Can surviving spouse be trustee of disclaimer trust?

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.

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Oregon Renunciation And Disclaimer of Real Property Interest

Oregon Intestate Succession

Name: Oregon Renunciation And Disclaimer of Real Property Interest
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.58 (354 reviews)

Category:

Oregon Real Estate - Disclaimers of Property Interest

State:

Oregon

Control #:

OR-02-03

Format:

Instant download

Description Ors 112

This form is a Renunciation and Disclaimer of a Real Property Interest where the beneficiary gained the interest upon the death of the decedent, but, pursuant to the Oregon Revised Statutes, Chapter 112, the beneficiary has chosen to disclaim his/her interest in the real property. Therefore, the property will pass to others as though the beneficiary predeceased the decedent. The form also includes a state specific acknowledgment and a certificate to verify the delivery of the document.

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How to fill out Oregon Renunciation And Disclaimer Of Real Property Interest?

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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.

Disclaimer of interest, in the law of inheritance, wills and trusts, is a term that describes 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.

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.

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.

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.

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.

Oregon Intestate Succession

Description Ors 112

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How to fill out Oregon Renunciation And Disclaimer Of Real Property Interest?

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FAQ

Which of the following are requirements of a qualified disclaimer?

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Can you disclaim joint tenancy property?

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