Renouncing Inherited Property in New York
A beneficiary of an interest in property in New York can disclaim a bequeathed asset or power (New York State Code, Estates, Powers, and Trusts, Article 2, 1.11). Such a renunciation, which must be in writing and signed by the beneficiary or a legally authorized representative, allows that beneficiary to disclaim his or her interest in the property, either in full or partially (1.11 (c) (1), 1.11 (f)).
The renunciation is only valid if the beneficiary has not indicated acceptance of the property, for example, through transfer or encumbrance, acceptance of any payment, or other actions (1.11 (g)). It must be acknowledged by a notary and accompanied by an affidavit stating that the beneficiary is not receiving monetary consideration in exchange for the renunciation (1.11 (c) (2)).
The statutes provide a nine-month window, to be extended at the discretion of the court, during which the beneficiary must file the renunciation document with the surrogate court in the county where the will or estate is being administered. The document must also be delivered to the fiduciary or administrator of the estate, or to the person holding legal title to the property (1.11 (c) (2)).
A renunciation is irrevocable (1.11 (h)) and has the same effect as though the beneficiary "had predeceased the creator or the decedent" (1.11 (e)). So, consult an attorney when in doubt about the drawbacks and benefits of renouncing inherited property.
Deeds.com New York Disclaimer of Interest Forms Have Been Updated as Recently as Wednesday February 6, 2019
What others like you are saying:
January 2nd, 2019
Name: Ardelle P.
Review: Extremely happy with this. Easy to use and very professional looking form when completed.
Reply from Staff on January 2nd, 2019
We appreciate your business and value your feedback. Thank you. Have a wonderful day!
February 3rd, 2019
Name: Katie G.
Review: I haven't used the forms yet but it appears, with your tutelage, that they should not be too difficult to fill out and file. Your site was easy to navigate. Thank You
Reply from Staff on February 3rd, 2019
Thank you for the kinds words Katie. have a fantastic day!
January 10th, 2019
Name: Camesha Y.
Review: Was working with a notary client that need to do a deed. We got on this site, ordered the blank forms, he filled them out and we printed them so he could sign. Really clean forms, easy to understand and complete in a hurry. I will be letting all my clients know about this site.
Reply from Staff on January 10th, 2019
That's terrific Camesha, glad to hear. Have a great day!
Select County where the property is located.