Can surviving spouse be trustee of disclaimer trust?

The surviving spouse can serve as the sole trustee, but cannot have any power to direct the beneficial enjoyment of the disclaimed property unless the power is limited by an "ascertainable standard." This is necessary both to qualify the disclaimer and to avoid any taxable general power of appointment.

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Tennessee Disclaimer by Surviving Spouse to Portion of Decedent's Real...

Tennessee Disclaimer by Surviving Spouse to Portion of Decedent's Real Property

Name: Tennessee Disclaimer by Surviving Spouse to Portion of Decedent's Real Property
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Tennessee Court Samples - Real Estate - Disclaimers of Property Interest

State:

Tennessee

Control #:

TN-E275

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Disclaimer by Surviving Spouse to Portion of Decedent's Real Property

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FAQ

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.

The surviving spouse can serve as the sole trustee, but cannot have any power to direct the beneficial enjoyment of the disclaimed property unless the power is limited by an "ascertainable standard." This is necessary both to qualify the disclaimer and to avoid any taxable general power of appointment.

Put the disclaimer in writing. Deliver the disclaimer to the person in control of the estate usually the executor or trustee. Complete the disclaimer within nine months of the death of the person leaving the property.

The beneficiary can avoid receiving the trust assets through a disclaimer. A disclaimer is a legal act where the beneficiary instructs the trustee to disregard the beneficiary as though he was dead, as though he predeceased the trust's intended end.

Any disclaimer of an interest in a trust by a trust beneficiary must be made to the trustee of that trust. For a disclaimer to be valid, it must be supported by some evidence that the beneficiary is disclaiming their interest. Silence or otherwise passive behaviour will not suffice.

A qualified disclaimer is a refusal to accept property that meets the provisions set forth in the Internal Revenue Code (IRC) Tax Reform Act of 1976, allowing for the property or interest in property to be treated as an entity that has never been received.

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.

A disclaimer trust is a clause typically included in a person's will that establishes a trust upon their death, subject to certain specifications. This allows certain assets to be moved into the trust by the surviving spouse without being subject to taxation.

Tennessee Disclaimer by Surviving Spouse to Portion of Decedent's Real Property

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FAQ

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