Arizona Laws 14-10012. Delivery or filing; definition
A. Subject to subsections B through K, delivery of a disclaimer may be effected by personal delivery, first class mail or any other method likely to result in its receipt.
Terms Used In Arizona Laws 14-10012
- Agent: includes an attorney-in-fact under a durable or nondurable power of attorney, a person who is authorized to make decisions concerning another person's health care and a person who is authorized to make decisions for another person under a natural death act. See Arizona Laws 14-1201
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means an individual for whom property has been transferred to, or held under a declaration of trust by, a custodial trustee for the individual's use and benefit under this chapter. See Arizona Laws 14-9101
- Beneficiary designation: refers to a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with pay on death designation, of a security registered in beneficiary form or of a pension, profit sharing, retirement or similar benefit plan, or any other nonprobate transfer at death. See Arizona Laws 14-1201
- Court: means the superior court. See Arizona Laws 14-1201
- Decedent: A deceased person.
- Disclaimed interest: means the interest that would have passed to the disclaimant 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
- Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a personal representative, a trustee, an agent acting under a power of attorney or any other person who is authorized to act as a fiduciary with respect to the property of another person. See Arizona Laws 14-10002
- Inter vivos: Transfer of property from one living person to another living person.
- Intestate: Dying without leaving a will.
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Personal representative: includes an executor, an administrator, a successor personal representative, a special administrator and persons who perform substantially the same function under the law governing their status. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
- Transferor: means a person who creates a custodial trust by transfer or declaration. See Arizona Laws 14-9101
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
B. In the case of an interest created under the law of intestate succession or an interest created by will, other than an interest in a testamentary trust:
1. A disclaimer must be delivered to the personal representative of the decedent‘s estate.
2. If no personal representative is then serving, it must be filed with a court having jurisdiction to appoint the personal representative.
C. In the case of an interest in a testamentary trust:
1. A disclaimer must be delivered to the trustee then serving, or if no trustee is then serving, to the personal representative of the decedent’s estate.
2. If no personal representative is then serving, it must be filed with a court having jurisdiction to enforce the trust.
D. In the case of an interest in an inter vivos trust:
1. A disclaimer must be delivered to the trustee then surviving.
2. If no trustee is then serving, it must be filed with a court having jurisdiction to enforce the trust.
3. If the disclaimer is made before the time the instrument creating the trust becomes irrevocable, it must be delivered to the settlor of a revocable trust or the transferor of the interest.
E. In the case of an interest created by a beneficiary designation made before the time the designation becomes irrevocable, a disclaimer must be delivered to the person making the beneficiary designation.
F. In the case of an interest created by a beneficiary designation made after the time the designation becomes irrevocable, a disclaimer must be delivered to the person obligated to distribute the interest.
G. In the case of a disclaimer by a surviving holder of jointly held property, the disclaimer must be delivered to the person to whom the disclaimed interest passes.
H. In the case of a disclaimer by an object or taker in default of exercise of a power of appointment at any time after the power was created:
1. The disclaimer must be delivered to the holder of the power or to the fiduciary acting under the instrument that created the power.
2. If no fiduciary is then serving, it must be filed with a court having authority to appoint the fiduciary.
I. In the case of a disclaimer by an appointee of a nonfiduciary power of appointment:
1. The disclaimer must be delivered to the holder, to the personal representative of the holder’s estate or to the fiduciary under the instrument that created the power.
2. If no fiduciary is then serving, it must be filed with a court having authority to appoint the fiduciary.
J. In the case of a disclaimer by a fiduciary of a power over a trust or estate, the disclaimer must be delivered as provided in subsection B, C or D as if the power disclaimed were an interest in property.
K. In the case of a disclaimer of a power by an agent, the disclaimer must be delivered to the principal or the principal’s representative.
L. For the purposes of this section, "beneficiary designation" means an instrument, other than an instrument creating a trust, naming the beneficiary of any of the following:
1. An annuity or insurance policy.
2. An account with a designation for payment on death.
3. A security registered in beneficiary form.
4. A pension, profit sharing retirement or other employment related benefits plan.
5. Any other nonprobate transfer at death.