This form is a Renunciation and Disclaimer of Life Insurance and/or Annuity Contract proceeds. The beneficiary has an interest in life insurance and/or annuity contract proceeds due to the death of the decedent. Pursuant to the California Probate Code Div. 2, Part 8, Chap. 2, the beneficiary has chosen to disclaim his/her interest in the proceeds. Under California law, the beneficiary is also required to list in the disclaimer the individual(s) who will take the interest or the right to inherit. The form also contains a state specific acknowledgment and a certificate to verify delivery.
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California Renunciation And Disclaimer of Property from Life Insurance...
Bakersfield California Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract
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Bakersfield
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CA-04-03
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FAQ
An annuity can be used to bypass probate if it names a specific beneficiary. Because the person is named in the contract itself, there's nothing to contest at a court hearing.
If an annuity contract has a death-benefit provision, the owner can designate a beneficiary to inherit the remaining annuity payments after death. The earnings on an inherited annuity are taxable.
The disclaimer shall be in writing, and shall be signed by the disclaimant, and shall: (a) Identify the creator of the interest. (b) Describe the interest to be disclaimed. (c) State the disclaimer and the extent of the disclaimer.
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.
The answer to this question is no. California law recognizes the right of an heir to an estate or a beneficiary of a trust (herein after referred to as an ?heir?) to ?disclaim? their interest in property to be distributed to them.
How to Make a Disclaimer 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.Do not accept any benefit from the property you're disclaiming.
Key Takeaways. Disclaim, in a legal sense, refers to the renunciation of an interest in, or an acceptance of, inherited assets, such as property, by way of a legal instrument. A person disclaiming an interest, right, or obligation is known as a disclaimant.
A disclaimer is a refusal to accept property. When a beneficiary disclaims an annuity or qualified account, the death benefit will be paid to any surviving beneficiary(ies). If there is no remaining beneficiary, the property goes to the deceased's estate.
A beneficiary may also choose to disclaim only a percentage of the inherited assets. This is acceptable if the disclaimer meets certain requirements, in which case the asset will be treated as though it never were the property of the original beneficiary.
The five-year rule lets you spread out payments from an inherited annuity over five years, paying taxes on distributions as you go. You take the remainder of the contract and stretch annuity payments out over the rest of your life. Your life expectancy sets the basis for your actual payment amount and schedule.
An annuity can be used to bypass probate if it names a specific beneficiary. Because the person is named in the contract itself, there's nothing to contest at a court hearing.
If an annuity contract has a death-benefit provision, the owner can designate a beneficiary to inherit the remaining annuity payments after death. The earnings on an inherited annuity are taxable.
The disclaimer shall be in writing, and shall be signed by the disclaimant, and shall: (a) Identify the creator of the interest. (b) Describe the interest to be disclaimed. (c) State the disclaimer and the extent of the disclaimer.
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.
The answer to this question is no. California law recognizes the right of an heir to an estate or a beneficiary of a trust (herein after referred to as an ?heir?) to ?disclaim? their interest in property to be distributed to them.
How to Make a Disclaimer 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.Do not accept any benefit from the property you're disclaiming.
Key Takeaways. Disclaim, in a legal sense, refers to the renunciation of an interest in, or an acceptance of, inherited assets, such as property, by way of a legal instrument. A person disclaiming an interest, right, or obligation is known as a disclaimant.
A disclaimer is a refusal to accept property. When a beneficiary disclaims an annuity or qualified account, the death benefit will be paid to any surviving beneficiary(ies). If there is no remaining beneficiary, the property goes to the deceased's estate.
A beneficiary may also choose to disclaim only a percentage of the inherited assets. This is acceptable if the disclaimer meets certain requirements, in which case the asset will be treated as though it never were the property of the original beneficiary.
The five-year rule lets you spread out payments from an inherited annuity over five years, paying taxes on distributions as you go. You take the remainder of the contract and stretch annuity payments out over the rest of your life. Your life expectancy sets the basis for your actual payment amount and schedule.
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Interesting Questions
A renunciation and disclaimer is a legal process through which someone specifically refuses or gives up their rights to receive property, such as money from a life insurance or annuity contract.
Any individual who has been named or designated as a beneficiary in a life insurance or annuity contract can perform a renunciation and disclaimer to refuse the property associated with it.
There could be various reasons: they may not need the money, want to avoid taxes or legal complications, or prefer to let someone else inherit the property.
No, it is not necessary to renounce and disclaim the entire property. One can choose to renounce only a portion of it or a specific type of property.
No, a renunciation and disclaimer must be executed before the property is received. Once the property has been received, it cannot be renounced or disclaimed.
Yes, once a renunciation and disclaimer is properly executed according to the legal requirements, it becomes legally binding and the renouncing individual forfeits their rights to the property.
More info
The HTML sitemap for the Tax Law Offices of David W. Klasing, a California dual-licensed tax attorney and CPA. Visit our website to learn more about us.Facility located in Bakersfield, California, which is included in the acquisition. If you have a job, your company HR department can also likely help you with this process.
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Bakersfield California Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract
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Law summary
California Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract
CALIFORNIA CODES
PROBATE CODE
Division 2 GENERAL PROVISIONS
Part 8 DISCLAIMER OF TESTAMENTARY AND OTHER INTERESTS
Chapter 2
A beneficiary may disclaim any interest, in whole or in part, by filing a disclaimer as provided in this part. Div. 2, Part 8, Chap. 2, §275.
A disclaimer on behalf of a conservatee shall be made by the conservator
of the estate of the conservatee pursuant to a court order obtained under
Article 10 (commencing with Section 2580) of Chapter 6 of Part 4 of Division
4 authorizing or requiring the conservator to execute and file the disclaimer.
Div. 2, Part 8, Chap. 2, §276.
(a) A disclaimer on behalf of a minor shall be made by the guardian of the estate of the minor if one has been appointed or, if none has been appointed, by a guardian ad litem of the minor. A disclaimer by a guardian is not effective unless made pursuant to a court order obtained under this section.
(b) A disclaimer on behalf of a decedent shall be made by the personal representative of the decedent. Except as provided in Part 6 (commencing with Section 10400) of Division 7, a disclaimer by a guardian or personal representative is not effective unless made pursuant to a court order obtained under this section.
(c) A petition for an order authorizing or requiring a guardian or personal representative to execute and file a disclaimer shall be filed in the superior court in the county in which the estate of the minor or decedent is administered or, if there is no administration, the superior court in any county in which administration would be proper. The petition may be filed by the guardian, personal representative, or other interested person.
(d) The petition shall:
(1) Identify the creator of the interest.
(2) Describe the interest to be disclaimed.
(3) State the extent of the disclaimer.
(4) Identify the person or persons the petitioner believes would take the interest in the event of the disclaimer. (e) Notice of the hearing on the petition shall be given as follows:
(1) If the petition is for an order authorizing or requiring the guardian of the estate of a minor to execute and file the disclaimer, notice of the hearing on the petition shall be given for the periodand in the manner provided in Chapter 3 (commencing with Section 1460) of Part 1 of Division 4 to all of the persons required to be given notice under that chapter.
(2) If the petition is for an order authorizing or requiring the personal representative of a decedent to execute and file the disclaimer, notice of the hearing on the petition shall be given as provided in Section 1220.
(3) If the petition is for an order authorizing or requiring a guardian ad litem of a minor to execute and file the disclaimer, notice of the hearing on the petition shall be given to the persons and in the manner that the court shall by order direct.
(f) After hearing, the court in its discretion may make an order authorizing or requiring the guardian or personal representative to execute and file the disclaimer if the court determines, taking into consideration all of the relevant circumstances, that the minor or decedent as a prudent person would disclaim the interest if he or she had the capacity to do so. Div. 2, Part 8, Chap. 2, §277.
The disclaimer shall be in writing, shall be signed by the disclaimant, and shall:
(a) Identify the creator of the interest.
(b) Describe the interest to be disclaimed.
(c) State the disclaimer and the extent of the disclaimer. Div. 2, Part 8, Chap. 2, §278.
(a) A disclaimer to be effective shall be filed within a reasonable time after the person able to disclaim acquires knowledge of the interest.
(b) In the case of any of the following interests, a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within nine months after the death of the creator of the interest or within nine months after the interest becomes indefeasibly vested, whichever occurs later:
(1) An interest created under a will.
(2) An interest created by intestate succession.
(3) An interest created pursuant to the exercise or nonexercise of a testamentary power of appointment.
(4) An interest created by surviving the death of a depositor of a Totten trust account or P.O.D. account.
(5) An interest created under a life insurance or annuity contract.
(6) An interest created by surviving the death of another joint tenant.
(7) An interest created under an employee benefit plan.
(8) An interest created under an individual retirement account, annuity, or bond.
(c) In the case of an interest created by a living trust, an interest created by the exercise of a presently exercisable power of appointment, an outright inter vivos gift, a power of appointment, or an interest created or increased by succession to a disclaimed interest, a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within nine months after whichever of the following times occurs latest:
(1) The time of the creation of the trust, the exercise of the power of appointment, the making of the gift, the creation of the power of appointment, or the disclaimer of the disclaimed property.
(2) The time the first knowledge of the interest is acquired by the person able to disclaim.
(3) The time the interest becomes indefeasibly vested. (d) In case of an interest not described in subdivision (b) or (c), a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within nine months after whichever of the following times occurs later:
(1) The time the first knowledge of the interest is acquired by the person able to disclaim.
(2) The time the interest becomes indefeasibly vested. (e) In the case of a future estate, a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within whichever of the following times occurs later:
(1) Nine months after the time the interest becomes an estate in possession.
(2) The time specified in subdivision (b), (c), or (d), whichever is applicable. (f) If the disclaimer is not filed within the time provided in subdivision (b), (c), (d), or (e), the disclaimant has the burden of establishing that the disclaimer was filed within a reasonable time after the disclaimant acquired knowledge of the interest. Div. 2, Part 8, Chap. 2, §279.
(a) A disclaimer shall be filed with any of the following:
(1) The superior court in the county in which the estate of the decedent is administered or, if there is no administration of the decedent's estate, the superior court in any county in which administration of the estate of the decedent would be proper.
(2) The trustee, personal representative, other fiduciary, or person responsible for distributing the interest to the beneficiary.
(3) Any other person having custody or possession of or legal title to the interest.
(4) The creator of the interest.
(b) If a disclaimer made pursuant to this part affects real property or an obligation secured by real property and the disclaimer is acknowledged and proved in like manner as a grant of real property, the disclaimer may be recorded in like manner and with like effect as a grant of real property, and all statutory provisions relating to the recordation or nonrecordation of conveyances of real property and to the effect thereof apply to the disclaimer with like effect, without regard to the date when the disclaimer was filed pursuant to subdivision (a). Failure to file a disclaimer pursuant to subdivision (a) which is recorded pursuant to this subdivision does not affect the validity of any transaction with respect to the real property or the obligation secured thereby, and the general laws on recording and its effect govern any such transaction. Div. 2, Part 8, Chap. 2, §280.
A disclaimer, when effective, is irrevocable
and binding upon the beneficiary and all persons claiming by, through,
or under the beneficiary, including creditors of the beneficiary.
Div. 2, Part 8, Chap. 2, §281.
(a) Unless the creator of the interest provides for a specific disposition of the interest in the event of a disclaimer, the interest disclaimed shall descend, go, be distributed, or continue to be held (1) as to a present interest, as if the disclaimant had predeceased the creator of the interest or (2) as to a future interest, as if the disclaimant had died before the event determining that the taker of the interest had become finally ascertained and the taker's interest indefeasibly vested. A disclaimer relates back for all purposes to the date of the death of the creator of the disclaimed interest or the determinative event, as the case may be.
(b) Notwithstanding subdivision (a), where the disclaimer is filed on or after January 1, 1985:
(1) The beneficiary is not treated as having predeceased the decedent for the purpose of determining the generation at which the division of the estate is to be made under Part 6 (commencing with Section 240) or other provision of a will, trust, or other instrument.
(2) The beneficiary of a disclaimed interest is not treated as having predeceased the decedent for the purpose of applying subdivision (d) of Section 6409 or subdivision (b) of Section 6410. Div. 2, Part 8, Chap. 2, §282.
A disclaimer is not a fraudulent transfer by the beneficiary under Chapter 1 (commencing with Section 3439) of Title 2 of Part 2 of Division 4 of the Civil Code. Div. 2, Part 8, Chap. 2, §283.
A person who could file a disclaimer under this
part may instead file a written waiver of the right to disclaim.
The waiver shall specify the interest to which the waiver applies.
Upon being filed as provided in Section 280, the waiver is irrevocable
and is binding upon the beneficiary and all persons claiming by, through,
or under the beneficiary.
Div. 2, Part 8, Chap. 2, §284.
(a) A disclaimer may not be made after the beneficiary has accepted the interest sought to be disclaimed.
(b) For the purpose of this section, a beneficiary has accepted an interest if any of the following occurs before a disclaimer is filed with respect to that interest:
(1) The beneficiary, or someone acting on behalf of the beneficiary, makes a voluntary assignment, conveyance, encumbrance, pledge, or transfer of the interest or part thereof, or contracts to do so; provided, however, that a beneficiary will not have accepted an interest if the beneficiary makes a gratuitous conveyance or transfer of the beneficiary's entire interest in property to the person or persons who would have received the property had the beneficiary made an otherwise qualified disclaimer pursuant to this part.
(2) The beneficiary, or someone acting on behalf of the beneficiary, executes a written waiver under Section 284 of the right to disclaim the interest.
(3) The beneficiary, or someone acting on behalf of the beneficiary, accepts the interest or part thereof or benefit thereunder.
(4) The interest or part thereof is sold at a judicial sale.
(c) An acceptance does not preclude a beneficiary from thereafter disclaiming all or part of an interest if both of the following requirements are met:
(1) The beneficiary became entitled to the interest because another person disclaimed an interest.
(2) The beneficiary or other person acting on behalf of the beneficiary at the time of the acceptance had no knowledge of the interest to which the beneficiary so became entitled.
(d) The acceptance by a joint tenant of the joint tenancy interest created when the joint tenancy is created is not an acceptance by the joint tenant of the interest created when the joint tenant survives the death of another joint tenant. Div. 2, Part 8, Chap. 2, §285.
The right to disclaim exists regardless of any limitation imposed on the interest of a beneficiary in the nature of an expressed or implied spendthrift provision or similar restriction. Div. 2, Part 8, Chap. 2, §286.
An interest created before January 1, 1984, that
has not been accepted may be disclaimed after December 31, 1983, in the
manner provided in this part, but no interest that arose before January
1, 1984, in a person other than the beneficiary may be destroyed or diminished
by any action of the disclaimant taken pursuant to this part.
Div. 2, Part 8, Chap. 2, §287.
This part does not limit or abridge any right a person may have under any other law to assign, convey, or release any property or interest, but after December 31, 1983, an interest that would otherwise be taken by a beneficiary may be declined, refused, renounced, or disclaimed only as provided in this part. Div. 2, Part 8, Chap. 2, §288.
Legal definition
California Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract
CALIFORNIA CODES
PROBATE CODE
Division 2 GENERAL PROVISIONS
Part 8 DISCLAIMER OF TESTAMENTARY AND OTHER INTERESTS
Chapter 2
A beneficiary may disclaim any interest, in whole or in part, by filing a disclaimer as provided in this part. Div. 2, Part 8, Chap. 2, §275.
A disclaimer on behalf of a conservatee shall be made by the conservator
of the estate of the conservatee pursuant to a court order obtained under
Article 10 (commencing with Section 2580) of Chapter 6 of Part 4 of Division
4 authorizing or requiring the conservator to execute and file the disclaimer.
Div. 2, Part 8, Chap. 2, §276.
(a) A disclaimer on behalf of a minor shall be made by the guardian of the estate of the minor if one has been appointed or, if none has been appointed, by a guardian ad litem of the minor. A disclaimer by a guardian is not effective unless made pursuant to a court order obtained under this section.
(b) A disclaimer on behalf of a decedent shall be made by the personal representative of the decedent. Except as provided in Part 6 (commencing with Section 10400) of Division 7, a disclaimer by a guardian or personal representative is not effective unless made pursuant to a court order obtained under this section.
(c) A petition for an order authorizing or requiring a guardian or personal representative to execute and file a disclaimer shall be filed in the superior court in the county in which the estate of the minor or decedent is administered or, if there is no administration, the superior court in any county in which administration would be proper. The petition may be filed by the guardian, personal representative, or other interested person.
(d) The petition shall:
(1) Identify the creator of the interest.
(2) Describe the interest to be disclaimed.
(3) State the extent of the disclaimer.
(4) Identify the person or persons the petitioner believes would take the interest in the event of the disclaimer. (e) Notice of the hearing on the petition shall be given as follows:
(1) If the petition is for an order authorizing or requiring the guardian of the estate of a minor to execute and file the disclaimer, notice of the hearing on the petition shall be given for the periodand in the manner provided in Chapter 3 (commencing with Section 1460) of Part 1 of Division 4 to all of the persons required to be given notice under that chapter.
(2) If the petition is for an order authorizing or requiring the personal representative of a decedent to execute and file the disclaimer, notice of the hearing on the petition shall be given as provided in Section 1220.
(3) If the petition is for an order authorizing or requiring a guardian ad litem of a minor to execute and file the disclaimer, notice of the hearing on the petition shall be given to the persons and in the manner that the court shall by order direct.
(f) After hearing, the court in its discretion may make an order authorizing or requiring the guardian or personal representative to execute and file the disclaimer if the court determines, taking into consideration all of the relevant circumstances, that the minor or decedent as a prudent person would disclaim the interest if he or she had the capacity to do so. Div. 2, Part 8, Chap. 2, §277.
The disclaimer shall be in writing, shall be signed by the disclaimant, and shall:
(a) Identify the creator of the interest.
(b) Describe the interest to be disclaimed.
(c) State the disclaimer and the extent of the disclaimer. Div. 2, Part 8, Chap. 2, §278.
(a) A disclaimer to be effective shall be filed within a reasonable time after the person able to disclaim acquires knowledge of the interest.
(b) In the case of any of the following interests, a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within nine months after the death of the creator of the interest or within nine months after the interest becomes indefeasibly vested, whichever occurs later:
(1) An interest created under a will.
(2) An interest created by intestate succession.
(3) An interest created pursuant to the exercise or nonexercise of a testamentary power of appointment.
(4) An interest created by surviving the death of a depositor of a Totten trust account or P.O.D. account.
(5) An interest created under a life insurance or annuity contract.
(6) An interest created by surviving the death of another joint tenant.
(7) An interest created under an employee benefit plan.
(8) An interest created under an individual retirement account, annuity, or bond.
(c) In the case of an interest created by a living trust, an interest created by the exercise of a presently exercisable power of appointment, an outright inter vivos gift, a power of appointment, or an interest created or increased by succession to a disclaimed interest, a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within nine months after whichever of the following times occurs latest:
(1) The time of the creation of the trust, the exercise of the power of appointment, the making of the gift, the creation of the power of appointment, or the disclaimer of the disclaimed property.
(2) The time the first knowledge of the interest is acquired by the person able to disclaim.
(3) The time the interest becomes indefeasibly vested. (d) In case of an interest not described in subdivision (b) or (c), a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within nine months after whichever of the following times occurs later:
(1) The time the first knowledge of the interest is acquired by the person able to disclaim.
(2) The time the interest becomes indefeasibly vested. (e) In the case of a future estate, a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within whichever of the following times occurs later:
(1) Nine months after the time the interest becomes an estate in possession.
(2) The time specified in subdivision (b), (c), or (d), whichever is applicable. (f) If the disclaimer is not filed within the time provided in subdivision (b), (c), (d), or (e), the disclaimant has the burden of establishing that the disclaimer was filed within a reasonable time after the disclaimant acquired knowledge of the interest. Div. 2, Part 8, Chap. 2, §279.
(a) A disclaimer shall be filed with any of the following:
(1) The superior court in the county in which the estate of the decedent is administered or, if there is no administration of the decedent's estate, the superior court in any county in which administration of the estate of the decedent would be proper.
(2) The trustee, personal representative, other fiduciary, or person responsible for distributing the interest to the beneficiary.
(3) Any other person having custody or possession of or legal title to the interest.
(4) The creator of the interest.
(b) If a disclaimer made pursuant to this part affects real property or an obligation secured by real property and the disclaimer is acknowledged and proved in like manner as a grant of real property, the disclaimer may be recorded in like manner and with like effect as a grant of real property, and all statutory provisions relating to the recordation or nonrecordation of conveyances of real property and to the effect thereof apply to the disclaimer with like effect, without regard to the date when the disclaimer was filed pursuant to subdivision (a). Failure to file a disclaimer pursuant to subdivision (a) which is recorded pursuant to this subdivision does not affect the validity of any transaction with respect to the real property or the obligation secured thereby, and the general laws on recording and its effect govern any such transaction. Div. 2, Part 8, Chap. 2, §280.
A disclaimer, when effective, is irrevocable
and binding upon the beneficiary and all persons claiming by, through,
or under the beneficiary, including creditors of the beneficiary.
Div. 2, Part 8, Chap. 2, §281.
(a) Unless the creator of the interest provides for a specific disposition of the interest in the event of a disclaimer, the interest disclaimed shall descend, go, be distributed, or continue to be held (1) as to a present interest, as if the disclaimant had predeceased the creator of the interest or (2) as to a future interest, as if the disclaimant had died before the event determining that the taker of the interest had become finally ascertained and the taker's interest indefeasibly vested. A disclaimer relates back for all purposes to the date of the death of the creator of the disclaimed interest or the determinative event, as the case may be.
(b) Notwithstanding subdivision (a), where the disclaimer is filed on or after January 1, 1985:
(1) The beneficiary is not treated as having predeceased the decedent for the purpose of determining the generation at which the division of the estate is to be made under Part 6 (commencing with Section 240) or other provision of a will, trust, or other instrument.
(2) The beneficiary of a disclaimed interest is not treated as having predeceased the decedent for the purpose of applying subdivision (d) of Section 6409 or subdivision (b) of Section 6410. Div. 2, Part 8, Chap. 2, §282.
A disclaimer is not a fraudulent transfer by the beneficiary under Chapter 1 (commencing with Section 3439) of Title 2 of Part 2 of Division 4 of the Civil Code. Div. 2, Part 8, Chap. 2, §283.
A person who could file a disclaimer under this
part may instead file a written waiver of the right to disclaim.
The waiver shall specify the interest to which the waiver applies.
Upon being filed as provided in Section 280, the waiver is irrevocable
and is binding upon the beneficiary and all persons claiming by, through,
or under the beneficiary.
Div. 2, Part 8, Chap. 2, §284.
(a) A disclaimer may not be made after the beneficiary has accepted the interest sought to be disclaimed.
(b) For the purpose of this section, a beneficiary has accepted an interest if any of the following occurs before a disclaimer is filed with respect to that interest:
(1) The beneficiary, or someone acting on behalf of the beneficiary, makes a voluntary assignment, conveyance, encumbrance, pledge, or transfer of the interest or part thereof, or contracts to do so; provided, however, that a beneficiary will not have accepted an interest if the beneficiary makes a gratuitous conveyance or transfer of the beneficiary's entire interest in property to the person or persons who would have received the property had the beneficiary made an otherwise qualified disclaimer pursuant to this part.
(2) The beneficiary, or someone acting on behalf of the beneficiary, executes a written waiver under Section 284 of the right to disclaim the interest.
(3) The beneficiary, or someone acting on behalf of the beneficiary, accepts the interest or part thereof or benefit thereunder.
(4) The interest or part thereof is sold at a judicial sale.
(c) An acceptance does not preclude a beneficiary from thereafter disclaiming all or part of an interest if both of the following requirements are met:
(1) The beneficiary became entitled to the interest because another person disclaimed an interest.
(2) The beneficiary or other person acting on behalf of the beneficiary at the time of the acceptance had no knowledge of the interest to which the beneficiary so became entitled.
(d) The acceptance by a joint tenant of the joint tenancy interest created when the joint tenancy is created is not an acceptance by the joint tenant of the interest created when the joint tenant survives the death of another joint tenant. Div. 2, Part 8, Chap. 2, §285.
The right to disclaim exists regardless of any limitation imposed on the interest of a beneficiary in the nature of an expressed or implied spendthrift provision or similar restriction. Div. 2, Part 8, Chap. 2, §286.
An interest created before January 1, 1984, that
has not been accepted may be disclaimed after December 31, 1983, in the
manner provided in this part, but no interest that arose before January
1, 1984, in a person other than the beneficiary may be destroyed or diminished
by any action of the disclaimant taken pursuant to this part.
Div. 2, Part 8, Chap. 2, §287.
This part does not limit or abridge any right a person may have under any other law to assign, convey, or release any property or interest, but after December 31, 1983, an interest that would otherwise be taken by a beneficiary may be declined, refused, renounced, or disclaimed only as provided in this part. Div. 2, Part 8, Chap. 2, §288.
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