Can You Reject Your Inheritance in Boca Raton?

For some people, inheriting assets is a wonderful experience. These individuals may have plans for their inheritance, and they may be desperate for financial support. But what if you do not feel the same way? What if you would rather reject your inheritance? Is this even possible? This is something you might want to discuss with an experienced probate lawyer in Boca Raton.

Ask Yourself Why You Want to Reject Your Inheritance

People have different reasons for rejecting their inheritance. Some may simply feel that they do not need the money. If this is the case, you may want someone else to receive that money instead, such as another family member. You might also want to reject your inheritance because you have lasting feelings of bitterness and resentment toward the decedent.

Perhaps the decedent earned their fortune through methods you do not agree with. You might object to the proceeds of a business owned by the decedent that went against your faith. Perhaps the decedent wronged you in the past, and you want to reject any type of connection with your family member.

Consider Alternatives to Rejecting Your Inheritance

Before you formally reject your inheritance, you might want to consider a few alternatives. First, you could accept the money and put it toward a good cause. Why not donate the money to a charity of your choosing? With this approach, you can “reject” your inheritance while also ensuring the money creates positive change in the world.

Alternatively, you could pass the funds along to a family member of your choosing. If you have a child, you could put the money into a college fund. You might also help your young adult make a down payment for a new home.

How to Create a Disclaimer of Inheritance in Florida

If you still want to reject your inheritance, you can do so with a “disclaimer of inheritance.” This is a written, signed document that clearly states you do not want to receive your inheritance. You must submit the disclaimer to the personal representative (executor) of the estate or directly to the probate court. You have nine months to make your decision after the decedent passes away.

Do I Get to Choose Who the Money Passes to Instead?

No, you do not get to choose who receives the money instead. Under Florida law, the assets simply pass to the next eligible beneficiary. Often, estate planners will name “contingent” beneficiaries who will receive your assets if you “predecease” the decedent. If the Will has named a contingent beneficiary, the assets will pass to this individual instead. When you file a disclaimer, Florida probate courts treat you as if you died before the decedent. If you want to choose who receives the assets in your stead, you should accept the inheritance and then gift it to the person of your choosing.

Can a Probate Lawyer in Boca Raton Help Me?

You can reject your inheritance in Florida. However, you might want to discuss your next steps with a Boca Raton probate lawyer. These legal professionals can help you create a disclaimer, allowing you to essentially say “no” to the assets you stand to receive. To learn more about this process, consider speaking with 411 Probate.

Source: 

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0739/0739.html