South Carolina Disclaimer of Interest

Under the South Carolina statutes, the beneficiary of an interest in property may renounce the gift, either in part or in full (S.C. Code Ann. 62-2-801). 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 (S.C. Code Ann. 62-2-801 (c) (5))

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 (S.C. Code Ann. 62-2-801 (c) (3)).

Deliver the disclaimer within nine months of the transfer (e.g., the death of the creator of the interest) to the transferor, his or her fiduciary, the person holding title or possession of the property, or to the court that would have jurisdiction (S.C. Code Ann. 62-2-801 (c) (3) (iv)). In the case of real property, record a copy of the disclaimer in the office of the clerk of courts or the registrar of the county in which the real estate is located.

A disclaimer is irrevocable and binding for the disclaiming party and his or her creditors, 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.

(South Carolina DOI Package includes form, guidelines, and completed example)