This form is a Renunciation and Disclaimer of a Joint Tenant Interest. Upon the death of the decedent, the surviving joint tenant gained an interest in certain property held in joint tenancy. However, pursuant to the Kansas Statutes, Chapter 59, Art. 22, the surviving joint tenant has chosen to disclaim the entire joint tenant interest. The renunciation will relate back to the date of the decedent's death and will be an irrevocable refusal to accept the property. The form also contains a state specific acknowledgment and a certificate to verify delivery.
Kansas Renunciation and Disclaimer of Joint Tenant or Tenancy Interest
State:
Kansas
Control #:
KS-03-03
Format:
Word
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Danger #1: Only delays probate. Danger #2: Probate when both owners die together. Danger #3: Unintentional disinheriting. Danger #4: Gift taxes. Danger #5: Loss of income tax benefits. Danger #6: Right to sell or encumber. Danger #7: Financial problems.
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.
The surviving spouse can serve as the sole trustee, but cannot have any power to direct the beneficial enjoyment of the disclaimed property unless the power is limited by an "ascertainable standard." This is necessary both to qualify the disclaimer and to avoid any taxable general power of appointment.
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.
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.
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,
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.
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. Silence or otherwise passive behaviour will not suffice.