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Kentucky Renunciation and Disclaimer of Real Property Interest

Louisville Kentucky Renunciation and Disclaimer of Real Property Interest

Name: Louisville Kentucky Renunciation and Disclaimer of Real Property Interest
Brand: US Legal Forms
Rating: 4.66 (324 reviews)

Category:

Kentucky Real Estate - Disclaimers of Property Interest

State:

Kentucky

City:

Louisville

Control #:

KY-03-03

Format:

Instant download

Description

This form is a Renunciation and Disclaimer of a Real Property Interest. The beneficiary acquired the interest in the real property upon the death of the decedent. However, pursuant to the Kentucky Statutes, Title 34, Chapter 394, the beneficiary wishes to disclaim his/her real property interest. The beneficiary also attests that the disclaimer will relate back to the death of the decedent and is an irrevocable refusal to accept the property. The form also includes a state specific acknowledgment and a certificate to verify delivery.

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FAQ

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.

Generally, a disclaimer of this interest must be: (1) made within a reasonable time after knowledge of the existence of the transfer creating the interest to be disclaimed; (2) unequivocal; (3) effective under local law; and (4) made before the disclaimant has accepted the property (Treasury Regulations Section 25.2511

Transitive verb. 1 : to reject or relinquish a claim to (as an interest in an estate) 2a : to deny or reject the right, validity, or authority of. b : to negate or limit the rights under (a warranty) Other Words from disclaim.

Key Takeaways. Common reasons for disclaiming an inheritance include not wishing to pay taxes on the assets or ensuring that the inheritance goes to another beneficiary?for example, a grandchild. Specific IRS requirements must be followed in order for a disclaimer to be qualified under federal law.

Renunciation of inheritance means that an heir renounces his/her right to inherit any of legacy when the heir does not want to inherit the legacy of the ancestor (a deceased person).

Often, the disclaimer must be delivered to the executor or other appropriate persons within 9 months of the date of transfer of the property. No disclaimer can be made if the heir has accepted an interest in the transfer of the estate assets.

A disclaimer trust is an estate planning technique in which a married couple incorporates an irrevocable trust in their planning, which is funded only if the surviving spouse chooses to ?disclaim,? or refuse to accept, the outright distribution of certain assets following the deceased spouse's death.

Disclaiming means that you give up your rights to receive the inheritance. If you choose to do so, whatever assets you were meant to receive would be passed along to the next beneficiary in line. It's not typical for people to disclaim inheritance assets.

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.

Louisville Kentucky Renunciation and Disclaimer of Real Property Interest

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