Renunciation And Disclaimer Property - Intestate Succession
Disclaimer of Property Interest-Nevada
Nevada Revised Statutes
TITLE 10--PROPERTY RIGHTS AND TRANSACTIONS
CHAPTER 120 - DISCLAIMER OF INTERESTS IN PROPERTY
Definitions.
As used in this chapter, unless the context
otherwise requires:
1. "Beneficiary" means any person entitled, but for
his disclaimer, to take an interest:
2. "Interest" means the whole of any property, real or personal, legal
or equitable, present or future, or any fractional part, share or particular
portion or specific assets thereof, or a joint tenancy or any other estate
in any such property, or power to appoint, consume, apply or expend property,
or any other right, power, privilege or immunity relating thereto.
3. "Disclaimer" means a written instrument which declines, refuses,
renounces or disclaims any interest which would otherwise be succeeded
to by a beneficiary.
4. "Disclaimant" means a person who executes a disclaimer. The term
includes a beneficiary and his guardian, executor, administrator or general
attorney in fact.
Title 10, Chap. 120, §120.010
(Added to NRS by 1979, 220; A 1981, 781, 1377; 1991, 1706)
Right to disclaim; requisites of disclaimer.
A beneficiary who is 18 years of age or over and competent may disclaim any interest, in whole or in part, by filing
a disclaimer as provided in this chapter.
The disclaimer must:
Title 10, Chap. 120, §120.020
(Added to NRS by 1979, 220)
Time for filing.
A disclaimer to be effective must be filed within
a reasonable time after the person able to disclaim acquires knowledge of the interest.
1. Except as otherwise provided in subsection 3, a disclaimer
is conclusively presumed to have been filed within a reasonable time if
filed:
(a) In case of interests created by will, within 9 months
after the death of the person creating the interest.
(b) In case of interests arising from intestate succession, within
9 months after the death of the person dying intestate.
(c) In case of interests created by inter vivos trust, within 9
months after the interest becomes indefeasibly fixed.
(d) In other cases, within 9 months after the first knowledge of
the interest is acquired by a person able to disclaim.
(e) Interests resulting from the exercise or nonexercise of a testamentary
or nontestamentary power of appointment shall be deemed created by the
donee of the power.
2. If the disclaimer is not filed within the time set forth in subsection
1, the disclaimant has the burden of establishing that the disclaimer was
filed within a reasonable time after he acquired knowledge of the interest.
3. A disclaimer is conclusively presumed not to have been filed
within a reasonable time after the person able to disclaim acquired knowledge
of the interest if:
(a) An interest in the property which is in whole or in
part sought to be disclaimed has been acquired by a purchaser or encumbrancer
for value subsequent to or concurrently with the creation of the interest
sought to be disclaimed and before the disclaimer; and
(b) One year has elapsed from the death of the person dying intestate
or creating by will the interest sought to be disclaimed, or from the date
of the transfer by inter vivos gift, whether outright or in trust.
Title 10, Chap. 120, §120.030
(Added to NRS by 1979, 220)
Place of filing; acknowledgment, proof and recording.
1. The disclaimer must be filed:
(a) In case of interests created by will or arising from
intestate succession, with the district court in the county in which the
estate of the decedent is administered, and a copy must be furnished to
the personal representative of the decedent. If there is no administration,
the disclaimer must be filed with the county clerk of the county in which
administration would be proper.
(b) In case of interests created by an inter vivos trust, with
the trustee then acting, or if there is none, with the county clerk of
the county where the settlor resides, or if the settlor is dead, where
he last resided.
(c) In other cases, with the person creating the interest or his
successor or representative.
2. A disclaimer made pursuant to this chapter which affects real property
or an obligation secured by real property must be acknowledged or proved,
and recorded, in the same manner as a deed of real property. The acknowledgment
or proof, the recording, or the absence of any of these has the same effect
as for a deed of real property. Failure to file a disclaimer which is recorded
pursuant to this subsection does not affect the validity of any transaction
with respect to such real property or obligation secured thereby.
Title 10, Chap. 120, §120.040
(Added to NRS by 1979, 221)
Persons bound by disclaimer; waiver of right to disclaim.
1. A disclaimer, when effective, is binding upon the beneficiary
and all persons claiming by, through or under him.
2. A person who, under this chapter, could file a disclaimer, may
instead file a written waiver of a right to disclaim. The waiver must be
filed in the same place as the disclaimer would have been filed. The waiver,
when filed, is binding upon the beneficiary and all persons claiming by,
through or under him.
Title 10, Chap. 120, §120.050
(Added to NRS by 1979, 221)
Effect of disclaimer.
Unless otherwise provided by an express reference
to the possibility of a disclaimer in the will, inter vivos trust, exercise
of the power of appointment, or other written instrument creating or finally
determining an interest, the interest disclaimed, and any future interest
which is to take effect in possession or enjoyment at or after the termination
of the interest disclaimed shall descend, go, be distributed or continue
to be held as if the beneficiary disclaiming had predeceased the person
creating the interest. In every case, the disclaimer relates back for all
purposes to the date of the creation of the interest.
Title 10, Chap. 120, §120.060
(Added to NRS by 1979, 221)
Acceptance of interest precludes disclaimer.
1. A disclaimer may not be made after the beneficiary has
accepted the interest to be disclaimed, but an acceptance does not preclude
a beneficiary from thereafter disclaiming all or part of any interest to
which he became entitled because another person disclaimed an interest,
if the beneficiary had no knowledge of the interest.
2. For the purposes of this chapter, if a disclaimer has not theretofore
been filed, a beneficiary has accepted an interest if he:
(a) Makes a voluntary assignment or transfer of, or contract
to assign or transfer, the interest or any part thereof;
Title 10, Chap. 120, §120.070
(Added to NRS by 1979, 222)
Right to disclaim: Spendthrift provisions and similar restrictions.
The right to disclaim exists irrespective
of any limitation imposed on the interest of a beneficiary in the nature
of an expressed or implied spendthrift provision or similar restriction.
Title 10, Chap. 120, §120.080
(Added to NRS by 1979, 222)
Disclaimer of interest arising before April 16, 1979.
Any interest created before April 16, 1979,
which has not been accepted may be disclaimed in the manner provided in
this chapter.
Title 10, Chap. 120, §120.090
(Added to NRS by 1979, 222)
