What Does Disclaimer Mean In Estate Planning?
You cannot be forced to accept an inheritance and there are many reasons why you may not want to accept. If you don’t want to accept you can disclaim your interest.
Disclaimers usually have time limits (generally 9 months), you cannot have accepted any part of benefit of the inheritance, you must disclaim all of it from one source (you can disclaim from the will but take life insurance) and you cannot say what happens to it.
Example Of Disclaimer In Regards To Estate Planning
My dad’s estate is supposed to be split among myself and my two siblings. I am currently in the middle of filing for bankruptcy and I know that if I was to take that inheritance it would immediately be used to pay off some of my debts. I think I will disclaim my inheritance and let my two siblings divide dad’s estate between the two of them. I won’t benefit, but at least my siblings can enjoy it instead of my creditors taking it all.