How Does a Person Renounce Inherited Property in Georgia?
Full Question:
Answer:
The answer will depend on all the circumstances in your case. It may be possible to renounce the property if it has not yet been accepted. In the case of a minor, a guardian may renounce on their behalf. We suggest you contact a local attorney who can review all the facts and documents involved.
Please see the following GA statute to determine applicability:
53-1-20. (a) For purposes of this Code section, the term "property"
includes. . . .
(a) For purposes of this Code section, the term "property" includes
any interest in property and any power over or right with respect to
the property.
(b) Any person to whom an interest in property is transferred or who
succeeds to property by contract or by operation of law may renounce the
property in whole or in part as provided in this Code section. A person
may renounce even if a spendthrift or similar restriction applies to the
property renounced. Persons who may renounce include fiduciaries acting on
behalf of an individual, such as personal representatives, trustees,
conservators, or guardians, as well as duly authorized attorneys in
fact, whether acting on behalf of an individual or fiduciary.
(c) A renunciation must be made by a written instrument that describes
the renounced property, declares the renunciation and the extent of it,
and is signed by the person making the renunciation.
(d) The written instrument must be received by the transferor of the
property, the transferor's legal representative, or other holder of
title to the property not later than the date which is nine months
after the later of:
(1) The date of the transfer; or
(2) The day on which the person making the renunciation reaches the age
of 21.
The instrument may also be filed in the probate court of the county in
which proceedings concerning the transferor's estate are pending or in
which they could be commenced and, in the case of real property, in the
real property records of the county in which the real property is
located. An instrument so filed in the probate court shall be
conclusively presumed to have been received by the personal
representative of the transferor's estate not later than the date of such
filing, but earlier receipt may be shown.
(e) A person who has accepted property or any of its benefits may not
renounce the property.
(f)(1) Except as otherwise provided by the will or other governing
instrument, a renunciation shall cause the renounced property to pass
as if the person renouncing had predeceased the decedent or, in the
case of property passing upon exercise of a power of appointment, as if
the person renouncing had predeceased the holder of the power, even if
the acceleration of a contingent remainder or other interest results. A
will or other governing instrument may otherwise provide expressly or
by implication, but the fact that a remainder or other future interest
following a renounced interest is conditioned upon surviving the holder
of such renounced interest shall not, without more, be sufficient to
indicate that such conditioned interest should not accelerate by reason
of such renunciation. Notwithstanding the foregoing, solely for the
purposes of the last clause of paragraph (5) and the last clause of
paragraph (7) of subsection (c) of Code Section 53-2-1, any individual
renouncing who is the only sibling or the only aunt or uncle surviving
the decedent shall not be deemed to have predeceased the decedent.
(2) Renounced property that is the subject of an attempted outright
gift shall be treated as an incomplete gift.
(3) A renounced power over property shall be treated as if such power
had not been created with respect to the person renouncing such power.
(4) The expression in a renunciation of an intent or desire that the
property pass to certain persons shall be considered merely precatory
and shall have no legal effect unless specifically declared to be a
condition of the renunciation.
(g) In every case a renunciation relates back for all purposes to the
applicable date among the following:
(1) The date of death of the decedent;
(2) The date of the death of the holder of the power of appointment;
(3) The date the gift was attempted; or
(4) The date the power was created.
(h) This Code section does not abridge the right of any person to
transfer or renounce any property under any other statute or common
law. Any renunciation that is otherwise valid but fails to meet the
requirements of subsections (c) and (d) of this Code section shall
operate as a transfer of the property to those persons who would have
received it had the renunciation met those requirements.
(i) Nothing in this Code section alters the duties of any fiduciary to
act in the best interests of the person the fiduciary represents. This
subsection shall not, however, limit the power granted by this Code
section to a fiduciary to renounce property.