This form is a Renunciation and Disclaimer of a Joint Tenant Interest where the surviving joint tenant gained an interest in the property upon the death of the decedent, but, pursuant to the Pennsylvania Statutes, Title 20, Chapter 62, has chosen to disclaim his/her entire interest in the property. The property will now devolve as though the beneficiary predeceased the decedent. The form also includes a state specific acknowledgment and a certificate to verify delivery of the documentation.
Pennsylvania Renunciation And Disclaimer of Joint Tenant or Tenancy Interest
State:
Pennsylvania
Control #:
PA-02-03
Format:
Word;
Rich Text
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FAQ
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.
A beneficiary is always free to refuse to accept benefits under a trust or a will.The beneficiary may be willing to sign a disclaimer as she does not wish to accept the bequest. The disclaimer would protect you as Trustee from a breach of a fiduciary duty by distributing the assets to a different beneficiary.
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.
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.
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.
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.
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.