Mississippi Renunciation and Disclaimer of Real Property Interest

MISSISSIPPI CODE
Title 89 REAL AND PERSONAL PROPERTY
Chapter 021 UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT

Short title.
This chapter may be cited as the "Uniform Disclaimer of Property Interests Act."
Title 89, Chap. 021, SEC. 89-21-1.

Right to disclaim interest in property.
A person, or the representative of a person, to whom an interest in or with respect to property or an interest therein devolves by whatever means may disclaim it in whole or in part by delivering or filing a written disclaimer under this chapter. The right to disclaim exists notwithstanding (a) any limitation on the interest of the disclaimant in the nature of a spendthrift provision or similar restriction or (b) any restriction or limitation on the right to disclaim contained in the governing instrument. For purposes of this section, the "representative of a person" includes an executor of a decedent's estate, an administrator of a decedent's estate, a conservator of a disabled person, a guardian of a minor or incapacitated person, and an agent acting on behalf of the person within the authority of a power of attorney. For purposes of this section, the term "governing instrument" means a deed, will, trust, insurance or annuity policy, account with POD designation, security registered in beneficiary form (TOD), pension, profit-sharing, retirement, or similar benefit plan or instrument creating or exercising a power of appointment or a power of attorney, or a dispositive, appointive or nominative instrument of any similar type.
Title 89, Chap. 021, SEC. 89-21-3.

Time of disclaimer. (1) The following rules govern the time when a disclaimer must be filed or delivered:

(a) If the property or interest has devolved to the disclaimant under a testamentary instrument or by the laws of intestacy, the disclaimer must be filed, if of a present interest, not later than nine (9) months after the death of the deceased owner or deceased donee of a power of appointment and, if of a future interest, not later than nine (9) months after the event determining that the taker of the property or interest is finally ascertained and his interest is indefeasibly vested. The disclaimer must be filed in the chancery court of the county in which proceedings for the administration of the estate of the deceased owner or deceased donee of the power have been commenced. A copy of the disclaimer must be delivered in person or mailed by registered or certified mail, return receipt requested, to the executor of the decedent's estate, the administrator of the decedent's estate, or any other fiduciary of the decedent or donee of the power.

(b) If a property or interest has devolved to the disclaimant under a nontestamentary instrument or contract, the disclaimer must be delivered or filed and also, if real property or an interest therein is disclaimed, a copy of the disclaimer must be recorded in the office of the chancery clerk of the county in which the property, or interest disclaimed, is located if a present interest, not later than nine (9) months after the effective date of the nontestamentary instrument or contract and, if of a future interest, not later than nine (9) months after the event determining that the taker of the property or interest is finally ascertained and his interest is indefeasibly vested. If the person entitled to disclaim does not know of the existence of the interest, the disclaimer must be delivered or filed and also, if real property or an interest therein is disclaimed, a copy of the disclaimer must be recorded in the office of the chancery clerk of the county in which the property or interest disclaimed is located, if a present interest, not later than nine (9) months after the person learns of the existence of the interest. The effective date of a revocable instrument or contract is the date on which the maker no longer has power to revoke it or to transfer to himself or another the entire legal and equitable ownership of the interest. The disclaimer or a copy thereof must be delivered in person or mailed by registered or certified mail, return receipt requested, to the person who has legal title to or possession of the interest disclaimed.

(2) A surviving joint tenant (or tenant by the entireties) may disclaim as a separate interest any property or interest therein devolving to him by right of survivorship. A surviving joint tenant (or tenant by the entireties) may disclaim the entire interest in any property or interest therein that is the subject of a joint tenancy (or tenancy by the entireties) devolving to him, if the joint tenancy (or tenant by the entireties) was created by act of a deceased joint tenant (or tenant by the entireties), and the survivor did not join in creating the joint tenancy (or tenancy by the entireties), and has not accepted a benefit under it.

(3) If real property or an interest therein is disclaimed under subsection (1), a copy of the disclaimer may be recorded in the office of the chancery clerk of the county in which the property or interest disclaimed is located. Title 89, Chap. 021, SEC. 89-21-5.

Form of disclaimer.
The disclaimer must (a) describe the property or interest disclaimed, (b) declare the disclaimer and extent thereof, and (c) be signed by the disclaimant.
Title 89, Chap. 021, SEC. 89-21-7.

Effect of disclaimer. (1) The effects of a disclaimer are:

(a) If property or an interest therein devolves to a disclaimant under a testamentary instrument, under a power of appointment exercised by a testamentary instrument, or under the laws of intestacy, and the decedent has not provided for another disposition of that interest, should it be disclaimed, or of disclaimed or failed interests in general, the disclaimed interest devolves as if the disclaimant had predeceased the decedent, but if by law or under the testamentary instrument the descendants of the disclaimant would take the disclaimant's share by representation were the disclaimant to predecease the decedent, then the disclaimed interest passes by representation to the descendants of the disclaimant who survive the decedent. A future interest that takes effect in possession or enjoyment after the termination of the estate or interest disclaimed takes effect as if the disclaimant had predeceased the decedent. A disclaimer relates back for all purposes to the date of death of the decedent.

(b) If property or an interest therein devolves to a disclaimant under a nontestamentary instrument or contract and the instrument or contract does not provide for another disposition of that interest, should it be disclaimed, or of disclaimed or failed interests in general, the disclaimed interest devolves as if the disclaimant had predeceased the effective date of the instrument or contract, but if by law or under the nontestamentary instrument or contract the descendants of the disclaimant would take the disclaimant's share by representation were the disclaimant to predecease the effective date of the instrument, then the disclaimed interest passes by representation to the descendants of the disclaimant who survive the effective date of the instrument. A disclaimer relates back for all purposes to that date. A future interest that takes effect in possession or enjoyment at or after the termination of the disclaimed interest takes effect as if the disclaimant had died before the effective date of the instrument or contract that transferred the disclaimed interest.

(2) The disclaimer or the written waiver of the right to disclaim is binding upon the disclaimant or person waiving and all persons claiming through or under either of them. Title 89, Chap. 021, SEC. 89-21-9.

Waiver and bar.
The right to disclaim property or an interest therein is barred by (a) an assignment, conveyance, encumbrance, pledge, or transfer of the property or interest, or a contract therefor, (b) a written waiver of the right to disclaim, (c) an acceptance of the property or interest or a benefit under it, or (d) a sale of the property or interest under judicial sale made before the disclaimer is made.
Title 89, Chap. 021, SEC. 89-21-11.

Remedy not exclusive.
This chapter does not abridge the right of person to waive, release, disclaim, or renounce property or an interest therein under any other statute.
Title 89, Chap. 021, SEC. 89-21-13.

Application.
An interest in property that exists on July 1, 1994, as to which, if a present interest, the time for filing a disclaimer under this chapter has not expired or, if a future interest, the interest has not become indefeasibly vested or the taker finally ascertained, may be disclaimed within nine (9) months after July 1, 1994.
Title 89, Chap. 021, SEC. 89-21-15.

Uniformity of application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
Title 89, Chap. 021, SEC. 89-21-17.

Mississippi Renunciation and Disclaimer of Real Property Interest

MISSISSIPPI CODE
Title 89 REAL AND PERSONAL PROPERTY
Chapter 021 UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT

Short title.
This chapter may be cited as the "Uniform Disclaimer of Property Interests Act."
Title 89, Chap. 021, SEC. 89-21-1.

Time of disclaimer. (1) The following rules govern the time when a disclaimer must be filed or delivered:

Effect of disclaimer. (1) The effects of a disclaimer are:

Mississippi Renunciation and Disclaimer of Real Property Interest

Description Renunciation Disclaimer Property

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Renunciation Property Interest FAQ

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