Can one disclaim an inheritance after filing bankruptcy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can one disclaim an inheritance after filing bankruptcy?
I filed bankruptcy in 5 and my step-father died 3 months later. He left me a beneficiary of mutual funds. He also has a Will and all the money is to be distributed equally among his 6 children after all debt is paid. Can I disclaim the inheritance and let it go back to the estate to pay his debt and children?
Asked on July 26, 2011 Tennessee
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Yes, people who are beneficiaries under a Will or Trust can disclaim any interests in what was given them if that is what is desired. To do so, you need to write a letter to the trustee of the trust or the executor/executrix orother person handling the Will specifically stating your desire to not share in any part of the gift.
You will most likely get a letter in return asking confirmation of the desire to not inherit where youwould sign a form before a notary public to that effect to be returned to the estate's personal representative. If there is a probate for the state you are giving up an interest in, the form will most likely be filed in the court proceedings and the court will issue an order confirming your desires.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.