US Legal Forms
Nebraska Renunciation And Disclaimer of Property from Life Insurance...

Nebraska Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract

Category:

Real Estate - Disclaimers of Property Interest

State:

Nebraska

Control #:

NE-03-03

Format:

Instant download

Description

This form is a Renunciation and Disclaimer of Life Insurance or Annuity Contract proceeds where the beneficiary gained an interest in the proceeds upon the death of the decedent, but, chooses to disclaim his/her interest in the property pursuant to the Nebraska Revised Statutes, Chapter 39. The beneficiary attests that the disclaimer will be filed no later than nine months after the death of the decedent in order to secure the validity of the disclaimer. The form also contains a state specific acknowledgment and a certificate to verify the delivery of the document.

Annual Minutes

View this form

Notices, Resolutions, Simple Stock Ledger and Certificate

View this form

Minutes for Organizational Meeting

View this form

Sample Transmittal Letter to Secretary of State's Office to File Articles of Incorporation

View this form

North Carolina Real Estate Home Sales Package with Offer to Purchase, Contract of Sale, Disclosure Statements and more for Residential House

View this form

Installment Contract for the Transfer of R...

View this form

Recesses

View this form

Demand to Produce Copy of Will from Heir t...

View this form

Assignment and Bill of Sale of Well Bores

View this form

Defendant's Prior Bad Acts or Crimes (F.R....

View this form

How to fill out Nebraska Renunciation And Disclaimer Of Property From Life Insurance Or Annuity Contract?

Avoid expensive attorneys and find the Nebraska Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract you want at a reasonable price on the US Legal Forms website. Use our simple groups functionality to look for and download legal and tax documents. Go through their descriptions and preview them before downloading. Additionally, US Legal Forms enables users with step-by-step instructions on how to download and fill out every form.

US Legal Forms subscribers just must log in and get the particular form they need to their My Forms tab. Those, who have not got a subscription yet need to stick to the guidelines below:

Make sure the Nebraska Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract is eligible for use where you live.
If available, look through the description and make use of the Preview option well before downloading the templates.
If you’re sure the document suits you, click Buy Now.
In case the template is incorrect, use the search engine to get the right one.
Next, create your account and select a subscription plan.
Pay by credit card or PayPal.
Select download the form in PDF or DOCX.
Click Download and find your form in the My Forms tab. Feel free to save the template to the device or print it out.

After downloading, you may fill out the Nebraska Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract by hand or by using an editing software program. Print it out and reuse the template many times. Do more for less with US Legal Forms!

Form popularity

FAQ

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 gift, bequest, or other interest or obligation may be disclaimed via a written disclaimer of interest.

A disclaimer trust is a clause typically included in a person's will that establishes a trust upon their death, subject to certain specifications. This allows certain assets to be moved into the trust by the surviving spouse without being subject to taxation.

The beneficiary can avoid receiving the trust assets through a disclaimer. A disclaimer is a legal act where the beneficiary instructs the trustee to disregard the beneficiary as though he was dead, as though he predeceased the trust's intended end.

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.

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.

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, you can relinquish your inheritance. Put it in writing and submit it to the probate court.

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.

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.

Trusted and secure by over 3 million people of the world’s leading companies

Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract

Disclaimer of Property Interest-Nebraska

Nebraska Revised Statutes

Chapter 30. Decedents' Estates

Renunciation of succession.

(a)

(1) A person (or the representative of a deceased, incapacitated, or protected person) who is an heir, devisee, person succeeding to a renounced interest, donee, beneficiary under a testamentary or nontestamentary instrument, donee of a power of appointment, grantee, surviving joint owner or surviving joint tenant, beneficiary, or owner of an insurance contract or any incident of ownership therein, beneficiary or person designated to take pursuant to a power of appointment exercised by a testamentary or nontestamentary instrument, person who has a statutory entitlement to or election with respect to property pursuant to the Nebraska Probate Code, or recipient of any beneficial interest under any testamentary or nontestamentary instrument, may renounce in whole or in part, or with reference to specific parts, fractional shares, undivided portions or assets thereof, by filing a written instrument of renunciation within the time and at the place hereinafter provided.

(2) The instrument shall (i) describe the property or part thereof or the interest therein renounced, (ii) be signed and acknowledged by the person renouncing in the manner provided for in the execution of deeds of real estate, (iii) declare the renunciation and the extent thereof, and (iv) declare that the renunciation is an irrevocable and unqualified refusal to accept the renounced interest.

(3) The appropriate court in a proceeding under section 30-2806, may direct or permit a trustee under a testamentary or nontestamentary instrument to renounce, modify, amend, or otherwise deviate from any restriction on or power of administration, management or allocation of benefit upon finding that such restrictions on the exercise of such power may defeat or impair the accomplishment of the purposes of the trust whether by the imposition of tax or the allocation of beneficial interest inconsistent with such purposes or by other reason. Such authority shall be exercised after hearing and upon notice to all known persons beneficially interested in such trust, in the manner directed by said court.

(b) The instrument specified in (a)(1) and (a)(2) must be received by the transferor of the interest, his or her legal representative, the personal representative of a deceased transferor, the trustee of any trust in which the interest being renounced exists, or the holder of the legal title to the property to which the interest relates. To be effective for purposes of determining inheritance and estate taxes under articles 20 and 21 of Chapter 77, the instrument must be received not later than the date which is nine months after the later of (i) the date on which the transfer creating the interest in such person is made, or (ii) the date on which such person attains age twenty-one. If the circumstances which establish the right of a person to renounce an interest arise as a result of the death of an individual, the instrument shall also be filed in the court of the county where proceedings concerning the decedent's estate are pending, or where they would be pending if commenced. If an interest in real estate is renounced, a copy of the instrument shall also be recorded in the office of the register of deeds in the county in which said real estate lies. No person entitled to a copy of the instrument shall be liable for any proper distribution or disposition made without actual notice of the renunciation and no such person making a proper distribution or disposition in reliance upon the renunciation shall be liable for any such distribution or disposition in the absence of actual notice that an action has been instituted contesting the validity of the renunciation.

(c) Unless the transferor of the interest has otherwise indicated in the instrument creating the interest, the interest renounced, and any future interest which is to take effect in possession or enjoyment at or after the termination of the interest renounced, passes as if the person renouncing had predeceased the decedent or had died prior to the date on which the transfer creating the interest in such person is made, as the case may be, if the renunciation is within the time periods set forth in subsection (b) and if not within such time periods the interest renounced, and any future interest which is to take effect in possession or enjoyment at or after the termination of the interest renounced, passes as if the person renouncing had died on the date the interest was renounced. The person renouncing shall have no power to direct how the interest being renounced shall pass, except that the renunciation of an interest for which the right to renounce was established by the death of an individual shall, in the case of the spouse of the decedent, relate only to that statutory provision or that provision of the instrument creating the interest being renounced and shall not preclude the spouse from receiving the benefits of the renounced interest which may be derived as a result of the renounced interest passing pursuant to other statutory provisions or pursuant to other provisions of the instrument creating the interest unless such further benefits are also renounced. In every case when the renunciation is within the time periods set forth in subsection (b) the renunciation relates back for all purposes to the date of death of the decedent or the date on which the transfer creating the interest in such person is made, as the case may be.

(d) Any (1) assignment, conveyance, encumbrance, pledge or transfer of property therein or any contract therefor, (2) written waiver of the right to renounce or any acceptance of property or benefits therefrom or an interest therein by an heir, devisee, person succeeding to a renounced interest, donee, beneficiary under a testamentary or nontestamentary instrument, donee of a power of appointment, grantee, surviving joint owner or surviving joint tenant, beneficiary or owner of an insurance contract or any incident of ownership therein, beneficiary or person designated to take pursuant to a power of appointment exercised by a testamentary or nontestamentary instrument, person who has a statutory entitlement to or election with respect to property pursuant to the Nebraska Probate Code, or recipient of any beneficial interest under any testamentary or nontestamentary instrument, or (3) sale or other disposition of property pursuant to judicial process, made within the time periods set forth in subsection (b) shall not bar the right to renounce, but shall make a subsequent renunciation within the time period set forth in subsection (b) of this section ineffective for purposes of determination of inheritance and estate taxes under articles 20 and 21 of Chapter 77.

(e) Within thirty days of receipt of a written instrument of renunciation by the transferor of the interest, his or her legal representative, the personal representative of the decedent, the trustee of any trust in which the interest being renounced exists, or the holder of the legal title to the property to which the interest relates, as the case may be, such person shall attempt to notify in writing those persons who are known or ascertainable with reasonable diligence who shall be recipients or potential recipients of the renounced interest of the renunciation and the interest or potential interest such recipient shall receive as a result of the renunciation.

(f) The right to renounce granted by this section exists irrespective of any limitation on the interest of the person renouncing in the nature of a spendthrift provision or similar restriction. A trust beneficiary whose interest is subject to any limitation in the nature of a spendthrift provision or similar restriction may assign, sell, or otherwise convey such interest or any part thereof upon a finding by a court in a proceeding under section 30-2806, that the rights of other beneficiaries would not be impaired and that such assignment, sale, or other conveyance would not result in any substantial benefit to nonbeneficiaries of the trust at the expense of the trust or trust beneficiaries. Such finding may be made after hearing and upon notice to all known persons beneficially interested in such trust, in the manner directed by the court.

(g) This section does not abridge the right of any person to assign, convey, release, or renounce any property arising under any other section of this code or other statute.

(h) Any interest in property which exists on July 19, 1980, may be renounced after July 19, 1980, as provided herein. An interest which has arisen prior to July 19, 1980, in any person other than the person renouncing is not destroyed or diminished by any action of the person renouncing taken under this section.

Source: Laws 1974, LB 354, § 74, UPC § 2-801; Laws 1978, LB 650, § 35; Laws 1980, LB 694, § 9.

An exception to the general rule that a renunciation relates back "for all purposes" exists for individuals depriving themselves of any property whatsoever for purposes of qualifying for public assistance. Hoesly v. State, 243 Neb. 304, 498 N.W.2d 571 (1993).

There is nothing inconsistent in making claim to the whole of an estate and at the same time accepting something less than the whole under the will since property comprising a bequest of only a part of an estate would be included within a claim to the entire estate. Consequently, the claimant had no reason to renounce the will under the terms of this section. In re Estate of Nicholson, 211 Neb. 805, 320 N.W.2d 739 (1982).

Chap. 30, §30-2352.

Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract

Disclaimer of Property Interest-Nebraska

Nebraska Revised Statutes

Chapter 30. Decedents' Estates

Renunciation of succession.

(a)

(g) This section does not abridge the right of any person to assign, convey, release, or renounce any property arising under any other section of this code or other statute.

Source: Laws 1974, LB 354, § 74, UPC § 2-801; Laws 1978, LB 650, § 35; Laws 1980, LB 694, § 9.

Chap. 30, §30-2352.

Nebraska Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract

Description

Related forms

Viewed forms

How to fill out Nebraska Renunciation And Disclaimer Of Property From Life Insurance Or Annuity Contract?

Form popularity

FAQ

What does disclaim property mean?

What is a disclaimer in a trust?

Can a trust disclaim assets?

How do you disclaim inherited property?

How do you disclaim interest in a trust?

What is an estate disclaimer?

Can I relinquish my inheritance?

Can a trustee disclaim property?

What is a qualified disclaimer in estate planning?

Trusted and secure by over 3 million people of the world’s leading companies