Can you explain what does Renunciation by Beneficiaries mean?
Full Question:
Answer:
Louisiana law is vastly different in terminology from all other States so some of the terms may not be self-explanatory.
Renunciation is governed by the Louisiana Civil Code, CHAPTER 6. ACCEPTANCE AND RENUNCIATION OF SUCCESSIONS
A successor is an heir under Will or intestate law. A successor can renounce rights to succeed (property left or by law to him or her).
Art. 947. Right of successor to accept or renounce
A successor is not obligated to accept rights to succeed. He may accept some of those rights and renounce others.
A legal representative of a minor may renounce.
Art. 948. Minor successor deemed to accept
A successor who is a minor is deemed to accept rights to succeed, but his legal representative may renounce on behalf of the minor when expressly authorized by the court.
A person cannot renounce before the death of the decedent.
Art. 949. Death of decedent as prerequisite to acceptance or renunciation
A person may not accept or renounce rights to succeed before the death of the decedent.
The heir must know of the death and the rights of the heir to renounce.
Art. 950. Knowledge required of successor as prerequisite to acceptance or renunciation
An acceptance or renunciation is valid only if the successor knows of the death of the person to be succeeded and knows that he has rights as a successor. It is not necessary that he know the extent of those rights or the nature of his relationship to the decedent.
Art. 951. Nullity of premature acceptance or renunciation
A premature acceptance or renunciation is absolutely null.
Other probate may effect rights to renounce, as well as alteration or revocation of Will, etc.
Art. 952. Probate or annulment of testament after acceptance or renunciation of succession
An acceptance or renunciation of rights to succeed by intestacy is null if a testament is subsequently probated or given the effect of probate. An acceptance or renunciation of rights to succeed in a testate succession is null if the probate of the testament is subsequently annulled or the rights are altered, amended, or revoked by a subsequent testament or codicil.
if the legacy (what was to be received) is subject to a condition, the condition may be accepted or renounced.
Art. 953. Legacy subject to a suspensive condition
A legacy that is subject to a suspensive condition may be accepted or renounced either before or after the fulfillment of the condition.
Renunciation is retroactive to the date and time of death of the decedent.
Art. 954. Retroactive effects of acceptance and renunciation
To the extent that he accepts rights to succeed, a successor is considered as having succeeded to those rights at the moment of death of the decedent. To the extent that a successor renounces rights to succeed, he is considered never to have had them.
If an heir has a claim against the estate he or she may assert it even though the heir renounced property.
Art. 956. Claims of successor who is a creditor of the estate
A successor may assert a claim that he has as a creditor of the estate whether he accepts or renounces his succession rights.
A person who renounces must not have accepted the succession tacitly or expressly.
Art. 957. Formal or informal acceptance
Acceptance may be either formal or informal. It is formal when the successor expressly accepts in writing or assumes the quality of successor in a judicial proceeding. It is informal when the successor does some act that clearly implies his intention to accept.
Art. 958. Informal acceptance; use or disposition of property
Acts of the successor concerning property that he does not know belongs to the estate do not imply an intention to accept.
If the renouncing heir is the decedent’s sibling, his share goes to his direct descendants. A heir may renounce in favor of a third person to whom the inheritance would not devolve by statute or the will. Such renunciations are treated as “donative” renunciations or donations
Art. 960. Donative renunciation deemed acceptance
A renunciation shall be deemed to be an acceptance to the extent that it causes the renounced rights to devolve in a manner other than that provided by law or by the testament if the decedent died testate.
A renunciation must be in writing. It would be wise to have it notarized or have 2 witnessed witnesses to your signature.Art. 961. Effect of acceptance
Acceptance obligates the successor to pay estate debts in accordance with the provisions of this Title and other applicable laws.
Art. 962. Presumption of acceptance
In the absence of a renunciation, a successor is presumed to accept succession rights. Nonetheless, for good cause the successor may be compelled to accept or renounce.
Art. 963. Requirement of formality
Renunciation must be express and in writing.
If an intestate heir who is the decedent’s child renounces, his share goes to his children or their descendants. a heir who renounces may end up getting a share of the inheritance if another heir subsequently renounces.
Art. 964. Accretion upon renunciation in intestate successions
The rights of an intestate successor who renounces accrete to those persons who would have succeeded to them if the successor had predeceased the decedent.
In the absence of a will provision, the inheritance goes to those persons who would have succeeded to them if the legatee had predeceased the decedent
Art. 965. Accretion upon renunciation in testate successions
In the absence of a governing testamentary disposition, the rights of a testate successor who renounces accrete to those persons who would have succeeded to them if the legatee had predeceased the decedent.
The person who is to receive the property renounced may accept or renounce the right to receive the property.
Art. 966. Acceptance or renunciation of accretion
A person to whom succession rights accrete may accept or renounce all or part of the accretion. The acceptance or renunciation of the accretion need not be consistent with his acceptance or renunciation of other succession rights.
A creditor of an heir who renounces may be able to claim the property anyway.
Art. 967. Acceptance of succession by creditor
A creditor of a successor may, with judicial authorization, accept succession rights in the successor's name if the successor has renounced them in whole or in part to the prejudice of his creditor's rights. In such a case, the renunciation may be annulled in favor of the creditor to the extent of his claim against the successor, but it remains effective against the successor.
Art. 1095. Vacant succession, definition.
A succession is called vacant when no one claims it, or when all the heirs are unknown, or when all the known heirs to it have renounced it.
