Have you ever wondered what you would do if you decided you did not want an inheritance that was left to you? It might not be commonplace, but sometimes if you are left something under a relative’s Last Will and Testament (“Will”) or stand to inherit under Florida’s intestacy laws, you might want to know how to disclaim your interest.
In today’s post, we’ll take a brief look at how to disclaim an interest in Florida.
Why disclaim an interest in the first place?
When we think of getting an inheritance, most of the time we picture heirs gratefully, if not joyfully, accepting the money or property that has been left to them. We don’t often think of a beneficiary or heir turning down an inheritance.
But it does happen.
And there are good reasons for disclaiming an interest.
For example, getting a share of a probate estate could interfere with your own estate planning. Or taxes could be a problem. Or it could cause you to no longer qualify for medical or other benefits.
There are many reasons why a person might want to not keep the inheritance himself or herself, but pass it on to his or her own heirs. And that is where the Florida Uniform Disclaimer of Property Interests Act comes in.
Disclaimers can be in part or in whole.
The law allows people to disclaim interests either in whole or in part. It also allows for conditional and unconditional disclaimers. To learn more about this, consult with a Florida estate and probate lawyer.
The laws pertaining to disclaimers can be quite complicated. If you are an individual
disclaiming an interest in Florida property, you will need to understand the laws of intestate succession if there is no Will. If decedent did have a Will, then you will need to thoroughly understand the effect that disclaiming an interest will have.
Disclaimers must be written to be effective.
When you disclaim your interest as an individual (not as a corporation or business), the law treats you as if you had predeceased the decedent. What this means, then, is that the law allows the asset you would have gotten to be passed on to your heirs.
To be effective, however, the disclaimer must be in writing, properly executed, and recorded.
It is extremely important if you want to disclaim a probate interest, that you do it correctly. If you need help, or want to know more, contact an experienced estate and probate lawyer today.
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Don’t leave planning for your future and that of your loved ones to chance. All it takes is one phone call to SJF Law Group to ensure that your wishes will be followed, and your loved ones taken care of when you are gone. We expertly guide individuals through the complex probate process, and capably handle all aspects of the creation, administration, and settlement of trusts as well. When you work with the estate planning attorneys at SJF Law Group, you get more than just an estate plan: you get peace of mind. Call us at 954-580-3690 or email us at: [email protected] today.