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Declining Bequest

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R

rerah1955

Guest
What is the name of your state? Live in GA, Will in MS.

Step mother has passed away and left estate evenly to children and step children. Can a step child who wishes his portion go to full children but not other step children assign his bequests to full children through probate process?
 


I AM ALWAYS LIABLE

Senior Member
rerah1955 said:
What is the name of your state? Live in GA, Will in MS.

Step mother has passed away and left estate evenly to children and step children. Can a step child who wishes his portion go to full children but not other step children assign his bequests to full children through probate process?

My response:

Depends. Is there a "residual" clause in the Will? You see, a "bequest" is nothing more than a fancy word for "gift". No one named as a beneficiary in a Will is legally required to "accept" a gift. In reality, you can simply say, "No, I don't want it" (whatever "it" might be).

As for assigning the gift, you could. However, in order to "assign" something, you first need to "accept" it and thereby "own" it. Once you "assign" the gift, now it becomes taxable as "straight" gift income to the person to whom you have assigned it; i.e., it's not a bequest (gift) directly from the Will itself; rather, it's a gift from you. Then, the recipient has to deal with Federal and State gift tax laws - and NOT the laws that protect actual beneficiaries of the Will.

If the bequest is refused by you, or ultimately refused by the person to whom you intend to "assign" the gift, then that portion is divided pursuant to the residuary clause - - probably amongst ALL of the beneficiaries of the Will anyway.

See a tax counselor.

IAAL
 

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