Utah Renunciation and Disclaimer of Interest in Life Insurance Proceeds

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Description

Disclaimers are used by those who receive property as heirs or legatees in an estate, or by beneficiaries of a non-testamentary transfer of property at death; for example, the beneficiaries of a life insurance policy. A disclaimer is simply a declaration by the person entitled to property that the interest in that property is disclaimed or renounced. A disclaimer allows the disclaiming heir or beneficiary to disclaim an interest in such a fashion that the right to the property that is disclaimed is treated as if it never existed.


The Uniform Disclaimers of Property Interests Act (which has been adopted by a number of states) provides the authority to make disclaimers, what interests may be disclaimed, the time when disclaimers are effective, and the effect on the distribution of the disclaimed property interests.

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FAQ

A beneficiary of a trust may wish to disclaim their interest in the trust for: ? personal or family reasons (acceptance of a distribution might trigger a family dispute); ? possible bankruptcy concerns; and ? relationship breakdown concerns.

Parent and child relationship. Inheritance from or through a child by either natural parent or the child's kindred is precluded unless that natural parent has openly treated the child as the natural parent's, and has not refused to support the child.

Children in Utah Inheritance Law Intestate Succession: Spouses and ChildrenInheritance SituationWho Inherits Your PropertyChildren but no spouse? Children inherit everythingSpouse but no descendants? Spouse inherits everythingSpouse and descendants from you and that spouse? Spouse inherits everything1 more row ?

If you die without a will in Utah, your children will receive an "intestate share" of your property. The size of each child's share depends on how many children you have, whether or not you are married and whether your spouse is also your children's parent.

75-2a-117 Optional form. (2) The following form is presumed valid under Subsection (1): Utah Advance Health Care Directive (Pursuant to Utah Code Section 75-2a-117) Part I: Allows you to name another person to make health care decisions for you when you cannot make decisions or speak for yourself.

A surviving joint tenant or tenant by the entireties may disclaim the entire interest in any property or interest therein that is the subject of a joint tenancy or tenancy by the entireties devolving to the surviving joint tenant or tenant by the entireties, if the joint tenancy or tenancy by the entireties was created ...

In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust.

In Utah, the requirement that the trustee keep beneficiaries informed generally applies only to ?qualified beneficiaries.? A qualified beneficiary is any beneficiary who is a current or permissible distributee of trust income or principal, or any beneficiary who would be a distributee if the trust terminated at the ...

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Utah Renunciation and Disclaimer of Interest in Life Insurance Proceeds