Florida Renunciation and Disclaimer of Interest in Life Insurance Proceeds

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US-01697BG
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Disclaimers are used by those who receive property as heirs or legatees in an estate, or by beneficiaries of a non-testamentary transfer of property at death; for example, the beneficiaries of a life insurance policy. A disclaimer is simply a declaration by the person entitled to property that the interest in that property is disclaimed or renounced. A disclaimer allows the disclaiming heir or beneficiary to disclaim an interest in such a fashion that the right to the property that is disclaimed is treated as if it never existed.


The Uniform Disclaimers of Property Interests Act (which has been adopted by a number of states) provides the authority to make disclaimers, what interests may be disclaimed, the time when disclaimers are effective, and the effect on the distribution of the disclaimed property interests.

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FAQ

Florida Statute 627.70132(2) is amended to shorten the time for an insured to report a new claim. Specifically, a claim or reopened claim, but not a supplemental claim, is barred unless notice of the claim was given to the insurer within one year (previously two years) after the date of loss.

A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim. A disclaimer shall be unconditional unless the disclaimant explicitly provides otherwise in the disclaimer.

§ 739.204. If a trustee having the power to disclaim under the instrument creating the fiduciary relationship or pursuant to court order disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property.

(3) To be effective, a disclaimer must be in writing, declare the writing as a disclaimer, describe the interest or power disclaimed, and be signed by the person making the disclaimer and witnessed and acknowledged in the manner provided for deeds of real estate to be recorded in this state.

Section 90.204, Florida Statutes, discusses the propriety of judicial notice and allows for a hearing if the parties disagree.

The writing must be signed by the person making the disclaimer; it must be witnessed in the same manner as required for a real estate deed in Florida; and. The original signed disclaimer must be delivered to the personal representative of the estate (or the trustee of the trust).

739.202, s. 739.203, or s. 739.204, the following rules apply to a disclaimer of an interest in property: (1) The disclaimer takes effect as of the time the instrument creating the interest becomes irrevocable or, if the interest arose under the law of intestate succession, as of the time of the intestate's death.

Florida Statute 744.474 allows a court appointed guardian to be removed for any of the following twenty-one (21) reasons: Fraud in obtaining her or his appointment. Failure to discharge her or his duties. Abuse of her or his powers.

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Florida Renunciation and Disclaimer of Interest in Life Insurance Proceeds