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Encyclopedia > Disclaimer of interest
The law of wills and trusts
Part of the common law series
Inheritance
Intestacy  · Testator  · Probate
Power of appointment
Simultaneous death  · Slayer rule
Disclaimer of interest
Types of will
Holographic will  · Will contract
Joint wills and mutual wills
Parts of a will
Codicil  · Attestation clause
Incorporation by reference
Residuary clause
Problems of property disposition
Lapse and anti-lapse
Ademption  · Abatement
Acts of independent significance
Elective share  · Pretermitted heir
Contesting a will
Testamentary capacity  · Undue influence
Trusts
Pour-over will  · Spendthrift trust
Charitable trust  · Cy pres doctrine
Resulting trust  · Constructive trust
Honorary trust
Other areas of the common law
Contract law  · Tort law  · Property law
Criminal law  · Evidence
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Disclaimer of interest (also called a renunciation), in the law of inheritance, wills and trusts, is a term that describes 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. Image File history File links Legal portal image File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Corruption Jurisprudence Philosophy of law Law (principle) List of legal abbreviations Legal code Intent Letter versus Spirit Natural Justice Natural law Religious law Witness intimidation Legal research External links Wikibooks Wikiversity has more about this subject: School of Law Look up law in Wiktionary, the free dictionary Law, Legal Definitions... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation and the event of such persons incapacity or death, also known as the law of successions in civil law. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... Intestacy refers to the body of common law that determines who is entitled to the property of a dead person in the absence of a last will and testament or other binding declaration. ... A testator is a person who has made a legally binding will or testament, which specifies what is to be done with that persons family and/or property after death. ... Probate is the legal process of settling a dead persons estate: specifically, distributing the decedents property. ... A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. ... Simultaneous death is a problem of inheritence which occurs when two people (usually a husband and wife) die at the same time in an accident. ... The slayer rule, in the common law of inheritance, is a doctrine that prohibits inheritence by a person who murders someone from whom they stand to inherit. ... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... A holographic will is an unwitnessed will and testament written by the testator personally, rather than being prepared by a lawyer, another person acting on the testators behalf, or from a pre-printed form. ... A will contract is term used in the law of wills describing a contract to exchange a current performance for a future bequest. ... Joint wills and mutual wills are closely related terms used in the law of wills to describing two types of testemantary devices that may be executed by a married couple to insure that their property is disposed of identically. ... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... Codicil can refer to: An addition made to a will Any addition or appendix, such as a corollary to a theorem A poem by Derek Walcott This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... In the statutory law of wills and trusts, an attestation clause is a clause that is typically appended to a will, often just below the place of the testators signature. ... Incorporation by reference is a doctrine of the common law of wills by which a person may state in his will that certain property is to be disposed of by a seperate document, describing the place where the document will be found. ... A residuary estate, in the law of wills, is any portion of the testators estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. ... Lapse and anti-lapse are complementary concepts under the law of wills, which address the disposition of property that is willed to someone who dies before the testator (the writer of the will). ... Ademption is a term used in the law of wills to determine what happens when property bequested under a will is no longer in the testators estate when the testator dies. ... Abatement (derived through the French abattre, from the Late Latin battere, to beat), a beating down or diminishing or doing away with; a term used especially in various legal phrases. ... The doctrine of acts of independent significance, in the common law of wills, permits the testator to effectively change the disposition of her property without changed her will, if acts or events with relation to the property itself have some significance beyond avoiding the requirements of the will. ... An elective share is a term used in American law relating to inheritance, which describes a proportion of an estate which the surviving spouse of the deceased may claim in place of what they were left in the decedents will. ... A pretermitted heir is a term used in the law of property to describe a person who would likely stand to inherit under a will, except that the testator (the person who wrote the will) did not know or did not know of the party at the time the will... A will contest, in the law of property, is a formal objection raised against the validity of a will, based on the contention that the will does not reflect the actual intent of the testator (the party who made the will). ... In the common law tradition, testamentary capacity is the legal term of art used to describe a persons legal and mental ability to make a valid will. ... Undue influence (as a term in jurisprudence) is an equitable doctrine that involves one person taking advantage of a position of power over another person. ... In common law legal systems, a trust is a relationship in which a person or entity (the trustee) has legal control over certain property (the trust property or trust corpus), but is bound by a fiduciary duty to exercise that legal control for the benefit of someone else (the beneficiary... A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his estate at the time of his death shall be placed in the trust. ... A spendthrift trust is a trust that is created for the benefit of a person who is in debt (often because they are unable to control their spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit... A charitable trust is a trust organized to serve private or public charitable purposes. ... The cy pres doctrine (pronounced as see-pray) is doctrine of the Court of equity. ... In common law legal systems, a trust is a relationship in which a person or entity (the trustee) has legal control over certain property (the trust property or trust corpus), but is bound by fiduciary duty to exercise that legal control for the benefit of someone else (the beneficiary), according... A constructive trust is a legal device used by courts sitting in equity to resolve claims raised by a plaintiff whose property has been converted to a profitable use by the defendant. ... An honorary trust, under the law of trusts, is a device by which a person establishes a trust for which there is neither a charitable purpose, nor a private beneficiary to enforce the trust. ... A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ... In the common law, a tort is a civil wrong for which the law provides a remedy. ... Property law is the law that governs the various forms of ownership in real property (land as distinct from personal or moveable possessions) and in personal property, within the common law legal system. ... Criminal law (also known as penal law) is the body of law that punishes criminals for committing offences against the state. ... The law of evidence governs the use of testimony (eg. ... Corruption Jurisprudence Philosophy of law Law (principle) List of legal abbreviations Legal code Intent Letter versus Spirit Natural Justice Natural law Religious law Witness intimidation Legal research External links Wikibooks Wikiversity has more about this subject: School of Law Look up law in Wiktionary, the free dictionary Law, Legal Definitions... For other uses, see inheritance (disambiguation). ... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... The term trust has several meanings: In general, trust refers to an aspect of a relationship between two parties, by which a given situation is mutually understood, and commitments are made toward actions in favor of a desired outcome. ... Intestacy refers to the body of common law that determines who is entitled to the property of a dead person in the absence of a last will and testament or other binding declaration. ...


There are a number of reasons why a person might wish to avoid an inheritance, particularly if the proceeds would only go to their creditors, or if it would drastically affect their income tax liabilities. Under the common law, a person who disclaimed their interest would be treated as though they had died before the trust or will came into effect. This was a sensible option if the disclaiming party was an heir by descent, whose own children would then take in his place and without the imposition of a gift tax. A creditor is a party (e. ... Income tax is a direct tax which is levied on the income of private individuals. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... Inheritance tax, also known in some countries outside the United States as a death duty and referred to as an estate tax within the U.S, is a form of tax levied upon the bequest that a person may make in their will to a living person or organisation. ...


The disclaimer must be in writing and submitted to the court overseeing the disposition of the estate within a legally specified time period, which is usually nine months after the death of the person from whom the disclaiming party stands to inherit, or twelve months after the creation of a trust by a living person. An affidavit may be required in which the disclaiming party must swear that he has not received any consideration (i.e., compensation) for the disclaimer. The disclaimer must also occur before the disclaiming party has enjoyed any benefits of the trust or inheritance. Many jurisdictions now have statutes that prohibit a disclaimer when the individual is insolvent or receiving certain public benefits due to low income. An affidavit is a formal sworn statement of fact, written down, signed, and witnessed (as to the veracity of the signature) by a taker of oaths, such as a notary public. ... (Note, Consideration under English law is dealt with separately) Consideration is a central concept in the common law of contracts. ... A statute is a formal, written law of a country or state, written and enacted by its legislative authority, perhaps to then be ratified by the highest executive in the government, and finally published. ... This article is in need of attention. ...


A disclaimer of interest is irrevocable. It must be a complete, and not a partial disclaimer. Such a disclaimer can be made by a legal guardian on behalf of a person who lacks the capacity to make the disclaimer themselves, but this usually requires the finding by a court that the disclaimer is in the ward's best interest. A legal guardian is a person who has the legal authority (and the corresponding duty) to care for the personal and property interests of another person, called a ward. ... Capacity is a legal term that refers to the ability of persons to make certain binding dispositions of their rights, such as entering into contracts, making gifts, or writing a valid will. ... A court is an official, public forum which a public power establishes by lawful authority to adjudicate disputes, and to dispense civil, labour, administrative and criminal justice under the law. ...


Disclaimers and Deeds of Variation: England and Wales

In England and Wales a disclaimer is likewise irrevocable and covers the entire testamentary gift. It may be a unilateral act but should be communicated in writing to the persons administering the estate. It does not need to be registered with the court; the persons administering the estate are obliged to retain the communication as they may be required to provide an account to the court of their actions in the administration.


A similar effect to a disclaimer (including for inheritance and capital gains tax purposes) can be achieved with a greater degree of flexibility through the use of a deed of variation. A person or persons due to inherit property may enter into such a deed with the personal representatives (executors or administrators of an intestate estate) and redirect property due to the persons entering into the deed to whomsoever they wish. However one cannot vary one's entitlement under a deed of variation! A deed of variation may be revocable or irrevocable. Disclaimers and deeds of variation may be overturned by the bankruptcy court and assets traced. An executor is a person named by a maker of a will to carry out the directions of the will. ... Intestacy refers to the body of common law that determines who is entitled to the property of a dead person in the absence of a last will and testament or other binding declaration. ...


Disclaimer of other interests

In addition to the more typical disclaimer under wills, an individual may also be able to disclaim his interest as the beneficiary of a life insurance policy or employee benefit plans. It may also apply to concurrent interests in real property that automatically transfer after death by operation of law rather than by the rules of inheritance (such as joint tenancies or tenancies by the entirety). Life insurance is a type of insurance. ... A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ... The term Immovable Property is synonimous with Real Estate. Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... The phrase by operation of law is a legal term that indicates that a right or liability has been created for a party, irrespective of the intent of that party, because it is dictated by existing legal principles. ... A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ... A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ...


  Results from FactBites:
 
Disclaimer of interest - Wikipedia, the free encyclopedia (610 words)
Disclaimer of interest (also called a renunciation), in the law of inheritance, wills and trusts, is a term that describes 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.
The disclaimer must be in writing and submitted to the court overseeing the disposition of the estate within a legally specified time period, which is usually nine months after the death of the person from whom the disclaiming party stands to inherit, or twelve months after the creation of a trust by a living person.
Such a disclaimer can be made by a legal guardian on behalf of a person who lacks the capacity to make the disclaimer themselves, but this usually requires the finding by a court that the disclaimer is in the ward's best interest.
Disclaimer - Wikipedia, the free encyclopedia (436 words)
A disclaimer is a legal statement which generally states that the person/group authoring the disclaimer is not responsible for any mishap in the event of using whatever object or information the disclaimer is attached to.
In estate or inheritance law, a disclaimer (also called disclaimer of interest) is a written document voluntarily signed by an heir to an estate in which the said heir does not accept (disclaims) the part of the estate of a deceased person which the heir is entitled to receive.
The disclaimed part of the estate is then inherited not necessarily by a person of the disclaiming heir's choice, but by the next heir in line to receive that part of the estate as if the disclaiming heir were also deceased, either according to the will, beneficiary designation, or the laws of intestacy.
  More results at FactBites »

 
 

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