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Disclaimer of 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. "If a trustee disclaims an interest in property that otherwise would have ...
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2.IHTM35000
A beneficiary may disclaim by written disclaimer or by conduct. The disclaimer must apply to the whole of the benefit. The beneficiary must not have received any benefit from the property being disclaimed, although they may accept one gift in a will and disclaim another.
A disclaimer must be unconditional and the beneficiary cannot redirect the interest that is being disclaimed. The disclaimed benefit falls back into residue and follows the devolution of the estate accordingly.
If Alan is left a pecuniary legacy of £70,000 he must disclaim the whole amount and cannot purport to disclaim, say, £10,000 of it.
If Alan received a pecuniary legacy of £20,000, and under a separate clause, a one third share of the residue, he could effectively disclaim the £20,000 without giving up the residuary bequest, (or vice versa).
Alan is entitled to a one-third share in the residuary estate. He receives £500 on account. If he accepts this sum he cannot then disclaim his share in the residuary estate.
A Disclaimer of Interest can be used by a beneficiary of all or part of an estate to effectively renounce their interest and give up their inheritance.
Jan 18, 2016 · What is the status of an interest in land following dissolution of a corporate proprietor and subsequent disclaimer of any interest by the Crown? Louise Power explains the court’s approach to this complex and unclear area of law in the recent case of Re Fivestar Properties.
Mar 15, 2023 · A disclaimer of interest is, essentially, a written statement to the probate court where someone who stands to inherit property or assets states that they do not wish to exercise that inheritance. They “disclaim” any right to receive the interest that they otherwise would.
Property that the deceased is treated as owning by virtue of an interest in possession in a settlement must be disclaimed (under s93 of the Inheritance Act 1984), as it is not capable of being varied under s144.
As explained earlier the effect of a disclaimer is to determine (end) the insolvent’s interest in the property – thereby, effectively leaving the interest without an owner.
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