Menard County Disclaimer of Interest Forms (Illinois)

Form Package

Disclaimer of Interest

State

Illinois

Area

Menard County

Price

$27.97

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Included Forms

All Menard County specific forms and documents listed below are included in your immediate download package:

Included Supplemental Documents

The following Illinois and Menard County supplemental forms are included as a courtesy with your order.

Frequently Asked Questions:

Areas Covered by These Disclaimer of Interest Forms:

• Menard County

Including:

• Athens
• Greenview
• Lincolns New Salem
• Oakford
• Petersburg
• Tallula

What is the Illinois Disclaimer of Interest

A beneficiary of an interest in property in Illinois can disclaim all or part of a bequeathed interest in, or power over, that property according to 755 ILCS 5/2-7(a). This document must be in writing, declared a disclaimer, signed by the disclaimant or a legally authorized representative, and describe the disclaimed property (5/2-7(b)).

The disclaimer must be delivered to the transferor, donor or representative, trustee or person who has legal title. In the case of an interest passing by death, an executed counterpart may be filed with the clerk of the court in the county where the estate is or will be administered. If it pertains to real property, it may also be recorded with office of the recorder in the county where the property is situated (5/2-7 (c)).

Even though the Illinois statutes stipulate no time limit to the delivery, the disclaimer must be received no later than 9 months after the transfer is made (e.g. date of death) in order to comply with IRS regulations. In addition, the disclaimer is invalid if the disclaimant has accepted the property, i.e., performed any affirmative act that is consistent with ownership of property as specified in 5/2-7(e).

Once effective, the disclaimer is irrevocable and binding to the disclaimant and all who claim under him or her (5/2-7 (d)). Be sure to consult an attorney when in doubt about the drawbacks and benefits of disclaiming inherited property.

(Illinois Disclaimer of Interest Package includes form, guidelines, and completed example)

Our Promise

The documents you receive here will meet, or exceed, the Menard County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.

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