Did you know that an heir or beneficiary of an estate or trust is not compelled to accept an inheritance, gift, or bequest?
In fact, an heir can disclaim an asset if he or she has not accepted a benefit in connection with the asset. In some states a disclaimer must be made within a certain time. For example, California requires a disclaimer to be made within nine months of the date of death, but Nevada apparently has no time limit.
It’s important to know that an executor of an estate or a trustee of a trust is not compelled to accept property into the estate or trust, and may have an obligation to abandon property if it is in the best interest of the estate or trust. For example, contaminated real property, or a timeshare interest that no one in the family or beneficiary pool wants to use, should be rejected or abandoned by the executor or trustee as not only unproductive property but property that could materially deplete the estate or trust.
It is my hope that knowing this information can save you a lot of unnecessary grief when you find yourself inheriting an unwanted timeshare.
John Rogers Burk