Charlotte North Carolina Renunciation and Disclaimer of Joint Tenant or Tenancy Interest

State:
North Carolina
City:
Charlotte
Control #:
NC-04-03
Format:
Word; 
Rich Text
Instant download

Description

This form is a Renunciation and Disclaimer of a Joint Tenant Interest. This form is for a surviving joint tenant who, upon the death of the decedent, gains an interest in the property of the decedent, but, pursuant to the North Carolina General Statutes, Chapter 31B, has chosen to renounce his/her interest in the jointly held property. Therefore, the property will devolve to others as though the beneficiary predeceased the decedent. The form also includes a state specific acknowledgment and a certificate to verify delivery.
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  • Preview North Carolina Renunciation and Disclaimer of Joint Tenant or Tenancy Interest
  • Preview North Carolina Renunciation and Disclaimer of Joint Tenant or Tenancy Interest
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FAQ

This type of ownership does not have survivorship rights in the property. So, at the death of one owner, the property passes to the deceased owner's heirs, as opposed to other owners.

In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust.

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. It's not typical for people to disclaim inheritance assets.

Normally when property is purchased jointly there is a survivorship clause, meaning that on the death of one of the joint owners, their share in the property automatically passes to the survivor(s).

The third way property can be jointly held in North Carolina is a joint tenancy with right of survivorship. This type of ownership is very similar to a tenancy in common, with one crucial difference?the right of survivorship.

Renunciation of inheritance means that an heir renounces his/her right to inherit any of legacy when the heir does not want to inherit the legacy of the ancestor (a deceased person).

Unlike most other states, North Carolina allows co-owners, called joint tenants, to own unequal shares.

In the context of a contract, a renunciation occurs when one party, by words or conduct, evinces an intention not to perform, or expressly declares that they will be unable to perform their obligations under the contract in some essential respect. The renunciation may occur before or at the time of performance.

A Deed of Renunciation is a legal document that you sign when you don't want to or are unable to act as the Administrator of an Estate. If you've been named as an Executor in a Will and you don't think you can do what's required, you may need a Deed of Renunciation to remove you from your duties.

Key Takeaways. Common reasons for disclaiming an inheritance include not wishing to pay taxes on the assets or ensuring that the inheritance goes to another beneficiary?for example, a grandchild. Specific IRS requirements must be followed in order for a disclaimer to be qualified under federal law.

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Charlotte North Carolina Renunciation and Disclaimer of Joint Tenant or Tenancy Interest