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West Virginia Renunciation And Disclaimer of Real Property Interest

West Virginia Renunciation And Disclaimer of Real Property Interest

Q: How do you relinquish an inheritance?

When you relinquish property, you don&#039;t get any say in who inherits in your place. If you want to control who gets the inheritance, you must accept it and give it to that person. If you relinquish the property and the deceased didn&#039;t name a back-up heir, the court will apply state law to decide who inherits.

Category:

Real Estate - Disclaimers of Property Interest

State:

West Virginia

Control #:

WV-04-03

Format:

Instant download

Description

This is a Renunciation and Disclaimer of a Real Property Interest, where the beneficiary gained an interest in the real property upon the death of the decedent, but, pursuant to the West Virginia Code, Chapter 42, Article 6, has chosen to waive his/her interest in the real property. The beneficiary also attests that the disclaimer will be filed no later than six months in order to secure the validity of the disclaimer. The form also contains a state specific acknowledgment and a certificate to verify document delivery.

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How to fill out West Virginia Renunciation And Disclaimer Of Real Property Interest?

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FAQ

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.

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.

In your disclaimer, cover any and all liabilities for the product or service that you provide. You should warn consumers of any dangers or hazards posed by your product. You should list specific risks while at the same time acknowledging that the list is not exhaustive. For example, you could write, NOTICE OF RISK.

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,

These documents can include the will, death certificate, transfer of ownership forms and letters from the estate executor or probate court.If you received the inheritance in the form of cash, request a copy of the bank statement that reflects the deposit.

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.

When you relinquish property, you don't get any say in who inherits in your place. If you want to control who gets the inheritance, you must accept it and give it to that person. If you relinquish the property and the deceased didn't name a back-up heir, the court will apply state law to decide who inherits.

Disclaimer of interest, in the law of inheritance, wills and trusts, is a term that describes 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. A disclaimer of interest is irrevocable.

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.

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Renunciation And Disclaimer of Real Property Interest

Disclaimer of Property Interest-West Virginia

West Virginia Code

CHAPTER 42. DESCENT AND DISTRIBUTION.

ARTICLE 6. UNIFORM DISCLAIMER OF PROPERTY

Title.

This article may be cited as the "Uniform Disclaimer of Property Interests Act."

Chap. 42, Article 6, Â§42-6-1.

Right to disclaim interest in property.

A person, or the representative of a deceased, incapacitated or protected person, to whom any property or interest therein devolves, by whatever means, may disclaim it in whole or in part by delivering a written disclaimer under this article. The right to disclaim exists notwithstanding any limitation on the interest of the disclaimant in the nature of a spendthrift provision or similar restriction.

Chap. 42, Article 6, Â§42-6-2.

Time of disclaimer; delivery.

(a) Except as provided in subsection (c) of this section if the property or interest has devolved to the disclaimant under a testamentary instrument or by the laws of intestacy, the disclaimer shall be delivered, as to a present interest, not later than six months after the death of the deceased owner or deceased donee of a power of appointment and, as to a future interest, not later than six months after the event determining that the taker of the property or interest has become finally ascertained and his interest is indefeasibly vested. The disclaimer shall be delivered in person or mailed by registered or certified mail to any personal representative, or other fiduciary, of the decedent or the donee of the power, to the holder of the legal title to which the interest relates or to the person entitled to the property or interest in the event of disclaimer. A fully executed and acknowledged copy of the disclaimer shall be filed and recorded with the probate documents in the office of the clerk of the county commission of the county in which proceedings for the administration of the estate of the deceased owner or deceased donee of the power have been commenced.

(b) Except as provided in subsection (c), if the property or interest has devolved to the disclaimant under a nontestamentary instrument or contract, the disclaimer shall be delivered as to a present interest, not later than six months after the effective date of the nontestamentary instrument or contract and, as to a future interest, not later than six months after the event determining that the taker of the property or interest has become finally ascertained and his interest indefeasibly vested. If the person entitled to disclaim does not have actual knowledge of the existence of the interest, the disclaimer shall be delivered not later than six months after he has actual knowledge of the existence of the interest. The effective date of a revocable instrument or contract is the date on which the maker no longer has power to revoke it or to transfer to himself or another the entire legal and equitable ownership of the interest. The disclaimer shall be delivered in person or mailed by registered or certified mail to the person who has legal title to or possession of the interest disclaimed.

(c) In any case, as to a transfer creating an interest in the disclaimant made after the thirty-first day of December, one thousand nine hundred seventy-six, and subject to tax under chapters eleven, twelve or thirteen of the Internal Revenue Code of 1954, as amended, a disclaimer intended as a qualified disclaimer thereunder must specifically so state and must be delivered not later than nine months after the later of the date the transfer is made or the day on which the person disclaiming attains age twenty-one.

(d) A surviving joint tenant may disclaim as a separate interest any property or interest therein devolving to him by right of survivorship. A surviving joint tenant may disclaim the entire interest in any property or interest therein that is the subject of a joint tenancy devolving to him, if the joint tenancy was created by act of a deceased joint tenant and the survivor did not join in creating the joint tenancy.

(e) If real property or an interest therein is disclaimed, in addition to recording the disclaimer in the county wherein administration is had or commenced, a fully executed and acknowledged copy of the disclaimer shall be recorded in the deed books in the office of the clerk of the county commission of the county in which the property or interest disclaimed is located.

Chap. 42, Article 6, Â§42-6-3.

Form of disclaimer.

The disclaimer shall (a) describe the property or interest disclaimed, (b) declare the disclaimer and extent thereof, (c) be signed by the disclaimant and (d) be acknowledged in such a manner as would authorize a deed to be admitted to record.

Chap. 42, Article 6, Â§42-6-4.

Effect of disclaimer.

(a) If the property or interest devolved to a disclaimant under a testamentary instrument or under the laws of intestacy and the deceased owner or donee of a power of appointment has not provided for another disposition, it devolves as if the disclaimant had predeceased the decedent or, if the disclaimant was designated to take under a power of appointment exercised by a testamentary instrument, as if the disclaimant had predeceased the donee of the power. Any future interest that takes effect in possession or enjoyment after the termination of the estate or interest disclaimed takes effect as if the disclaimant had died before the event determining that the taker of the property or interest had become finally ascertained and his interest is indefeasibly vested. A disclaimer relates back for all purposes to the date of death of the decedent, or of the donee of the power, or the determinative event, as the case may be.

(b) If the property or interest devolved to a disclaimant under a nontestamentary instrument or contract and the instrument or contract does not provide for another disposition, (1) it devolves as if the disclaimant had died before the effective date of the instrument or contract; and (2) a future interest that takes effect in possession or enjoyment at or after the termination of the disclaimed interest takes effect as if the disclaimant had died before the event determining that the taker of the property or interest had become finally ascertained and his interest indefeasibly vested. A disclaimer relates back for all purposes to the effective date of the instrument or contract or the date of the determinative event, as the case may be.

(c) The disclaimer or the written waiver of the right to disclaim is binding upon the disclaimant or person waiving and all persons claiming through or under him.

Chap. 42, Article 6, Â§42-6-5.

Waiver and bar.

The right to disclaim property or an interest therein is barred by (a) an assignment, conveyance, encumbrance, pledge or transfer of the property or interest, or a contract therefor, (b) a written waiver of the right to disclaim, (c) an acceptance of the property or interest or a benefit thereunder or (d) a sale of the property or interest under judicial sale made before the disclaimer is effective.

Chap. 42, Article 6, Â§42-6-6.

Remedy not exclusive.

This article does not abridge the right of a person to waive, release, disclaim or renounce property or an interest therein under any other statute.

Chap. 42, Article 6, Â§42-6-7.

Application.

An interest in property that exists on the effective date of this article [May 5, 1982] as to which, if a present interest, the time for delivering a disclaimer under this article has not expired or, if a future interest, the interest has not become indefeasibly vested or the taker finally ascertained, may be disclaimed within six months after the effective date of this article.

Chap. 42, Article 6, Â§42-6-8.

Renunciation And Disclaimer of Real Property Interest

Disclaimer of Property Interest-West Virginia

West Virginia Code

CHAPTER 42. DESCENT AND DISTRIBUTION.

ARTICLE 6. UNIFORM DISCLAIMER OF PROPERTY

Title.

This article may be cited as the "Uniform Disclaimer of Property Interests Act."

Chap. 42, Article 6, Â§42-6-1.

Right to disclaim interest in property.

Chap. 42, Article 6, Â§42-6-2.

Time of disclaimer; delivery.

Chap. 42, Article 6, Â§42-6-3.

Form of disclaimer.

Chap. 42, Article 6, Â§42-6-4.

Effect of disclaimer.

(c) The disclaimer or the written waiver of the right to disclaim is binding upon the disclaimant or person waiving and all persons claiming through or under him.

Chap. 42, Article 6, Â§42-6-5.

Waiver and bar.

Chap. 42, Article 6, Â§42-6-6.

Remedy not exclusive.

This article does not abridge the right of a person to waive, release, disclaim or renounce property or an interest therein under any other statute.

Chap. 42, Article 6, Â§42-6-7.

Application.

Chap. 42, Article 6, Â§42-6-8.

West Virginia Renunciation And Disclaimer of Real Property Interest

Description

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How to fill out West Virginia Renunciation And Disclaimer Of Real Property Interest?

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FAQ

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