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Virginia Renunciation and Disclaimer of Interest in Life Insurance Proceeds

Category:
Insurance - Renunciation and Disclaimers
State:
Multi-State
Control #:
US-01697BG
Format:
Word; 
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Description

Disclaimers are used by those who receive property as heirs or legatees in an estate, or by beneficiaries of a non-testamentary transfer of property at death; for example, the beneficiaries of a life insurance policy. A disclaimer is simply a declaration by the person entitled to property that the interest in that property is disclaimed or renounced. A disclaimer allows the disclaiming heir or beneficiary to disclaim an interest in such a fashion that the right to the property that is disclaimed is treated as if it never existed.


The Uniform Disclaimers of Property Interests Act (which has been adopted by a number of states) provides the authority to make disclaimers, what interests may be disclaimed, the time when disclaimers are effective, and the effect on the distribution of the disclaimed property interests.

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FAQ

A person may disclaim in whole or in part, any interest in or power over property, including a power of appointment. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim.

§ 64.2-2600. "Disclaimer" means the refusal to accept an interest in or power over property. "Fiduciary" means a personal representative, trustee, agent acting under a power of attorney, or other person authorized to act as a fiduciary with respect to the property of another person.

In general, a disclaimer will typically serve to relieve a party to a contract or within a legally valid relationship from liability in situations that involve uncertainty or risk. For instance, a warning label or a sign is one standard form of a disclaimer that you may have seen when purchasing a product.

§ 64.2-200. Course of descents generally; right of Commonwealth if no other heir.

A qualified disclaimer after a transferor's death must be in writing, it must clearly identify the property which is being disclaimed, and it must be signed by the person making the disclaimer, or his or her legal representative.

The IRS time frame is within nine months of the death of the decedent?or if the disclaiming beneficiary is a minor, after they reach age 21. If you have already accepted the inheritance or any of its benefits, the IRS would likely find the disclaimer invalid.

Code 64.2-2603(d)). Deliver the disclaimer within nine months of the transfer (e.g., the death of the creator of the interest) to the personal representative of the decedent's estate or the court having jurisdiction to appoint such a person (Va.

Virginia Renunciation and Disclaimer of Interest in Life Insurance Proceeds Related Searches

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