Renunciation And Disclaimer of Property received by Intestate Succession
Disclaimer of Property Interest-South Carolina
SOUTH CAROLINA CODE OF LAWS
Title 62 - Probate
ARTICLE 2. INTESTATE SUCCESSION AND WILLS
PART 1. INTESTATE SUCCESSION
Representation; disclaimer by intestate beneficiary.
If representation is called for by this Code,
the estate is divided into as many equal shares as there are surviving
heirs in the nearest degree of kinship and deceased persons in the same
degree who left issue who survive the decedent, each surviving heir in
the nearest degree receiving one share and the share of each deceased person
in the same degree being divided among his issue in the same manner. If
an interest created by intestate succession is disclaimed, the beneficiary
is not treated as having predeceased the decedent for purposes of determining
the generation at which the division of the estate is to be made.
Title 62, Art. 2, Part 1, §62-2-106.
PART 8. GENERAL PROVISIONS
Disclaimer.
(a) In addition to any methods available under existing
law, statutory or otherwise, if a person (or his executor, administrator,
successor, personal representative, special administrator, guardian, attorney-in-fact,
trustee, committee, conservator, or his other fiduciary or agent who performs
substantially similar functions under the law governing his status, acting
with or without the approval of a specific court order and with or without
the receipt of consideration for the act), as a disclaimant, makes a disclaimer
as defined in Section 12-16-1910 of the 1976 Code, with respect to any
transferor's transfer (including transfers by any means whatsoever, lifetime
and testamentary, voluntary and by operation of law, initial and successive,
by grant, gift, trust, contract, intestacy, wrongful death, elective share,
forced share, homestead allowance, exempt property allowance, devise,
bequest, beneficiary designation, survivorship provision, exercise and
nonexercise of a power, and otherwise) to him of any interest in, including
any power with respect to, property, or any undivided portion thereof,
the interest, or such portion, is considered never to have been transferred
to the disclaimant.
(b) The right to disclaim exists notwithstanding any limitation
on the disclaimant's interest in the nature of a spendthrift provision
or similar restriction.
(c) The right to disclaim is barred by the disclaimant's written
waiver of the right.
(d) Unless the transferor has provided otherwise in the event of
a disclaimer, the disclaimed interest shall be transferred (or fail to
be transferred, as the case may be) as if the disclaimant had predeceased
the date of effectiveness of the transfer of the interest; the disclaimer
shall relate back to that date of effectiveness for all purposes; and any
future interest which is provided to take effect in possession or enjoyment
after the termination of the disclaimed interest shall take effect as if
the disclaimant had predeceased the date on which he or she as the taker
of the disclaimed interest became finally ascertained and the disclaimed
interest became indefeasibly vested; provided, that an interest disclaimed
by a disclaimant who is the spouse of a decedent, the transferor of the
interest, may pass by any further process of transfer to such spouse, notwithstanding
the treatment of the transfer of the disclaimed interest as if the disclaimant
had predeceased.
(e) The date of effectiveness of the transfer of the disclaimed
interest is (1) as to transfers by intestacy, wrongful death, elective
share, forced share, homestead allowance, exempt property allowance, devise
and bequest, the date of death of the decedent transferor of, or that of
the donee of a testamentary power of appointment (whether exercised or
not exercised) with respect to, the interest, as the case may be, and (2)
as to all other transfers, the date of effectiveness of the instrument,
contract, or act of transfer.
(f) It is the intent of the legislature of the State of South Carolina
by this provision to clarify the laws of this State with respect to the
subject matter hereof in order to ensure the ability of persons to disclaim
interests in property without the imposition of federal and state estate,
inheritance, gift, and transfer taxes. This provision is to be interpreted
and construed in accordance with, and in furtherance of, that intent.
(g) With the court's approval, a personal representative, trustee,
or similar fiduciary may disclaim any one or more of the powers granted
to the personal representative, trustee, or similar fiduciary. Any disclaimer
must be made by written instrument in the manner provided in subsection
(a) and has the same effect as in subsection (d). The disclaimer of a power
may be made binding on any successor fiduciary, if the disclaiming fiduciary
so declares when making the disclaimer.
Title 62, Art. 2, Part 8, §62-2-801.
