What is Probate?
Probate is the legal act of the settling the affairs of a deceased person. During the probate process the appointed personal representative(s) is referred to as the executor(s) if there is a verified will or the administrator(s) if there is no will in place. The personal representative will have legal authority to notify creditors and settle the affairs of the estate. This includes paying debt and distributing inheritance owed and owned by the estate.
When there is a will a person dies in testate and will is probated
When there is not a will, an administrator is assigned and Intestate Succession laws prevail. There are cases when an heir does not want to receive their porition of the inheritance. In those cases the provisions of the Renunciations of Property in the Instate Succession Act are followed. Let’s take a closer look at Chapter 31B. Of the Renunciation of Property and Renunciation of Fiduciary Powers Act.
The Renunciation of Property and Renunciation of Fiduciary Powers Act. § 31B-1 states that a person with interest in a property through inheritance or other means can renounce a portion or all of their rights to the property. If not stated otherwise, the renunciation will assume the entire portion of the person’s interest.
How to Renounce Inheritance of Property
In order to execute the renunciation the document will
- identify the person executing the renunciation
- describe the property or interest being renounced
- state the renunciation and extent of it
- be signed and acknowledged by the person renouncing
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