Believe it or not, you don’t actually have to accept property you inherit from a loved one. While most people do accept property left to them by their parents, for example, in a Will, there are many situations where a person might not want to take title to inherited property. The inherited property might be relatively low in value yet have large, past-due tax obligations. Or, the property might be encumbered with substantial liens, or be burdened with potentially large environmental risks. When this happens, Texas law allows you to “disclaim” your interest in inherited property. The disclaimer needs to be in writing and make clear what assets you are disclaiming. If the property is properly disclaimed, it will be treated as if you were never a part of the distribution plan laid out by the decedent. Other reasons for wanting to disclaim property might be because of the unique circumstances surrounding the person as opposed to the characteristics of the inherited property. Some people, for example, might be concerned about losing government benefits, like Medicaid, if they were to inherit a valuable piece of property. Others might be worried about certain personal obligations attaching to the inherited property, like existing federal tax liens, child support liens, or abstracts of judgment. If you think you might be interested in disclaiming an interest in inherited property, feel free to use one of my disclaimer forms or reach out to me via email, info@texaslegalforms.com, for a quote for services I can provide.
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