Renunciation of Inheritance

Form Review

This form allows a beneficiary to renounce their legal right to benefit from an inheritance (either under a will, trust or through intestacy. There are a number of reasons why a person might wish to avoid an inheritance, particularly if the proceeds would only go to their creditors, or if it would drastically affect their income tax liabilities. This was a sensible option if the disclaiming party was an beneficiary by descent, whose own children would then take in his place and without the imposition of a gift tax. 
Once done, you cannot recover from this renunciation.  It may be wise to consult counsel before taking this step. At a later time in your life you may indeed regret this action.  So think carefully before giving your inheritance rights up.  Laws vary from state to state and change over time, especially on the subject of partnerships.  Before using this document, have a lawyer review it. Make multiple copies.  Keep one in a transaction file you should set up on the subject, if you do this. You can also modify this form for other forms of renunciation.

Renunciation of Inheritance

TO: Estate of Full Name of Deceased

The undersigned renounces any and all right, title or interest in and to any gift, inheritance, bequest or other property or assets of the Estate of __________________ ("Estate").

The undersigned acknowledges that the executors of the Estate will rely on this Renunciation of Inheritance in distributing the property and assets of the Estate.

This Renunciation of Inheritance shall be binding upon the undersigned, and his or her heirs, executors, legal representatives and assigns.

_________________________

Renouncer

Date:

_________________________

Witness

_________________________

Witness

_________________________

Witness