Source: https://disclaimers.uslegal.com/disclaimer-of-property-interest/vermont-disclaimer-of-property-interest-law/
Timestamp: 2020-08-04 19:42:54
Document Index: 505311887

Matched Legal Cases: ['§1951', '§1952', '§ 1', '§1953', '§1954', '§1955', '§1956', '§1957', '§1958', '§1959']

Vermont Disclaimer of Property Interest Law – Disclaimers
Vermont Disclaimer of Property Interest Law
Wills and Estates – Disclaimer of Property Interest – Vermont
Right to disclaim interest in property
A person, or the representative of a deceased, incapacitated or protected person, to whom any property or interest therein devolves, by whatever means, may disclaim it in whole or in part by delivering a written disclaimer under this chapter. The right to disclaim exists notwithstanding any limitation on the interest of the disclaimant in the nature of a spendthrift provision or similar restriction.
Title 14, Chap. 83, §1951. (Added 1985, No. 130 (Adj. Sess.).)
Time of disclaimer-Delivery
(a) Except as provided in subsection (c) of this section, if the property or interest has devolved to the disclaimant under a testamentary instrument or by the laws of intestacy, the disclaimer shall be delivered, as to a present interest, not later than nine months after the death of the deceased owner or deceased donee of a power of appointment and, as to a future interest, not later than nine months after the event determining that the taker of the property or interest has become finally ascertained and his or her interest is indefeasibly vested. The disclaimer shall be delivered in person or mailed by registered or certified mail to any personal representative, or other fiduciary of the decedent or the donee of the power, to the holder of the legal title to which the interest relates, or to the person entitled to the property or interest in the event of disclaimer. A copy of the disclaimer shall be filed in the probate court of the district in which proceedings for the administration of the estate of the deceased owner or deceased donee of the power have been commenced.
(b) Except as provided in subsection (c) of this section, if the property or interest has devolved to the disclaimant under a nontestamentary instrument or contract, the disclaimer shall be delivered, as to a present interest, not later than nine months after the effective date of the nontestamentary instrument or contract and, as to a future interest, not later than nine months after the event determining that the taker of the property or interest has become finally ascertained and his or her interest indefeasibly vested. If the person entitled to disclaim does not have actual knowledge of the existence of the interest, the disclaimer shall be delivered not later than nine months after he or she has actual knowledge of the existence of the interest. The effective date of a revocable instrument or contract is the date on which the maker no longer has power to revoke it or to transfer to him or herself or another the entire legal and equitable ownership of the interest. The disclaimer shall be delivered in person or mailed by registered or certified mail to the person who has legal title to or possession of the interest disclaimed.
(c) In any case, as to a transfer creating an interest in the disclaimant made after December 31, 1976, and subject to tax under chapter 11, 12, or 13 of the Internal Revenue Code of 1986, as amended, a disclaimer intended as a qualified disclaimer thereunder must specifically so state and must be delivered not later than nine months after the later of the date the transfer is made or the day on which the person disclaiming attains age 21.
(d) A surviving joint tenant or tenant by the entirety may disclaim as a separate interest any property or interest therein devolving to him or her by right of survivorship. A surviving joint tenant or tenant by the entirety may disclaim the entire interest in any property or interest therein that is the subject of a joint tenancy or tenancy by the entirety devolving to him or her, if the joint tenancy or tenancy by the entirety was created by act of a deceased joint tenant or tenant by the entirety and the survivor did not join in creating the joint tenancy or tenancy by the entirety.
(e) If real property or an interest therein is disclaimed, a copy of the disclaimer shall be recorded in the land records of the town in which the property or interest disclaimed is located.
Title 14, Chap. 83,§1952. (Added 1985, No. 130 (Adj. Sess.); amended 1991, No. 146 (Adj. Sess.), § 1, eff. April 28, 1992.)
(3) be signed by the disclaimant. (Added 1985, No. 130 (Adj. Sess.).
Title 14, Chap. 83, §1953.
(a) If the property or interest devolved to a disclaimant under testamentary instrument or under the laws of intestacy and the deceased owner or donee of a power of appointment has not provided for another disposition, it devolves as if the disclaimant had predeceased the decedent or, if the disclaimant was designated to take under a power of appointment exercised by a testamentary instrument, as if the disclaimant had predeceased the donee of the power. Any future interest that takes effect in possession or enjoyment after the termination of the estate or interest disclaimed takes effect as if the disclaimant had died before the event determining that the taker of the property or interest had become finally ascertained and his or her interest is indefeasibly vested. A disclaimer relates back for all purposes to the date of death of the decedent, or of the donee of the power, or the determinative event, as the case may be.
(2) a future interest that takes effect in possession or enjoyment at or after the termination of the disclaimed interest takes effect as if the disclaimant had died before the event determining that the taker of the property or interest had become finally ascertained and his or her interest indefeasibly vested. A disclaimer relates back for all purposes to the effective date of the instrument or contract or the date of the determinative event, as the case may be.
(c) The disclaimer or the written waiver of the right to disclaim is binding upon the disclaimant or person waiving and all persons claiming through or under him or her.
Title 14, Chap. 83, §1954. (Added 1985, No. 130 (Adj. Sess.).)
The right to disclaim property or an interest therein is barred by
(2) an encumbrance, except that the lien for a writ of attachment or a judgment lien shall only bar a disclaimer to the extent of the amount of the lien;
(3) a written waiver of the right to disclaim;
(4) an acceptance of the property or interest or a benefit thereunder; or
(5) a sale of the property or interest under judicial sale made before the disclaimer is effected.
Title 14, Chap. 83, §1955. (Added 1985, No. 130 (Adj. Sess.).)
This chapter does not abridge the right of a person to waive, release, disclaim, or renounce property or an interest therein under any other provisions of law.
Title 14, Chap. 83, §1956. (Added 1985, No. 130 (Adj. Sess.).)
An interest in property that exists on July 1, 1986 as to which, if a present interest, the time for delivering a disclaimer under this chapter has not expired or, if a future interest, the interest has not become indefeasibly vested or the taker finally ascertained, may be disclaimed within nine months after July 1, 1986.
Title 14, Chap. 83, §1957. (Added 1985, No. 130 (Adj. Sess.).)
Title 14, Chap. 83, §1958. (Added 1985, No. 130 (Adj. Sess.).)
Title 14, Chap. 83, §1959. (Added 1985, No. 130 (Adj. Sess.)
Inside Vermont Disclaimer of Property Interest Law