Rhode Island Disclaimer of Interest
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Rhode Island Disclaimer of Property Interest
Under the Rhode Island Statutes, the beneficiary of an interest in property may disclaim the gift, either in part or in full (R.I. Gen. Laws 34-5). 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 ( 34-5-9).
The document 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 ( 34-5-4).
If real property is involved, record the original document or an attested copy within nine months of the transfer (e.g., the death of the creator of the interest) in the office of the person having charge of the recording of deeds in the city or town in which the property is located ( 34-5-6 (a) (2)). This helps to avoid any ambiguity regarding the chain of title. In addition, deliver or mail a copy to the person or entity having legal title or possession of the property ( 34-5-6 (b)).
A disclaimer is irrevocable and binding for the disclaimant and his or her creditors ( 34-5-7), 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.