Virgin Islands USLegal Pamphlet on Disclaiming an Inheritance

State:
Multi-State
Control #:
US-PMPH-10
Format:
Word; 
Rich Text
Instant download

Description

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.

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FAQ

Federal law states: A disclaimer must be in writing. The disclaimer must be given to the estate's representative no later than nine months after the decedent's death. The disclaiming person cannot accept the asset or any benefit from the asset.

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.

A qualified disclaimer of the survivorship interest to which the survivor succeeds by operation of law upon the death of the first joint tenant to die must be made no later than 9 months after the death of the first joint tenant to die regardless of whether such interest can be unilaterally severed under local law and, ...

In summary, when there's unclaimed inheritance in a Will, the inheritance is passed on to the next-in-line kin per the state's succession rules. If the court cannot identify a rightful heir, the assets and property are absorbed by the state.

In order to disclaim an inheritance, you will need to write a Disclaimer, which states that you are disclaiming your inheritance in writing. Within your Disclaimer, you will need to explain what is being disclaimed, whether it is only part of your inheritance or all of it, as well as sign the document to make it legal.

If a beneficiary properly disclaims inherited retirement assets, their status as the beneficiary is fully annulled. Disclaiming inherited assets is often done to avoid taxes but also so that other individuals can receive the assets.

You disclaim the assets within nine months of the death of the person you inherited them from. (There's an exception for minor beneficiaries; they have until nine months after they reach the age of majority to disclaim.) You receive no benefits from the proceeds of the assets you're disclaiming.

"Disclaim" the inherited retirement account Be aware that you'll need to disclaim the account within nine months of the original owner's death and before taking possession of any assets.

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Virgin Islands USLegal Pamphlet on Disclaiming an Inheritance