While most people would be happy to receive news of an inheritance, there are certain times when a person receives property through a trust, through intestate succession, or through a will does not wish to receive this property.Some looking over small houses to represent an inheritance

If a person stands to inherit property but does not want to formally receive it, either from a trust while you’re alive or in an estate planning document after you pass away, the property should be disclaimed by the person who was otherwise going to receive it.

This can be as a result of existing estate plans or the recipient’s individual tax situation. It can also be the case that a person named to receive the property or entitled to receive this property in California simply does not want it. In these cases, a disclaimer might apply.

A disclaimer refers to any piece of writing which refuses, declines, disclaims or renounces any interest that would otherwise be taken by that beneficiary. The disclaimer should be in writing and should be signed by the person disclaiming the property.

The letter should outline the interest to be disclaimed, the creator of the interest, and the nature and extent of the disclaimer. This disclaimer should be filed within a reasonable period of time after the person eligible to disclaim acquires knowledge of their interest in the property. If you have further questions about this situation, schedule time to speak with a trusted and dedicated estate planning lawyer in Pasadena about your options.

 

 

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