Source: https://disclaimers.uslegal.com/disclaimer-of-property-interest/nevada-disclaimer-of-property-interest-law/
Timestamp: 2020-08-04 20:55:55
Document Index: 276913227

Matched Legal Cases: ['§120', '§120', '§120', '§120', '§120', '§120', '§120', '§120', '§120']

Nevada Disclaimer of Property Interest Law – Disclaimers
Nevada Disclaimer of Property Interest Law
Wills and Estates – Disclaimer of Property Interest – Nevada
Renunciation And Disclaimer Property -…
1. “Beneficiary” means any person entitled, but for his disclaimer, to take an interest:
(b) By devise;
(c) By legacy or bequest;
(f) As beneficiary of a testamentary trust;
(g) Pursuant to the exercise or nonexercise of a power of appointment;
(h) As donee of any power of appointment;
(i) By right of survivorship; or
(j) As beneficiary of an inter vivos gift, whether outright or in trust.
2. “Interest” means the whole of any property, real or personal, legal or equitable, present or future, or any fractional part, share or particular portion or specific assets thereof, or a joint tenancy or any other estate in any such property, or power to appoint, consume, apply or expend property, or any other right, power, privilege or immunity relating thereto.
3. “Disclaimer” means a written instrument which declines, refuses, renounces or disclaims any interest which would otherwise be succeeded to by a beneficiary.
4. “Disclaimant” means a person who executes a disclaimer. The term includes a beneficiary and his guardian, executor, administrator or general attorney in fact.
Title 10, Chap. 120, §120.010
(Added to NRS by 1979, 220; A 1981, 781, 1377; 1991, 1706)
Right to disclaim; requisites of disclaimer.
A beneficiary who is 18 years of age or over and competent may disclaim any interest, in whole or in part, by filing a disclaimer as provided in this chapter.
The disclaimer must:
1. Identify the decedent or donor;
2. Describe the property or part thereof or interest therein disclaimed;
3. Declare the disclaimer and the extent thereof; and
4. Be signed by the disclaimant.
Title 10, Chap. 120, §120.020
(Added to NRS by 1979, 220)
A disclaimer to be effective must be filed within a reasonable time after the
person able to disclaim acquires knowledge of the interest.
1. Except as otherwise provided in subsection 3, a disclaimer is conclusively presumed to have been filed within a reasonable time if filed:
(a) In case of interests created by will, within 9 months after the death of the person creating the interest.
(b) In case of interests arising from intestate succession, within 9 months after the death of the person dying intestate.
(c) In case of interests created by inter vivos trust, within 9 months after the interest becomes indefeasibly fixed.
(d) In other cases, within 9 months after the first knowledge of the interest is acquired by a person able to disclaim.
(e) Interests resulting from the exercise or nonexercise of a testamentary or nontestamentary power of appointment shall be deemed created by the donee of the power.
2. If the disclaimer is not filed within the time set forth in subsection 1, the disclaimant has the burden of establishing that the disclaimer was filed within a reasonable time after he acquired knowledge of the interest.
3. A disclaimer is conclusively presumed not to have been filed within a reasonable time after the person able to disclaim acquired knowledge of the interest if:
(a) An interest in the property which is in whole or in part sought to be disclaimed has been acquired by a purchaser or encumbrancer for value subsequent to or concurrently with the creation of the interest sought to be disclaimed and before the disclaimer; and
(b) One year has elapsed from the death of the person dying intestate or creating by will the interest sought to be disclaimed, or from the date of the transfer by inter vivos gift, whether outright or in trust.
Title 10, Chap. 120, §120.030
Place of filing; acknowledgment, proof and recording.
1. The disclaimer must be filed:
(a) In case of interests created by will or arising from intestate succession, with the district court in the county in which the estate of the decedent is administered, and a copy must be furnished to the personal representative of the decedent. If there is no administration, the disclaimer must be filed with the county clerk of the county in which administration would be proper.
(b) In case of interests created by an inter vivos trust, with the trustee then acting, or if there is none, with the county clerk of the county where the settlor resides, or if the settlor is dead, where he last resided.
(c) In other cases, with the person creating the interest or his successor or representative.
2. A disclaimer made pursuant to this chapter which affects real property or an obligation secured by real property must be acknowledged or proved, and recorded, in the same manner as a deed of real property. The acknowledgment or proof, the recording, or the absence of any of these has the same effect as for a deed of real property. Failure to file a disclaimer which is recorded pursuant to this subsection does not affect the validity of any transaction with respect to such real property or obligation secured thereby.
Title 10, Chap. 120, §120.040
(Added to NRS by 1979, 221)
Persons bound by disclaimer; waiver of right to disclaim.
1. A disclaimer, when effective, is binding upon the beneficiary and all persons claiming by, through or under him.
2. A person who, under this chapter, could file a disclaimer, may instead file a written waiver of a right to disclaim. The waiver must be filed in the same place as the disclaimer would have been filed. The waiver, when filed, is binding upon the beneficiary and all persons claiming by, through or under him.
Title 10, Chap. 120, §120.050
Unless otherwise provided by an express reference to the possibility of a disclaimer in the will, inter vivos trust, exercise of the power of appointment, or other written instrument creating or finally determining an interest, the interest disclaimed, and any future interest which is to take effect in possession or enjoyment at or after the termination of the interest disclaimed shall descend, go, be distributed or continue to be held as if the beneficiary disclaiming had predeceased the person creating the interest. In every case, the disclaimer relates back for all purposes to the date of the creation of the interest.
Title 10, Chap. 120, §120.060
Acceptance of interest precludes disclaimer.
1. A disclaimer may not be made after the beneficiary has accepted the interest to be disclaimed, but an acceptance does not preclude a beneficiary from thereafter disclaiming all or part of any interest to which he became entitled because another person disclaimed an interest, if the beneficiary had no knowledge of the interest.
2. For the purposes of this chapter, if a disclaimer has not theretofore been filed, a beneficiary has accepted an interest if he:
(a) Makes a voluntary assignment or transfer of, or contract to assign or transfer, the interest or any part thereof;
(b) Executes a written waiver of the right to disclaim the interest; or
(c) Sells or otherwise disposes of the interest or any part thereof pursuant to judicial process.
Title 10, Chap. 120, §120.070
(Added to NRS by 1979, 222)
Right to disclaim: Spendthrift provisions and similar restrictions.
The right to disclaim exists irrespective of any limitation imposed on the interest of a beneficiary in the nature of an expressed or implied spendthrift provision or similar restriction.
Title 10, Chap. 120, §120.080
Disclaimer of interest arising before April 16, 1979.
Any interest created before April 16, 1979, which has not been accepted may be disclaimed in the manner provided in this chapter.
Title 10, Chap. 120, §120.090
Renunciation And Disclaimer Property – Intestate Succession
Inside Nevada Disclaimer of Property Interest Law