My mother’s Will gives me the option to disclaim on my inheritance, how is this done and how long does it take to prepare a disclaimer?
A disclaimer is an heir’s legal refusal to accept a gift or a bequest. If you properly execute a disclaimer, the asset disclaimed will pass to whoever would have received it had you died before the person who left the asset to you.
In your example, your mother left you an inheritance which if disclaimed by you will pass to whomever would have received that asset had you died before your mother. Often this will be your children, but you must make sure you fully understand the ramifications of the disclaimer before exercising this right.
In New Jersey the disclaimer of a testamentary transfer must be properly filed within 9 months of the date of death. The disclaimer must be in writing, signed and acknowledged by the disclaimant (yourself), it must describe the property disclaimed and it must declare the disclaimer, and must specify the extent of the disclaimer.
All of this can be accomplished in a few weeks, but I would start the process as early as possible as you can never tell if there might be unforeseen complications.
If you have questions about avoiding Probate in Camden County, feel free to contact our office for a free consultation.
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