Inheritance

[jhudson13]

I am the executor of my mom's Will in Virginia. A beneficiary (my brother) has sent me a disclaimer saying he does not want his inheritance. According to the Will, next in line would be his now adult children. They also have sent me a disclaimer saying they do not want anything. What do I do now?

 

[Dandy Don]

Are you named as a beneficiary in the will?

Are there any other beneficiaries named in the will, besides your brother and his children?

You need to consult with a Virginia probate attorney to find out the correct way to handle this--there may be a formal form to do a disclaimer that is available from the county courthouse probate court, or a signed statement to disclaim might be enough. You want to make sure that this is handled correctly.

 

[jhudson13]

Yes I am the only other beneficiary .

 

[LdiJ]

Yes I am the only other beneficiary .

Then, in the end, once all the formalities are completed, it looks like everything will belong to you. Now, if for some reason they are doing this because they think that all they will inherit is debt, and if you believe that all that will be inherited is debt, then you are all wrong.

In that instance you would be responsible to sell all of her assets to put towards the debt and estate expenses, based on the requirements of the law, but if any debt is left over after that, its nobody's responsibility. The creditors just lose out.

If you are at all confused about how it all works, then you should get a consult with a local probate attorney. You do not have to spend the money to retain one, but you should pay for an hour of one's time in order to be clear on everything.

 

[jhudson13]

Thanks everyone. The inheritance is not under probate. If the funds are declined, will they then have to be probated? Funds are coming from a trust.

 

[LdiJ]

Thanks everyone. The inheritance is not under probate. If the funds are declined, will they then have to be probated? Funds are coming from a trust.

No, if the funds are in a trust they will not have to be probated. However if they truly decline the funds there will be some hoops.

 

[adjusterjack]

Funds are coming from a trust.

Here is the Virginia Uniform Disclaimer of Property Interests Act. It explains the "hoops."

http://law.lis.virginia.gov/vacode/title64.2/chapter26/