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 Rhode Island General Laws, Title 34, Chapter 34-5, disclaimed his/her entire interest in the property. Therefore, the property will devolve to others as though the beneficiary predeceased the decedent. The form also contains a state specific acknowledgment and a certificate to verify delivery of the document.
Rhode Island Renunciation And Disclaimer of Joint Tenant or Tenancy Interest
State:
Rhode Island
Control #:
RI-04-03
Format:
Word
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FAQ
Joint tenancy with right of survivorship. Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. Tenancy by the entirety. Community property with right of survivorship.
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.
In short, if the spouses owned an asset jointly, on the death of one spouse, the survivor can disclaim his/her future interest in the jointly owned property, and still enjoy the disclaimed asset.
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.
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.
If you die without a will in Rhode Island, your children will receive an intestate share of your property.For children to inherit from you under the laws of intestacy, the state of Rhode Island must consider them your children, legally. For many families, this is not a confusing issue.
In Rhode Island, you can make a living trust to avoid probate for virtually any asset you ownreal estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
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.
Write a Living Trust. The most straightforward way to avoid probate is simply to create a living trust. Name Beneficiaries on Your Retirement and Bank Accounts. For some, a last will is often a better fit than a trust because it is a more straightforward estate planning document. Hold Property Jointly.