Can I reject an inheritance?

The answer is yes. The technical term is “disclaiming” it. If you are considering disclaiming an inheritance, you need to understand the effect of your refusal—known as the “disclaimer”—and the procedure you must follow to ensure that it is considered qualified under federal and state law.

Do I need probate if I am next of kin?

If you are named in someone’s will as an executor, you may have to apply for probate. This is a legal document which gives you the authority to share out the estate of the person who has died according to the instructions in the will. You do not always need probate to be able to deal with the estate.

What is order of next of kin?

Your next of kin relatives are your children, parents, and siblings, or other blood relations. Since next of kin describes a blood relative, a spouse doesn’t fall into that definition. Still, if you have a surviving spouse, they are first in line to inherit your estate if you die without a will.

What do I do if I don’t want my inheritance?

How to Make a Disclaimer

1. Put the disclaimer in writing.
2. Deliver the disclaimer to the person in control of the estate – usually the executor or trustee.
3. Complete the disclaimer within nine months of the death of the person leaving the property.
4. Do not accept any benefit from the property you’re disclaiming.

Who are next of kin for inheritance purposes?

Most states consider the deceased’s surviving spouse and children next of kin for inheritance purposes. If a person writes a valid will before she dies, all of her property passes under that will to the persons or entities the will identifies as her beneficiaries, regardless of whether they are family or relatives.

What happens if you refuse to accept an inheritance?

If you refuse to accept an inheritance, you will not be responsible for inheritance taxes, but you’ll have no say in who receives the assets in your place. The bequest passes either to the contingent beneficiary listed in the will or, if that person died without a will, according to your state’s laws of intestacy.

What happens to property when there are no qualifying relatives?

After a reasonably thorough search, should no qualifying relatives exist, the property of the deceased escheats, or transfers, to the state. In other words, if a person dies leaving no qualifying relatives, any assets go to the state treasury.

Can a spouse be next of kin if there are no children?

Sometimes the spouse may even inherit the entirety of the estate, especially if you also have no surviving children or parents. Your next of kin may extend further down your bloodline, particularly if you have no surviving spouse or children. Next, come parents and then siblings.