Arizona Laws 14-10007. Disclaimer of rights of survivorship in jointly held property
A. On the death of a holder of jointly held property, a surviving holder may disclaim, in whole or in part, the greater of either:
Terms Used In Arizona Laws 14-10007
- Disclaimant: means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made. See Arizona Laws 14-10002
- Disclaimer: means the refusal to accept an interest in or power over property. See Arizona Laws 14-10002
- Jointly held property: means property held in the name of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property. See Arizona Laws 14-10002
- Property: includes both real and personal property. See Arizona Laws 1-215
1. A fractional share of the property determined by dividing the number one by the number of joint holders alive immediately before the death of the holder to whose death the disclaimer relates.
2. All of the property except that part of the value of the entire interest attributable to the contribution furnished by the disclaimant.
B. A disclaimer under subsection A takes effect as of the death of the holder of jointly held property to whose death the disclaimer relates.
C. An interest in jointly held property disclaimed by a surviving holder of the property passes as if the disclaimant predeceased the holder to whose death the disclaimer relates.