This form is a Renunciation and Disclaimer of a Joint Tenant Interest. The beneficiary gained the interest upon the death of the decedent. As the surviving joint tenant, the beneficiary has chosen to renounce his/her entire interest in the property. According to the Kentucky Statutes, Title 34, Chapter 394, the beneficiary has the right to disclaim the property if he/she files the disclaimer no later than nine months after the death of the decedent. The form also contains a state specific acknowledgment and a certificate to verify delivery.
Kentucky Renunciation and Disclaimer of Joint Tenant or Tenancy Interest
State:
Kentucky
Control #:
KY-02-03
Format:
Word
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FAQ
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.
Disclaiming means that you give up your rights to receive the inheritance. If you choose to do so, whatever assets you were meant to receive would be passed along to the next beneficiary in line. It's not typical for people to disclaim inheritance 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.
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 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.
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.
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.
In New South Wales, the Registrar General is able record the State of New South Wales as the proprietor of disclaimed land. The land will remain subject to any charges and mortgages despite the change in proprietor.