What is the name of your state (only U.S. law)? Arizona
My brother recently died unexpectedly from a heat stroke. Unknown to me, he had named me as his beneficiary for his Transfer on Death IRA accounts and various stock investment accounts. I was told that I had 9 months to either get a new IRA account and transfer the stocks into my account or to simply disclaim the inheritance.
So far it has been 3 months and I have done nothing at all about it.
I do not want any of this inheritance because of the huge tax consequences. I want to disclaim all of it.
Where can I find the forms to disclaim this inheritance? I would like to do it myself without getting an attorney involved.
What if I just do nothing? What happens after the 9th month if I do absolutely nothing?
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One thing I need to add to this post is that as of yet, there has been no will found, and there is no executor for his estate. No one has filed anything at all with probate court-- in other words-- no probate has been started yet. He had about $400,000 in debts (mostly credit cards and mortgages) and about $70,000 in assets (mostly stocks). So no one in the family wants the huge responsibility of being the executor for a hopeless insolvent estate with lots of creditors and not enough assets to go around to pay them.
So, can the disclaimer form just be sent to the IRA investment company, or does it have to go to probate court?
My brother recently died unexpectedly from a heat stroke. Unknown to me, he had named me as his beneficiary for his Transfer on Death IRA accounts and various stock investment accounts. I was told that I had 9 months to either get a new IRA account and transfer the stocks into my account or to simply disclaim the inheritance.
So far it has been 3 months and I have done nothing at all about it.
I do not want any of this inheritance because of the huge tax consequences. I want to disclaim all of it.
Where can I find the forms to disclaim this inheritance? I would like to do it myself without getting an attorney involved.
What if I just do nothing? What happens after the 9th month if I do absolutely nothing?
------------------------------------------------------------------------------------------------
One thing I need to add to this post is that as of yet, there has been no will found, and there is no executor for his estate. No one has filed anything at all with probate court-- in other words-- no probate has been started yet. He had about $400,000 in debts (mostly credit cards and mortgages) and about $70,000 in assets (mostly stocks). So no one in the family wants the huge responsibility of being the executor for a hopeless insolvent estate with lots of creditors and not enough assets to go around to pay them.
So, can the disclaimer form just be sent to the IRA investment company, or does it have to go to probate court?
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