This form is for an heir of a deceased to disclaim the right to receive property from the deceased under a Will, intestate succession or a trust.
Virginia Disclaimer of Right to Inherit or Inheritance - All Property from Estate or Trust
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FAQ
Giving part of your inheritance to someone else is possible, but it may or may not be the best option for you. Before doing so, make sure that you're aware of the consequences. Also, consider potential taxes associated with transferring large sums of money to avoid unexpected fees down the line.
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.
§64.1-57. Refers to Section 64.1-57 of the Code of Virginia, 1950, as amended, which lists a number of powers which are granted to a qualified executor when this section is referenced and incorporated into a will. For a list of the powers you can click on the above highlighted link. Testamentary Trust.
One way for an asset to avoid gift tax liability is if it is a qualified disclaimed gift. The government does not consider a gift or inheritance to be a gift, and it subject to the gift tax if the original recipient refused or disclaimed it.
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.
DISCLAIMER OF INHERITANCE RIGHTS I have been fully advised of my rights to certain property of the Estate of __________________ and waive and disclaim my right to same voluntarily and without duress or undue influence. This disclaimer applies to all real and personal property I would have received.
For example, in her will a decedent leaves $500,000 to her nephew if he survives her, but if he does not survive her, this amount passes to her nephew's children who survive the decedent. If the nephew disclaims the property, it passes to his children who survive the decedent.
To be effective, a disclaimer shall be in writing or other record, declare the disclaimer, describe the interest or power disclaimed, be signed by the person making the disclaimer, and be delivered or filed in the manner provided in § 64.2-2610.
