Bars to Succession Flashcards
Under the Uniform Simultaneous Death Act, a person must survive a decedent by _______ to take as an heir.
120 hours/5 days
If a payor, such as a bank or insurance company makes a payment or transfers property to a person who, because of the 120-hour rule, was not entitled to, they will not be liable unless…
the payor received written notice that the beneficiary was not entitled to the property.
Although acceptance of an interest is presumptively accepted, a beneficiary or heir may…
disclaim an interest that would otherwise pass to them from the decedent’s estate.
If a party disclaims a lifetime gift, the property passes…
as though the disclaimant had died before the transfer was made.
A valid disclaimer must:
- Be in writing or other record;
- Declare the disclaimer;
- Describe the interest being disclaimed;
- Be signed by the disclaiming party; and
- Be delivered.
To whom must a disclaimer of an interest created under a will or the intestacy laws be delivered to?
The personal representative of the estate.
To whom must a disclaimer of an interest in a trust be delivered to?
The trustee
To whom must a disclaimer of an interest in real property be delivered to?
A copy of the disclaimer must be recorded in the county where the land is located.
What is the time limit to disclaim a gift in Virginia?
Virginia imposes no time limit on making a disclaimer.
What will bar a beneficiary from disclaiming a gift?
If the beneficiary or her heir:
1. Accepts the property or any of its benefits;
2. Enters into a contract for the sale of the property; or
3. Assigns or mortgages the interest.
What are the main reasons one might disclaim a gift?
- Incidents of ownership would be too burdensome;
- To avoid collection by a creditor;
- Unforeseen circumstances requiring a different distribution of the estate.
The slayer statute states that…
A person convicted of (or determined by a preponderance of the evidence) to have committed murder or voluntary manslaughter forfeits all interests in the victim’s estate.
If a beneficiary is barred by the slayer statute, the estate will be distributed…
as though the slayer predeceased the victim.
If decedent and slayer own (any kind) of property that has a right of survivorship…
the slayer loses all benefits of the right of survivorship.
[e.g., JTWRS will be converted to a tenancy in common]
How may a slayer’s descendants take in place of the slayer?
Through use of the anti-lapse statute, if it applies.
