Uniform Disclaimer of Property Interests Act Law and Legal Definition
The Uniform Disclaimer of Property Interests Act is a uniform act drafted by the National Conference of Commissioners on Uniform State Laws in 1999. This Act updates and replaces the earlier Uniform Disclaimer of Property Interests Act, the Uniform Disclaimer of Transfers by Will, Intestacy or Appointment Act, and the Uniform Disclaimer of Transfers under Nontestamentary Instruments Act. This act provides definite, tax-sensitive rules governing refusals to accept transfers of property by gift or inheritance, and identifies who takes in the event of disclaimer. Where the Uniform Probate Code is in force, this act may be codified in Article II(as part 11) of the UPC. It allows beneficiaries of intestate, testamentary and nontestamentary interests to execute a disclaimer of those interests. A disclaimer extinguishes the interest as if that interest had never been granted. Disclaimers are used to reallocate interests in estates, trusts and other kinds of property holdings in which benefits may be allocated at death. This Act makes it clearer that trustees and other fiduciaries may use disclaimers, that powers of appointment may be disclaimed, and that unfair distributions of interests are avoided when disclaimers are used. Alasaka adopted the act in 2010.
Legal Definition list
- Uniform Disclaimer of Property Interests
- Uniform Determination of Death Act
- Uniform Declaratory Judgments Act
- Uniform Deceptive Practices Act
- Uniform Custodial Trust Act
- Uniform Disclaimer of Property Interests Act
- Uniform Disposition of Community Property Rights at Death Act
- Uniform Division of Income for Tax Purposes Act
- Uniform Division of Income for Tax Purposes Act
- Uniform Divorce Recognition Act
- Uniform Dormant Mineral Interests Act
