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Who gets my inheritance if I disclaim it?

When you disclaim an inheritance, you will not receive the inheritance and it will instead pass onto the next Beneficiary. It is important to note that when you disclaim an inheritance, you do not get to choose who the Beneficiary will be in your place.

What is Section 15 15 401 et seq of the Colorado Revised Statutes?

15-15-401. (1) BENEFICIARY DEEDMEANS A DEED, SUBJECT TO REVOCATION BY THE OWNER, WHICH CONVEYS AN INTEREST IN REAL PROPERTY AND WHICH CONTAINS LANGUAGE THAT THE CONVEYANCE IS TO BE EFFECTIVE UPON THE DEATH OF THE OWNER AND WHICH MAY BE IN SUBSTANTIALLY THE FORM DESCRIBED IN SECTION 15-15-404.

What does disclaimer of inheritance mean?

First, its important to understand what disclaiming an inheritance means. In a nutshell, it means youre refusing any assets that you stand to inherit under the terms of someones will, a trust or, in the case of a person who dies intestate, the inheritance laws of your state.

How does a disclaimer work with an estate?

A disclaimer is a refusal to accept an interest in or a power over property. In its most common usage a disclaimer involves an estate or trust beneficiary refusing to accept all or a portion of the inheritance or trust benefits to which they would have been entitled.

What are the reasons for disclaiming an inheritance?

Why disclaim? The five reasons one would choose to disclaim are to save taxes, protect assets, avoid additional costs, provide gifts, correct unintended consequences, or some variation/mixture of the five. The federal estate tax exclusion is $12.92 million per individual or $25.84 million per couple (2023).

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How do I disclaim an inheritance in Colorado?

How do I legally disclaim my inheritance? be in writing; declare who the disclaimer is; describe the interest (property) disclaimed, signed by the disclaimer; and. delivered to the personal representative, or trustee of the estate; or. filed with the court proceeding over the estate.

What are the rules for disclaiming inheritance?

How to disclaim inheritance The disclaimer must be in writing. The disclaimer must be given to the appropriate individual or entity, such as a probate court, trustee, executor/personal representative or administrator. The person disclaiming the inheritance must do so within a reasonable amount of time.

What is the statute of beneficiary deeds in Colorado?

Section 15-15-402 - Real property - beneficiary deed (1) In addition to any method allowed by law to effect a transfer at death, title to an interest in real property may be transferred on the death of the owner by recording, prior to the owners death, a beneficiary deed signed by the owner of such interest, as

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