Hawaii Renunciation And Disclaimer of Joint Tenant or Tenancy Interest

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.

A disclaimer is essentially a refusal of a gift or bequest.Disclaimers typically arise in the context of postmortem estate planning where a beneficiary may desire to make a qualified disclaimer under Sec. 2518 to achieve certain tax results such as qualifying for a marital deduction.

What is a Deed of Disclaimer? A Deed of Disclaimer is a document that you can execute if you wish to Disclaim an inheritance due via the Rules of Intestacy and you are not applying for probate. A typical example of this is if a spouse of a deceased would prefer the estate passes to the children.

The disclaimer deed is a legal document that has legal consequences. Further, the disclaimer deed will clearly state that the spouse signing it is waiving (disclaiming) any interest in the house being purchased.

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.

1a : a denial or disavowal of legal claim : relinquishment of or formal refusal to accept an interest or estate. b : a writing that embodies a legal disclaimer. 2a : denial, disavowal. b : repudiation.

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.

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.