This pamphlet provides an overview of disclaimers by those who inherit assets they choose not to accept. Topics included cover why a disclaimer may be made and the general rules for making a disclaimer. A link to state-specific information is provided.
Illinois USLegal Pamphlet on Disclaiming an Inheritance
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How to fill out USLegal Pamphlet On Disclaiming An Inheritance?
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For example, in her will a decedent leaves $500,000 to her nephew if he survives her, but if he does not survive her, this amount passes to her nephew's children who survive the decedent. If the nephew disclaims the property, it passes to his children who survive the decedent.
Ing to the Illinois Probate Act ? Right to Disclaim Interest in Property ? an heir has the right to refuse either part or all of the inheritance outlined in the will but must do so by filing a written document that includes the following: Specifies the item that is being disclaimed.
What Is An Illinois Disclaimer of Interest? be received no later than 9 months after the transfer is made or the date of death. be in writing. declared a disclaimer. signed by the disclaimant or a legally authorized representative. describe the disclaimed property.
If you decide to disclaim an inheritance, there are specific steps you must follow to ensure that the process is legally valid. First, the disclaimer must be in writing and signed by the potential heir. The disclaimer must also be delivered to the executor of the estate or the trustee in charge of the assets.
§ 2-7. Disclaimer. (a) Right to Disclaim Interest in Property. A person to whom any property or interest therein passes, by whatever means, may disclaim the property or interest in whole or in part by delivering or filing a written disclaimer as hereinafter provided.
You make your disclaimer in writing. 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.
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, ...
