Louisiana Disclaimer of Interest
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Disclaimer of Interest for Real Estate Located in Louisiana
Louisiana Renunciation of Property Interest
Under the Louisiana Civil Code, the beneficiary of an interest in property may renounce the gift, either in part or in full (La. Civ. Code 947 to 967). Note that the option is only available to beneficiaries who have not acted in any way to indicate acceptance or ownership of the interest ( 957-959). Louisiana also provides the option of a donative renunciation, which allows an heir to renounce in favor of a third person to whom the inheritance would not devolve by statute or by will ( 960). For the specifics of this option, consult with an attorney.
Acceptance is presumed unless there is an official renunciation ( 962). The document must be in writing and include a description of the interest, a declaration of intent to renounce all or a defined portion of the interest, and be signed by the renouncing party ( 963).
Deliver the document within nine months of the transfer (e.g., the death of the creator of the interest) to the personal representative of the decedent's estate or the trustee, or file it with the court that has jurisdiction over proceedings regarding the estate of the deceased donor. If real property is involved, avoid any ambiguity regarding the chain of title by recording a copy of the document with the Clerk of Court of the parish in which the property is located.
A renunciation is irrevocable and binding for the renouncing party and his or her creditors ( 954, 964), so be sure to consult an attorney when in doubt about the drawbacks and benefits. If the interest arises out of jointly-owned property, seek legal advice as well.