Nevada Disclaimer of Interest

As part of the Nevada Revised Statutes, the beneficiary of an interest in property may renounce the gift, either in part or in full (NRS 120.100 to 120.350 Uniform Disclaimer of Property Interests Act). Note that the option to disclaim is only available to beneficiaries who have not acted in any way to indicate acceptance or ownership of the interest (120.300).

The disclaimer must be in writing and include a description of the interest, a declaration of intent to disclaim all or a defined portion of the interest, and be signed by the disclaimant (120.220 (3)).

Deliver the disclaimer 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, the trustee or file it with the court having authority to appoint such a person (120.290). If real property is involved, record a copy of the disclaimer in the county in which the property or interest disclaimed is located in order to avoid any ambiguity regarding the chain of title (120.320). In the case of a designation that has become irrevocable, a disclaimer of real property must be recorded (120.290 (6) (b)).

A disclaimer is irrevocable and binding for the disclaiming party and his or her creditors (120.220), so be sure to consult an attorney when in doubt about the drawbacks and benefits of disclaiming inherited property. If the disclaimed interest arises out of jointly-owned property, seek legal advice as well.

(Nevada DOI Package includes form, guidelines, and completed example)