Livens & Reed, PLLC

What happens if someone doesn't want to accept an inheritance?

When most Texas residents and others around the country learn that they have been included in someone's will, they begin dreaming of what they will receive one day. It may be something of monetary value, such as property, cash or a business interest. On the other hand, items of sentimental value can be just as meaningful. However, what happens if a person is not happy about receiving an inheritance?

This question was recently posed to a financial expert because of a family situation. An individual was named as the executor of the parents' estate. Unfortunately, this person had experienced a difficult childhood and truly did not want to accept anything from the estate nor be its executor. The person was able to take comfort in the knowledge that neither the job as executor or any part of the estate has to be accepted.

If a decision like this is reached, an individual must determine when to tell those affected by the choice. In most scenarios, a written disclaimer must be submitted, stating that someone doesn't want to be included as a beneficiary. The disclaimers usually have to be filed within a certain time frame following the death of the testator.

In situations like this or any others involving an inheritance, contact a Texas attorney familiar with estate administration for guidance. An experienced lawyer will be familiar with state regulations regarding inheritances and can offer direction specifically related to a client's situation. Having a knowledgeable resource for assistance will provide peace of mind when dealing with these sensitive financial issues.

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