Disclaiming an inheritance, the legal phrase for declining an inheritance, is a possibility in Minnesota. However, several rules and restrictions apply. It’s crucial that you understand these details before taking any action on the inheritance.
Don’t accept any part of the inheritance
If you want to disclaim your inheritance, you can’t accept any portion of it whether in the form of property or money. You also cannot distribute the property before making your disclaimer.
You need to be solvent
Minnesota law prohibits beneficiaries who aren’t solvent from disclaiming their inheritances. Being solvent means that the value of your assets is greater than your liabilities. Those who are receiving medical assistance aren’t eligible for disclaiming their inheritance. If you have any questions about your eligibility, you can consult with an estate lawyer.
Send your disclaimer to the right person
In the past, beneficiaries had to file disclaimers with the court to decline their inheritances. Minnesota changed the law with the Uniform Disclaimer of Property Interests Act to require directly sending disclaimers to the appropriate person based on the type of asset. You must send notice to the personal representative of the estate if you decline the interest from the will. If you are disclaiming real property, you need to submit an additional notice to the county recorder where the real property resides.
In Minnesota, you have up to nine months to disclaim your inheritance. Ask a lawyer for help if you aren’t certain about the necessary steps you need to take. You should also double-check with a lawyer that disclaiming your inheritance will have the desired effect.