A disclaimer deed is a deed in which a spouse disclaims any interest in the real property acquired by the other spouse. A mortgage company often asks a borrower to sign a disclaimer deed so that his spouse not having her name on the loan, cannot claim any interest in the property.
South Carolina Disclaimer Deed
Category:
State:
Multi-State
Control #:
US-01994BG
Format:
Word;
Rich Text
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How to fill out Disclaimer Deed?
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FAQ
When a person files a disclaimer he can disclaim all or any portion of the inheritance. It is not an ?all or nothing? proposition. For example, if the estate was $500,000, the beneficiary could disclaim $100,000 so that amount would pass to his children. The beneficiary would retain the remaining $400,000.
One way to avoid probate in South Carolina is by using a transfer-on-death (TOD) deed for real estate. This allows the property to be transferred to the beneficiary upon the owner's death, bypassing the probate process.
In South Carolina, you can use an Affidavit if an estate value is less than $25,000. You must wait 30 days after the death, and a probate judge will need to approve it. There is also potential to use a summary probate procedure, which is a possibility when an estate value is less than $25,000.
Any asset that is in a trust. Assets in a pension plan. Any asset that already has a beneficiary attached to it. Insurance policy with a beneficiary. Retirement funds with a named beneficiary. Real estate with joint tenancy with right of survivorship.
The Internal Revenue Service (IRS) defines a qualified disclaimer as an irrevocable and unqualified refusal by a person to accept an interest in property.
In South Carolina, property cannot be transferred without probate. If a bank account or car needs to be transferred, a small estate or summary probate will mostly likely have to be opened. If there is land or real estate involved, then a full probate is required.
The disclaimer must be in writing and include a description of the interest, a declaration of intent to disclaim all or a defined portion of the interest, and be signed by the disclaimant (S.C. Code Ann. 62-2-801 (c) (3)).
Property that is jointly owned with a survivorship right will avoid probate. If one owner dies, title passes automatically to the remaining owner.