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Tennessee Renunciation And Disclaimer of Property - Individual...

Tennessee Renunciation And Disclaimer of Property - Individual Retirement Account, Annuity, Or Bond

Name: Tennessee Renunciation And Disclaimer of Property - Individual Retirement Account, Annuity, Or Bond
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.59 (404 reviews)

Category:

Real Estate - Disclaimers of Property Interest

State:

Tennessee

Control #:

TN-03-03

Format:

Instant download

Description

This form is a Renunciation and Disclaimer of an Individual Retirement Account, Annuity, or Bond where the beneficiary gained an interest in the proceeds upon the death of the decedent, but, pursuant to the Tennessee Code, Title 31, Chapter 1, will renounce his/her interest in the proceeds. Therefore, the property will pass to others as though the beneficiary predeceased the decedent. The form also contains a state specific acknowledgement and a certificate to verify the delivery of the document.

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How to fill out Tennessee Renunciation And Disclaimer Of Property - Individual Retirement Account, Annuity, Or Bond?

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FAQ

Some states real estate laws make it mandatory for sellers and agents to disclose information on homes where a murder, suicide, crime, death or paranormal occurrences have taken place. In Tennessee it is not mandatory to disclose these things unless it affects the physical condition of the property.

It usually takes four to six weeks to complete the legal processes involved in the transfer of title.

Rights in property can be transferred only on execution and registration of a sale deed in favour of the buyer. A conveyance deed is executed to transfer title from one person to another. Generally, an owner can transfer his property unless there is a legal restriction barring such transfer.

Land can only be transferred from one individual to another in the legally prescribed manner. Historically speaking, a written deed is the instrument used to convey ownership of real property. A deed is labeled an instrument of conveyance.

Tennessee deed forms convey interest in property from one party (the Grantor) to another (the Grantee). The documents can be prepared by anyone as long as the required information is written in the deed as outlined in § 66-5-103.

In order to convey any real property or an interest in property in Tennessee, the deed must be in writing, acknowledged by the grantor, and registered in the county where the property is located. The Annotated Code of Tennessee allows for the transfer of real property through the usage of a variety of deeds.

No Tennessee State Income TaxTennessee is one of the seven states that does not impose an income tax. Taxpayers are not required to file a state return or pay tax on their wages and monetary bonuses. The only income subject to tax is investment dividends and interest.

What does Tennessee law say about disclosure? The Residential Property Disclosure Act in Tennessee Code Annotated § 66-5-201 to 210 requires most sellers of residential real estate to complete a disclosure statement. The disclosure statement lets the buyers know about the condition of the property.

You can always call the office first at 615-862-6790, and we will tell you the information that you need to include in your request. The cost is 50 cents per page (certified copies are $ 1.00 per page), and there is a $2.00 minimum charge for mailed copies. The charge to mail a copy of a subdivision plat is $5.00.

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Renunciation And Disclaimer of Property - Individual Retirement Account, Annuity, Or Bond

Disclaimer of Property Interest-Tennessee

Tennessee Code

TITLE 31 DESCENT AND DISTRIBUTION

Chapter 1. General Provisions

Disclaimer.

(a) A person who is:

(1) The donee of a gift, whether outright or in trust;

(2) A recipient of property from a decedent's estate;

(3) A recipient of property on the exercise of a power of appointment;

(4) A recipient of property resulting from another person's disclaimer;

(5) A recipient of property resulting from any other type of gratuitous transfer;

(6) A fiduciary holding powers as a fiduciary; or

(7) A beneficiary designated in a pay-on-death account, an insurance policy, an individual retirement account, an annuity, a retirement plan whether qualified or not, or any other type of deferred compensation arrangement; may disclaim all or part of the property, powers or interest therein as provided herein. Such disclaimer may be made by the person's personal representative, trustee, guardian, conservator, attorney in fact or parent having custody if the disclaimant is a minor and no legal guardian has been appointed. If the disclaimer is made by a fiduciary, including, but not limited to, the enumerated positions in the preceding sentence, the disclaimer shall be binding on any successor fiduciary.

(b) To be effective the disclaimer must be an irrevocable and unqualified refusal by a person to accept an interest in property or to retain fiduciary powers but only if:

(1) Such refusal is in writing, which writing shall:

(A) Describe the property or part thereof or interest therein or powers disclaimed;

(B) Be signed by the person disclaiming or such person's representative; and

(2) Such writing is received by the transferor of the interest, the transferor's legal representative, or the holder of the legal title to the property to which the interest relates, and, if the subject of the disclaimer is realty, is filed in the county register's office and, if the disclaimer involves an interest in a decedent's estate, with the court in which the decedent's estate proceedings are or would be pending not later than the date which is nine (9) months after the later of:

(A) The date on which the transfer creating the interest or power in such person is made, or

(B) The day on which such person attains age twenty-one (21).

(3) Such person has not accepted the interest or any of its benefits or exercised the power; and

(4) As a result of such refusal, the interest passes without any direction on the part of the person making the disclaimer and passes either:

(A) To the spouse of the transferor; or

(B) To a person other than the person making the disclaimer.

(c) Unless the decedent has otherwise indicated by will, the interest disclaimed passes to those persons including the ones who would take under § 32-3-105 as if the person disclaiming had predeceased the decedent. Unless the donor of a gift or the creator of a power has otherwise indicated in the document evidencing the gift or creating the power, the interest disclaimed passes as if the person disclaiming had died intestate, or, if the person disclaiming is one designated to take pursuant to a power of appointment, as if the person disclaiming had predeceased the donee of the power. In every case the disclaimer relates back for all purposes to the date of death of the decedent, the date of the gift or the date of death of the donee of a power, as the case may be. If the disclaimer is of a fiduciary power, the power will either be exercisable by some other fiduciary or void.

(d) Any:

(1) Assignment, conveyance, encumbrance, pledge, or transfer of property or an interest therein or any contract therefor;

(2) Written waiver of the right to disclaim or any acceptance of property by an heir, devisee, donee, person succeeding to a disclaimed interest, beneficiary, or person designated to take pursuant to a power of appointment; or

(3) Sale or other disposition of property pursuant to judicial process; made before the expiration of the period in which the person is permitted to disclaim, bars the right to disclaim as to the property.

(e) The right to disclaim granted by this section exists irrespective of any limitation on the interest of the person disclaiming in the nature of a spendthrift provision or similar restriction.

(f) This section does not abridge the right of any person to assign, convey, release, or disclaim any property arising under any other section of this title or any other statute.

(g) Any interest in property which exists on April 1, 1977, at one minute past midnight (12:01 a.m.), but which has not then become indefeasibly fixed both in quality and quantity, or the taker of which has not then become finally ascertained, may be disclaimed after one minute past midnight (12:01 a.m.) on April 1, 1977, as provided herein. An interest which has arisen prior to one minute past midnight (12:01 a.m.) on April 1, 1977, in any person other than the person disclaiming is not destroyed or diminished by any action of the person disclaiming taken under this section.

Title 31, Chap. 1, §31-1-103.

Renunciation And Disclaimer of Property - Individual Retirement Account, Annuity, Or Bond

Disclaimer of Property Interest-Tennessee

Tennessee Code

TITLE 31 DESCENT AND DISTRIBUTION

Chapter 1. General Provisions

Disclaimer.

(a) A person who is:

(1) The donee of a gift, whether outright or in trust;

(2) A recipient of property from a decedent's estate;

(3) A recipient of property on the exercise of a power of appointment;

(4) A recipient of property resulting from another person's disclaimer;

(5) A recipient of property resulting from any other type of gratuitous transfer;

(6) A fiduciary holding powers as a fiduciary; or

(b) To be effective the disclaimer must be an irrevocable and unqualified refusal by a person to accept an interest in property or to retain fiduciary powers but only if:

(1) Such refusal is in writing, which writing shall:

(A) Describe the property or part thereof or interest therein or powers disclaimed;

(B) Be signed by the person disclaiming or such person's representative; and

(A) The date on which the transfer creating the interest or power in such person is made, or

(B) The day on which such person attains age twenty-one (21).

(3) Such person has not accepted the interest or any of its benefits or exercised the power; and

(4) As a result of such refusal, the interest passes without any direction on the part of the person making the disclaimer and passes either:

(A) To the spouse of the transferor; or

(B) To a person other than the person making the disclaimer.

(d) Any:

(1) Assignment, conveyance, encumbrance, pledge, or transfer of property or an interest therein or any contract therefor;

(e) The right to disclaim granted by this section exists irrespective of any limitation on the interest of the person disclaiming in the nature of a spendthrift provision or similar restriction.

(f) This section does not abridge the right of any person to assign, convey, release, or disclaim any property arising under any other section of this title or any other statute.

Title 31, Chap. 1, §31-1-103.

Tennessee Renunciation And Disclaimer of Property - Individual Retirement Account, Annuity, Or Bond

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How to fill out Tennessee Renunciation And Disclaimer Of Property - Individual Retirement Account, Annuity, Or Bond?

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FAQ

Do you have to disclose a death in a house in Tennessee?

How long does it take to transfer ownership of land?

How do you transfer property from one person to another?

How can land be transferred?

Who can prepare a deed in Tennessee?

How do you transfer land ownership in Tennessee?

Does TN have a state tax form?

Is Tennessee a full disclosure state?

How do I get a copy of my deed in Tennessee?

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