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Renunciation And Disclaimer of Joint Tenant or Tenancy Interest - Rhode Island

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The document is a legal renunciation and disclaimer of joint tenant interest, allowing the surviving joint tenant to refuse any property interest inherited from a deceased co-tenant. It outlines the process under Rhode Island law, including the requirement to file the disclaimer within nine months of the decedent's death, and states that the property will devolve to others as if the disclaiming tenant had predeceased the decedent.

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What is the renunciation of property interest?

In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust.

What is an example of an estate disclaimer?

A disclaimer is when the recipient (called the donee) refuses a bequest, for example, the donee refuses an inheritance left in a will or trust, refuses the proceeds from an account labeled as pay-on-death account when the original owner dies, or refuses the surviving interest in jointly owned property when one joint

What is a disclaimer of interest in property of estate?

A disclaimer is an estate planning tool that allows you to redistribute transfers of assets or property by refusing to accept a gift, bequest, or other form of property transfer. A disclaimer is an heirs legal refusal to accept a gift or a bequest.

Why would a beneficiary want to disclaim property?

By disclaiming the inheritance, the asset can pass to another beneficiary, potentially reducing the overall tax burden on the estate or aligning with better tax planning strategies. If an heir or beneficiary has substantial debts or is facing bankruptcy, accepting an inheritance might expose the assets to creditors.

Can you disclaim jointly held property?

Thus, a surviving joint tenant may disclaim the one-half survivorship interest in property that the joint tenant held either in joint tenancy with right of survivorship or in tenancy by the entirety, within 9 months of the death of the first joint tenant to die.

What is a disclaimer of property interest?

A disclaimer is an heirs legal refusal to accept a gift or a bequest. The disclaiming party does not have the authority to direct who inherits their share. If you properly execute a disclaimer, the asset disclaimed will pass to whoever would have received it had you died before the person who left the asset to you.

What is an example of a disclaimer in real estate?

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

Is Rhode Island a joint tenancy state?

In Rhode Island, these forms of joint ownership are available: Joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.

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