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Commonly Asked Questions about Disclaimer of Property Interest

(6) Disclaimer means the refusal to accept an interest in or power over property.
Moreover, Probate Code section 278 states, the disclaimer shall be in writing, shall be signed by the disclaimant, and shall: (a) Identify the creator of the interest. (b) Describe the interest to be disclaimed. (c) State the disclaimer and the extent of the disclaimer.
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Disclaiming means that you give up your right to receive the inheritance. If you choose to do so, whatever assets you were meant to receive would be passed along to the next beneficiary in line. Its not typical for people to disclaim inheritance assets.
For example, a diet pill company or a financial planning company can disclaim that past performances dont necessarily indicate future results. Use at Your Own Risk: Used often with businesses that sell products that may be considered dangerous or risky to use.
You make your disclaimer in writing. Your inheritance disclaimer specifically says that you refuse to accept the assets in question and that this refusal is irrevocable, meaning it cant be changed. You disclaim the assets within nine months of the death of the person you inherited them from.
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As a more straightforward example, if a parent leaves their home to their children under a will, then all of those children are beneficiaries under the code. This is where the disclaimer comes in. There is an interest that will be adjudicated by the probate court.