This pamphlet provides an overview of disclaimers by those who inherit assets they choose not to accept. Topics included cover why a disclaimer may be made and the general rules for making a disclaimer. A link to state-specific information is provided.
Texas USLegal Pamphlet on Disclaiming an Inheritance
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FAQ
The following are the requirements that must be met for a disclaimer to be qualified: The beneficiary must not have accepted any of the inherited assets prior to the disclaimer. The beneficiary must provide an irrevocable and unqualified (unconditional) refusal to accept the assets. The refusal must be in writing.
A disclaimer is a legal document used to disclaim the property. To be valid, the disclaimer must be irrevocable, in writing and executed within nine months of the death of the decedent. You can't have accepted any of the assets or received any of the benefits of the assets and then change your mind later on.
The disclaimer must be in writing: A signed letter by the person doing the disclaiming, identifying the decedent, describing the asset to be disclaimed, and the extent and amount, percentage or dollar amount, to be disclaimed, must be delivered to the person in control of the estate or asset, such as an executor, ...
Unlike other types of trusts, a disclaimer trust may not give the surviving spouse a ?power of appointment? since the disclaimant may not have certain powers over disclaimed assets.
A person who receives an interest in property as the result of a qualified disclaimer of the interest must disclaim the previously disclaimed interest no later than 9 months after the date of the transfer creating the interest in the preceding disclaimant.
Key Takeaways. If a beneficiary properly disclaims inherited retirement assets, their status as the beneficiary is fully annulled. Disclaiming inherited assets is often done to avoid taxes but also so that other individuals can receive the assets.
Once you disclaim an inheritance, it's permanent and you can't ask for it to be given to you. If you fail to execute the disclaimer after the nine-month period, the disclaimer is considered invalid.
Federal law states: A disclaimer must be in writing. The disclaimer must be given to the estate's representative no later than nine months after the decedent's death. The disclaiming person cannot accept the asset or any benefit from the asset.
