This form is a Renunciation and Disclaimer of a Joint Tenant Interest. Upon the death of the decedent, the beneficiary became the surviving joint tenant and gained an interest in the decedent's portion of the property. However, according to the Indiana Code, Title 29, Chapter 2, the surviving joint tenant has decided to disclaim his/her entire interest in the property. The property will devolve to others as though the beneficiary predeceased the decedent. The form also contains a state specific acknowledgment and a certificate to verify delivery.
Indiana Renunciation and Disclaimer of Joint Tenant or Tenancy Interest
State:
Indiana
Control #:
IN-05-03
Format:
Word;
Rich Text
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FAQ
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.
Must be in writing. Must be within nine months of the gift. No acceptance of the gifted interest or any benefits. Interest passes without any direction on the part of the person making the disclaimer.
A qualified disclaimer is a part of the U.S. tax code that allows estate assets to pass to a beneficiary without being subject to income tax. Legally, the disclaimer portrays the transfer of assets as if the intended beneficiary never actually received them.
Yes, a fiduciary can disclaim an interest in property if the will, trust or power of attorney gives the fiduciary that authority or if the appropriate probate court authorizes the disclaimer.The primary reason an executor or trustee might disclaim property passing to an estate or trust is to save death taxes.
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.
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 beneficiary of a trust may wish to disclaim their interest in the trust for: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.
A qualified disclaimer is a refusal to accept property that meets the provisions set forth in the Internal Revenue Code (IRC) Tax Reform Act of 1976, allowing for the property or interest in property to be treated as an entity that has never been received.