PROBATE COURTS AND DECEDENTS' ESTATES
UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT
Power to Disclaim; General Requirements; When Irrevocable
563-B:4 Power to Disclaim; General requirements; When Irrevocable.
(a) Power to Disclaim.
(1) A person may disclaim, in whole or part, any interest in or power over property, including a power of appointment. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim.
(2) Except to the extent a fiduciary's right to disclaim is expressly restricted or limited by this chapter, another statute of this state, or by the instrument creating the fiduciary relationship, a fiduciary may disclaim, in whole or part, any interest in or power over property, including a power of appointment, whether acting in a personal or representative capacity. A fiduciary may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim, or an instrument other than the instrument that created the fiduciary relationship imposed a restriction or limitation on the right to disclaim.
(b) General Requirements.
(1) To be effective, a disclaimer must be in a writing or other record, declare the disclaimer, describe the interest or power disclaimed, be signed by the person making the disclaimer, and be delivered or filed in the manner provided in Article 12. In this Article:
(A) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and
(B) "Signed" means, with present intent to authenticate or adopt a record, to;
(i) Execute or adopt a tangible symbol; or
(ii) Attach to or logically associate with the record an electronic sound, symbol, or process.
(2) A partial disclaimer may be expressed as a fraction, percentage, monetary amount, term of years, limitation of a power, or any other interest or estate in the property.
(c) When Irrevocable.
(1) A disclaimer becomes irrevocable when it is delivered or filed pursuant to Article 10 or when it becomes effective as provided in Articles 5 through 9, whichever occurs later.
(2) A disclaimer made under this chapter is not a transfer, assignment, or release.
Source. 2021, 206:2, Pt. VI, Sec. 10, eff. Aug. 10, 2021.