Virginia Disclaimer and Quitclaim of Leasehold Interest
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How to fill out Disclaimer And Quitclaim Of Leasehold Interest?
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FAQ
Virginia's laws of intestate succession state that when a person dies leaving a spouse and children, one-third of the person's assets pass to the spouse and two-thirds of the person's assets pass to the children. If a person does not have any children, all of the assets pass to the spouse.
§ 64.2-2603. Power to disclaim; general requirements; when irrevocable. A. 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 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.
Upon the disclaimer of a preceding interest, a future interest held by a person other than the disclaimant takes effect as if the disclaimant had died or ceased to exist immediately before the time of distribution, but a future interest held by the disclaimant is not accelerated in possession or enjoyment.
Transfer on death deed authorized. An individual may transfer property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.
Beneficiary Property Responsibility In Virginia, you have a nine month period in which to disclaim, or reject, your inheritance. It is your responsibility, as the beneficiary, to file your disclaimer in a timely manner.
