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What is a legal renunciation?

renunciation. n. 1) giving up a right, such as a right of inheritance, a gift under a will or abandoning the right to collect a debt on a note. 2) in criminal law, abandoning participation in a crime before it takes place, or an attempt to stop other participants from going ahead with the crime.

What is the legal effect of the renunciation?

In the context of a contract, a renunciation occurs when one party, by words or conduct, evinces an intention not to perform, or expressly declares that they will be unable to perform their obligations under the contract in some essential respect. The renunciation may occur before or at the time of performance.

What is renunciation of inheritance?

In summary, the general renunciation of the heir of his share in the inheritance of the estate of the deceased is a transaction exempt from donors tax, unless the renunciation is made in favor of a specific heir or there is partial renunciation of the portion of the said inheritance, which are both considered

Can you give away your inheritance to someone else?

You can redirect your inheritance to anyone you want. It does not matter if the deceased left a Will or if you inherited under the intestacy rules (i.e. where there is no Will). You may wish to redirect your inheritance to: reduce the amount of inheritance tax or capital gains tax due in the deceaseds estate.

What does renunciation mean in a will?

Renunciation of inheritance means that an heir renounces his/her right to inherit any of legacy when the heir does not want to inherit the legacy of the ancestor (a deceased person).

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