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(1) The refusal is in writing, which writing shall: (A) Describe the property or part of the property or interest in property or powers disclaimed; (B) Be signed by the person disclaiming or that person's representative; and. (C) Declare the disclaimer and the extent of the disclaimer.

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.

Your inheritance disclaimer specifically says that you refuse to accept the assets in question and that this refusal is irrevocable, meaning it can't be changed. You disclaim the assets within nine months of the death of the person you inherited them from.

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.

4. Disclaiming the Annuity: A beneficiary is allowed to refuse an annuity. When you disclaim an annuity, it then goes to the next beneficiary in line; you don't get to dictate who receives the annuity.

If the decedent left a will and named you as a beneficiary and you decline the bequest, most states treat the event the same as if you had predeceased him. The executor must probate the will as if you had died and were no longer available to accept your inheritance. Your bequest will then revert back to the estate.

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.

It is important to note that when you disclaim an inheritance, you do not get to choose who the Beneficiary will be in your place. Whoever is the next Beneficiary after you will receive your inheritance in place of you.

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.