This form is a Renunciation and Disclaimer of Property acquired by intestate succession. The decedent died intestate (without a will) and the beneficiary gained an interest in the property. However, according to the Indiana Code, Title 29, Chapter 2, the beneficiary wishes to disclaim a portion of, or the entire interest in the property. The beneficiary attests that the disclaimer will be filed no later than nine months after the death of the decedent. The form also contains an acknowledgment and a certificate to verify delivery.
Indiana Renunciation and Disclaimer of Property received by Intestate Succession
State:
Indiana
Control #:
IN-07-03
Format:
Word;
Rich Text
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FAQ
If one owner of a jointly held property dies in Indiana, the surviving owner automatically inherits the deceased owner’s share due to the right of survivorship. This transfer occurs without the need for probate, simplifying the transition. For further clarity on this process, consider how the Indiana Renunciation and Disclaimer of Property received by Intestate Succession could impact the outcome.
Disclaim the asset within nine months of the death of the assets' original owner (one exception: if a minor beneficiary wishes to disclaim, the disclaimer cannot take place until after the minor reaches the age of majority, at which time they will have nine months to disclaim the assets).
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.
In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is 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.
The answer is yes. The technical term is "disclaiming" it. If you are considering disclaiming an inheritance, you need to understand the effect of your refusalknown as the "disclaimer"and the procedure you must follow to ensure that it is considered qualified under federal and state law.
The beneficiary can disclaim only a portion of an inherited IRA or asset, allowing some to flow to the contingent beneficiary(s). Partial disclaiming is either a specific dollar or percentage amount as of the date of death.The balance will go to the next beneficiary(s).
