I Don’t Want this Inheritance: Now What?

Many dream of a long lost uncle whose unexpected favor will usher in undreamed of fortune. No one wants someone that they know and love to pass away, of course. But a tv-movie level life changing inheritance involving a vast estate, (and potentially even an attractive equestrian manager who knows how to speak to your soul), times are tough. That is an adventure that many would be glad to take on.

But what if you pull up to find that the estate has not been lived in since 1842. More than just the antique radiator goes “bump” in the night, and that equestrian manager? They can speak to your soul – but no one else seems to be able to see them. And they look alarmingly similar to a historical photo of the original owner in 1793…

What do you do if you do not want to claim an inheritance you have been granted?

Disclaimer

Under Florida law, “Disclaimer” is “the refusal to accept an interest in or power over property.” Fla. Stat. § 739.102(5). Florida law further states that someone can disclaim, either wholly or merely in part, any interest in or power over property – to include the power of appointment. This disclaimer may be made either unconditionally, or with the provision of conditions. Though readers should be aware – a disclaimer will be treated by the courts as an unconditional disclaimer, unless the person disclaiming the inheritance specifically states otherwise within that disclaimer.

What this actually means – is that people have the power to refuse a bequeathment under the rules of intestacy, or as a grant under a last will and testament. You can refuse an asset, a power of appointment, a right of survivorship, etc. While the haunted scenario may not be the most common reason for such a decision, everyday issues that lead to people refusing an inheritance are plentiful. With inheritance come tax responsibilities, potential inheritance of liens/debts on the asset, perhaps one wants to protect the asset for other family members, and keep it away from the reaching grasps of their own personal creditors, etc.

Power to Disclaim – But Not to Direct

If you consider disclaiming an inheritance, it is important to remember that while you have the power to disclaim your own inheritance, you do not have the power to then dictate who the property will go to. There is extensive estate law that will come into effect and direct who is next in line to inherit.

Let us imagine that a will just so happens to state that the property is to go to the next of kin. You are the next of kin, but due to your own issues with creditors, you wish to disclaim the property in the hopes that it will then pass to your beloved niece.

Well, as nice as the intention and sentiment might be, the property is passed on in accordance with the expressed will of the decedent who drafted the will. It will not pass according to YOUR wishes unless you do take ownership of the property. Once the property is in your hands, it is (generally) yours to do what you like with. However, if you do not lay claim to the inheritance and want it to go to your niece instead, you had better hope that the terms of the will would appoint her as the next in line to inherit. The courts will follow the last will and testament’s directives: not the refusing party’s stated desires.

Contact Suncoast Civil Law

The Sarasota will & probate lawyers at Suncoast Civil law are standing by to assist you in any way regarding the process of disclaimer in estates.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0739/Sections/0739.102.html

kiplinger.com/retirement/inheritance/worst-assets-to-inherit