This pamphlet provides an overview of disclaimers by those who inherit assets they choose not to accept. Topics included cover why a disclaimer may be made and the general rules for making a disclaimer. A link to state-specific information is provided.
Virginia USLegal Pamphlet on Disclaiming an Inheritance
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The disclaimer must be in writing: A signed letter by the person doing the disclaiming, identifying the decedent, describing the asset to be disclaimed, and the extent and amount, percentage or dollar amount, to be disclaimed, must be delivered to the person in control of the estate or asset, such as an executor, ...
To be effective, a disclaimer shall be in writing or other record, declare the disclaimer, describe the interest or power disclaimed, be signed by the person making the disclaimer, and be delivered or filed in the manner provided in § 64.2-2610.
WHO INHERITS THE PROPERTY OF AN INTESTATE? someone other than the surviving spouse in which case, one-third goes to the surviving spouse and the remaining two-thirds is divided among all children. ? if no surviving spouse, all passes to the children and their descendants.
§ 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.
The following are the requirements that must be met for a disclaimer to be qualified: The beneficiary must not have accepted any of the inherited assets prior to the disclaimer. The beneficiary must provide an irrevocable and unqualified (unconditional) refusal to accept the assets. The refusal must be in writing.
If all inheritors do not agree then the property cannot be sold. Chill! If majority of the inheritors are willing to sell the property they need to go through a probate court. The inheritors can file a 'partition action' lawsuit in the probate court.
This disclaimer should be signed, notarized, and filed with the probate court and/or the executor of the last will and testament in a timely manner. 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.
The disclaimer must be in writing: A signed letter by the person doing the disclaiming, identifying the decedent, describing the asset to be disclaimed, and the extent and amount, percentage or dollar amount, to be disclaimed, must be delivered to the person in control of the estate or asset, such as an executor, ...
