What Happens to Disclaimed Property?
Full Question:
Answer:
The answer will depend on all the facts and documents involved. For example, under a will, the will maker may specify how a disclaimed gift is to be distributed. If a person dies intestate (without a will), the disclaimed property will pass according to state intestacy laws, which vary by state. Sometime the heirs will make a private a greement to buy out another's heir's share in property. We suggest you contact a local attorney who can review all the facts and documents involved.
California law states as follows:
"Unless the creator of the interest provides for a specific disposition of the interest in the event of a disclaimer, the interest disclaimed shall descend, go, be distributed, or continue to be held (1) as to a present interest, as if the disclaimant had predeceased the creator of the interest or (2) as to a future interest, as if the disclaimant had died before the event determining that the taker of the interest had become finally ascertained and the taker’s interest indefeasibly vested. A disclaimer relates back for all purposes to the date of the death of the creator of the disclaimed interest or the determinative event, as the case may be."
