Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract
Disclaimer of Property Interest-Rhode Island
State of Rhode Island General Laws
TITLE 34
Property
CHAPTER 34-5
Disclaimer of Certain Property Interests
Definitions.
The following words as used in this chapter
shall have these meanings:
(1) "Beneficiary" means any person to whom, and any estate,
trust, corporation, or other legal entity to which, an interest in property
would pass in any manner described in § 34-5-2, except for the execution
and filing of a disclaimer in accordance with the provisions of this chapter.
(2) An "interest in property" which may be disclaimed shall include:
(i) Any legal or equitable interest or estate, whether
present, future, or contingent, in any real or personal property, or in
any fractional part, share, or portion thereof, or in any dollar amount
thereof, or in any specific asset or assets thereof;
(ii) Any fractional part, share or portion of any interest
described in subdivision (i), or remainder or life estate or other lesser
estate therein.
Title 34, Chap. 34-5, §34-5-1
Disclaimer of interest in estate.
(a) Unless barred by the provisions of § 34-5-9, a
beneficiary may disclaim any interest in property which, except for the
execution and filing of a disclaimer in accordance with the provisions
of this chapter, would pass to the beneficiary:
(1) By intestate succession, devise, legacy, bequest; as
beneficiary of a testamentary trust or beneficiary of a testamentary gift
to a nontestamentary trust; by succession in any manner described in this
subdivision to a disclaimed interest; or in any other manner not specified
above under a testamentary instrument or by operation of any statute or
rule of law governing devolution or disposition of property upon or after
a person's death.
(2) As donee, grantee, beneficiary of an inter vivos trust,
beneficiary of an insurance or annuity contract, or as surviving joint
tenant or tenant by the entirety, except that a surviving joint tenant
or tenant by the entirety may not disclaim that portion of an interest
in joint property or property held by the entirety which is allocable to
amounts contributed by him or her to the interest in that property; under
any deed, assignment, or other nontestamentary instrument of conveyance
or transfer; by succession in any manner described in this subdivision
to a disclaimed interest; or in any other manner not specified above under
a nontestamentary instrument or by operation of any statute or rule of
law.
(b) Disclaimer may be made as provided in § 34-5-3 by the duly
appointed guardian or conservator of a beneficiary or by the legal representative
of a deceased beneficiary's estate.
Title 34, Chap. 34-5, §34-5-2
Disclaimer by fiduciaries.
The probate court having jurisdiction of the
estate of a beneficiary is empowered to authorize the duly appointed guardian
or conservator of the beneficiary or the legal representative of the estate
of a deceased beneficiary to execute and file a disclaimer on behalf of
the beneficiary or deceased beneficiary's estate in accordance with the
provisions of this chapter. This authority shall be granted, notwithstanding
any diminution in the size of the estate of the beneficiary or of the deceased
beneficiary by virtue of the proposed disclaimer, upon finding that the
proposed disclaimer is not detrimental to the interests of the beneficiary
or of the estate of the deceased beneficiary, as the case may be.
Title 34, Chap. 34-5, §34-5-3
Form of disclaimer.
A disclaimer shall be in writing, shall describe
the interest in property being disclaimed, shall declare the disclaimer
and the extent of the disclaimer, shall be clear and unequivocal, and shall
be signed by the beneficiary, the duly appointed guardian or conservator
of a beneficiary or the legal representative of a deceased beneficiary's
estate.
Title 34, Chap. 34-5, §34-5-4
Time for filing disclaimer.
(a) A disclaimer shall be executed and filed pursuant to
the provisions of this chapter at any time after the creation of the interest
in property being disclaimed, but in any event:
(1) If a present interest, not later than nine (9) months:
(2) If a future interest, not later than nine (9) months after the
event determining that the taker of the interest is in possession of it,
or
(3) In the case of a beneficiary who is a surviving joint tenant
or tenant by the entirety, not later than nine (9) months after the death
of the other joint tenant, tenants, or tenant by the entirety, or
(4) Notwithstanding the foregoing provisions, in the case of a beneficiary
under the age of twenty-one (21) at the creation of the interest, not later
than nine (9) months after his or her attainment of that age; provided,
that any court having jurisdiction of the property, an interest in
which is being disclaimed, may, upon petition filed by the beneficiary,
the duly appointed guardian or conservator of a beneficiary, or the legal
representative of a deceased beneficiary's estate, permit an extension
of time to execute and file a disclaimer, for any further period of time
as the court in its discretion deems advisable.
(b) The effective date of a revocable instrument is the date on which
the grantor no longer has the power to revoke it or to transfer to himself
or herself or another the entire legal and equitable ownership of the interest.
Title 34, Chap. 34-5, §34-5-5
Filing and service of disclaimer.
(a) The original of the disclaimer or an attested copy
of the disclaimer, if filing is required to be made with more than one
office, shall be filed:
(1) In the case of personal property, in the office of
the clerk of probate court that had jurisdiction of the estate of the decedent
at the time of his or her death, if the interest was created by will, or
if the interest was created by an inter vivos instrument in the office
of the clerk of the superior court for the county of which the donor or
grantor was a resident at the time of the creation of the grant or trust
or if the donor or grantor was not a resident of Rhode Island in the office
of the clerk of the Superior Court for Providence County.
(2) In the case of real estate, in the office of the person having
charge of the recording of deeds in the city or town in which the real
estate is situated; and if probate proceedings have been commenced in the
estate of the decedent prior to the filing, this disclaimer shall also
be filed in the office of the clerk of the probate court in which these
proceedings are instituted.
(b) A copy of the disclaimer shall be served by delivering in hand
or by mailing by certified mail to the last known address of the person
or persons or other legal entity or entities having legal title to or possession
of the property, an interest in which is being disclaimed. Failure to comply
with these requirements of service shall not affect the validity of the
disclaimer.
Title 34, Chap. 34-5, §34-5-6
Reliance on disclaimer.
(a) No person or other legal entity having legal title
to or possession of the property, an interest in which is being or has
been disclaimed, shall be liable for any distribution or other disposition
made prior to the delivery to him, her, or it of a copy of the disclaimer,
pursuant to the requirements of § 34-5-6; and no person or other legal
entity shall be liable for any good faith distribution or other disposition
made in reliance upon a disclaimer, the form of which is in accordance
with the requirements of § 34-5-4; and a copy of which has been delivered
to him, her, or it pursuant to the requirements of § 34-5-6.
(b) If a disclaimer certifies, with particularity, that none of
the contingencies specified in § 34-5-9, which would result
in waiver or bar of the beneficiary's right to disclaim, are applicable,
any person or other legal entity having legal title to or possession of
the property, and any third party purchaser of the property, an interest
in which is being or has been disclaimed, shall be entitled to rely without
further inquiry upon the certifications.
Title 34, Chap. 34-5, §34-5-7
Disposition of disclaimed interest.
(a) A disclaimer complying with all the applicable requirements
of this chapter shall be effective according to its terms, and shall be
irrevocable, upon execution in accordance with the provisions of §
34-5-4, and filing in accordance with the provisions of § 34-5-6.
(b) Unless the will or inter vivos instrument creating the interest
in property so disclaimed provides for another disposition of the
interest, the interest shall pass in the same manner as if the disclaimant
had died immediately preceding the event determining that he, she, or it
is the beneficiary of the interest. If a disclaimer relates to an interest
disposed of by a particular provision of the will or inter vivos instrument,
then the interest so disclaimed shall pass in the same manner as if the
disclaimant had died immediately preceding the event determining that he,
she, or it is the beneficiary of that interest, but only for the purposes
of that provision and the interest may pass to or for the benefit of the
disclaimant under other provisions of the will or inter vivos instrument.
A future interest that takes effect in possession or enjoyment at or after
the termination of the disclaimed interest shall take effect in the same
manner as it would have if the disclaimant had died immediately preceding
the event determining that he, she, or it is the beneficiary of the disclaimed
interest. The disclaimer shall relate back for all purposes to that date.
(c) The interest in property being disclaimed shall never vest in
the beneficiary.
Title 34, Chap. 34-5, §34-5-8
Waiver or bar to right to disclaim.
(a) The right to disclaim an interest in property shall
be barred by:
(1) Assignment, conveyance, encumbrance, pledge, transfer
or other disposition of the interest, or any contract therefor, by the
beneficiary;
(2) Sale or other disposition of the interest pursuant to
judicial process made before the beneficiary has disclaimed the interest
as provided in this chapter;
(3) A written waiver of the right to disclaim this interest pursuant
to the provisions of this chapter, signed by the beneficiary, the duly
appointed guardian or conservator of a beneficiary, or the legal representative
of a deceased beneficiary's estate.
(4) Acceptance of the interest by the beneficiary; if the beneficiary,
having knowledge of the existence of the interest, receives without objection
a benefit from that interest, such receipt shall be deemed to constitute
acceptance of the interest.
(b) The assignment, conveyance, encumbrance, pledge, transfer or other
disposition or any contract therefor, sale or other disposition pursuant
to judicial process, written waiver of the right to disclaim, or acceptance
of a part of an interest in property shall not bar the right to disclaim
any other part of the interest.
Title 34, Chap. 34-5, §34-5-9
Spendthrift provisions.
The right to disclaim pursuant to the provisions
of this chapter shall exist irrespective of any limitation in the nature
of an express or implied spendthrift provision, other similar restraint
on alienation, or forfeiture provision imposed by any instrument, statute,
rule of law or otherwise on the interest in property being disclaimed.
Title 34, Chap. 34-5, §34-5-10
Effect on other laws.
Except for the provisions of § 34-5-9,
this chapter shall not abridge the right of any person to disclaim, waive,
release, renounce, or abandon any interest in property under any other
statute or rule of law.
Title 34, Chap. 34-5, §34-5-11
