Can surviving spouse be trustee of disclaimer trust?

The surviving spouse can serve as the sole trustee, but cannot have any power to direct the beneficial enjoyment of the disclaimed property unless the power is limited by an "ascertainable standard." This is necessary both to qualify the disclaimer and to avoid any taxable general power of appointment.

US Legal Forms
Kansas Renunciation and Disclaimer of Joint Tenant or Tenancy Interest

Kansas Renunciation and Disclaimer of Joint Tenant or Tenancy Interest

Category:

Real Estate - Disclaimers of Property Interest

State:

Kansas

Control #:

KS-03-03

Format:

Instant download

Description

This form is a Renunciation and Disclaimer of a Joint Tenant Interest. Upon the death of the decedent, the surviving joint tenant gained an interest in certain property held in joint tenancy. However, pursuant to the Kansas Statutes, Chapter 59, Art. 22, the surviving joint tenant has chosen to disclaim the entire joint tenant interest. The renunciation will relate back to the date of the decedent's death and will be an irrevocable refusal to accept the property. The form also contains a state specific acknowledgment and a certificate to verify delivery.

Marital Domestic Separation and Property Settlement Agreement no Children parties may have Joint Property or Debts where Divorce Action Filed

View this form

Marital Domestic Separation and Property Settlement Agreement no Children parties may have Joint Property or Debts Effective Immediately

View this form

Marital Domestic Separation and Property Settlement Agreement Adult Children Parties May have Joint Property or Debts where Divorce Action Filed

View this form

Marital Domestic Separation and Property Settlement Agreement Adult Children Parties May have Joint Property or Debts effective Immediately

View this form

Maryland Dissolution Package to Dissolve Limited Liability Company LLC

View this form

How to fill out Kansas Renunciation And Disclaimer Of Joint Tenant Or Tenancy Interest?

Searching for Kansas Renunciation and Disclaimer of Joint Tenant or Tenancy Interest documentation and completing them could be an issue.

To conserve time, expenses, and effort, utilize US Legal Forms and locate the appropriate sample specifically for your jurisdiction in just a few clicks.

Our legal experts prepare all documents, so you merely need to complete them. It's truly that straightforward.

Select your plan on the pricing page and set up your account. Choose your payment method, whether by card or through PayPal. Download the document in your desired format. You can now print the Kansas Renunciation and Disclaimer of Joint Tenant or Tenancy Interest template or complete it using any online editor. There’s no need to worry about making errors as your form can be used, submitted, and printed as frequently as you desire. Explore US Legal Forms and gain access to over 85,000 state-specific legal and tax documents.

Log in to your account and navigate back to the form's webpage to save the document.
Your saved templates are located in My documents and can be accessed at any time for future use.
If you haven’t joined yet, you must register.
Review our detailed instructions on how to acquire the Kansas Renunciation and Disclaimer of Joint Tenant or Tenancy Interest template in a matter of minutes.
To obtain a qualified sample, confirm its relevance for your state.
Use the Preview option if it is available to examine the form.
If a description is provided, read through it to understand the particulars.
Click on the Buy Now button if you found what you are looking for.

Form popularity

FAQ

Danger #1: Only delays probate. Danger #2: Probate when both owners die together. Danger #3: Unintentional disinheriting. Danger #4: Gift taxes. Danger #5: Loss of income tax benefits. Danger #6: Right to sell or encumber. Danger #7: Financial problems.

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.

Jointly owned property is treated as consisting of a both present and a future interest in the jointly owned property. Thus, a surviving spouse may disclaim the future interest in jointly owned property on the death of their spouse, including assets that were held by the spouses as tenants by the entirety.

The surviving spouse can serve as the sole trustee, but cannot have any power to direct the beneficial enjoyment of the disclaimed property unless the power is limited by an "ascertainable standard." This is necessary both to qualify the disclaimer and to avoid any taxable general power of appointment.

Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. Setting up a joint tenancy is easy, and it doesn't cost a penny.

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,

It must be in writing. It must be made within 9 months of the date of death of the decedent. The disclaimant cannot receive any benefits from the assets.

Any disclaimer of an interest in a trust by a trust beneficiary must be made to the trustee of that trust. For a disclaimer to be valid, it must be supported by some evidence that the beneficiary is disclaiming their interest. Silence or otherwise passive behaviour will not suffice.

Trusted and secure by over 3 million people of the world’s leading companies

Kansas Renunciation and Disclaimer of Joint Tenant or Tenancy Interest

Chapter 59 Probate Code
Article 22 Probate Procedure

Disclaimer of interest in property; persons authorized; disclaimer instrument, contents, validity.

(a) A person or the personal representative of a person may disclaim in whole, in part or in an undivided part any real or personal property, or any interest therein or power thereover, passing upon death of another to such person as: (1) Heir; (2) next of kin; (3) devisee; (4) legatee; (5) a person succeeding to a disclaimed interest; (6) beneficiary under a testamentary instrument; (7) beneficiary under an insurance policy; (8) joint owner with a right of survivorship in real or personal property, to the extent the survivor may take more than the survivor's equitable portion of the property; (9) a person named to take on the death of the other person; (10) donee of a power of appointment; (11) beneficiary under the terms of an inter vivos trust; or (12) a person designated to take pursuant to a power of appointment exercised by or under a testamentary instrument.

(b) Disclaimer pursuant to this act shall be made by filing a written instrument and giving notice thereof in the manner hereinafter provided. The instrument shall:

(1) Describe the property, interest or power subject to the disclaimer, (2) contain a declaration of disclaimer and the extent thereof and (3) be signed and acknowledged by the disclaimant. (c) Notwithstanding the provisions of subsections (a) and (b), a disclaimer shall only be valid to the extent that it does not conflict with K.S.A. 39-709 and amendments thereto. Chap. 59, Art. 22, §59-2291.

Same; filing and recordation of disclaimer instrument. (a) The disclaimer instrument shall be filed within nine months after the latest of:

(1) The death of the decedent or the donee of the power, as the case may be;

(2) if the taker of the power, property or interest is not then finally ascertained or if the taker's interest has not become indefeasibly fixed both in quality and in quantity, the date that the taker becomes finally ascertained and such taker's interest becomes indefeasibly fixed both in quality and in quantity; or

(3) the date when the taker of the property, interest or power attains the age of 21 years.

(b) The disclaimer instrument shall be filed and recorded in the district court in which the estate of the decedent or the donee of the power is or may be administered. Upon filing the disclaimer instrument, the disclaimant shall give notice of the disclaimer by personal delivery or sending, by certified mail, a copy of the instrument to the transferor, or the personal representative of the transferor, of the property, interest or power or to the holder of the legal title to the property to which the interest or power relates. Chap. 59, Art. 22, §59-2292.

Same; effect of disclaimer; disclaimer barred, when; limit on disclaimant's interest of no effect; interests subject to disclaimer; disclaimer applicable to income from property disclaimed.

(a) Unless the decedent or donee of the power has otherwise provided, the property, interest or power disclaimed as provided in K.S.A. 59-2291 and amendments thereto shall descend or be distributed as if the disclaimant had predeceased the decedent or, if the disclaimant is designated to take pursuant to a power of appointment exercised by or under a testamentary instrument, as if the disclaimant had predeceased the donee of the power. In every case, the disclaimer shall relate back for all purposes to the date of death of the decedent or the donee, as the case may be, except that, in the case of a beneficiary under the terms of an inter vivos trust, the disclaimer shall relate back to the date of the transfer.

(b) Any conveyance of or contract to convey real property or any interest therein, any assignment or transfer of or contract to assign or transfer personal property, any written waiver of the right to disclaim the taking of or power over real or personal property or any sale or other disposition of real or personal property pursuant to judicial process by a person attempting to disclaim the taking of or power over property bars the right of such person to disclaim as to the power, property or interest.

(c) The right to disclaim shall exist irrespective of any limitation on the interest of the disclaimant in the nature of a spendthrift provision or similar restriction.

(d) A disclaimer when filed and recorded or a written waiver of the right to disclaim shall be final, and the disclaimer or waiver cannot be revoked and shall be binding upon the disclaimant or person waiving, the personal representative of the disclaimant or person waiving and all parties claiming the right to disclaim or waive by, through or under the disclaimant or person waiving, except that, in the case of disclaimer, the interest in or power over the property shall pass as provided in subsection (a) unless otherwise provided by the instrument creating the interest or power or unless the interest or power is further disclaimed by the person succeeding to the disclaimed interest or power.

(e) Any interest in real or personal property which exists on the effective date of this act, but which has not then become indefeasibly fixed both in quality and quantity, or the taker of which has not then become finally ascertained, may be disclaimed after the effective date of this act in the manner provided herein, but no interest which has become fixed prior to the effective date of this act in any person other than the disclaimant shall be destroyed or diminished by any action of the disclaimant taken pursuant to this act.

(f) Any interest, rents, profits or other income which arises from an interest in property disclaimed pursuant to this act and which accrues between the date of the death of the decedent or donee and the date of the disclaimer shall be the property of the person entitled to receive the disclaimed interest in the property and the person shall have a right of action against the disclaimant to recover that income. Chap. 59, Art. 22, §59-2293.

Act supplemental to probate code.
The provisions of this act shall be part of and supplemental to the Kansas probate code.

Chap. 59, Art. 22, §59-2294.