Does a Disclaimer Belong in Your Estate Planning?

The process of putting together your estate might seem overwhelming and it’s very possible that you’ve put it off up to this point as a result of not wanting to broach the subject and trying to figure out which aspects apply to you and which don’t. The support of an experienced estate planning lawyer can be instrumental in helping to outline these key issues and help guide you through the process of establishing the right documents.

One common question presented to estate planning lawyers is whether or not you need to use disclaimers in your estate planning. This often comes up in the context of a person wanting to not accept money from an inheritance so that it instead passes on to another party in the estate. In the event that you reject an inheritance, however, it is important to realize that the money you’ve rejected might not go to where you intended it to go. In order to reject a bequest that has been outlined in estate planning documents, you will need to execute a document known as a disclaimer.

When it is executed, the person who has created it is treated as if they passed away prior to the decedent. This opens the door for the unexpected to occur. It is possible that, for example, as a sibling your bequest within be transferred to surviving siblings or it could go to someone else. Check what the will says will happen to ensure how properly executed disclaimers could pass on.

For more information about deciding who should receive assets inside your estate and what to do next with your estate planning, schedule a time to speak with an experienced estate planning lawyer today. Our Pasadena, CA estate planning law offices remain open virtually and we can assist you over the phone, too.

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