(a)  Unless barred by the provisions of § 34-5-9, a beneficiary may disclaim any interest in property which, except for the execution and filing of a disclaimer in accordance with the provisions of this chapter, would pass to the beneficiary:

(1)  By intestate succession, devise, legacy, bequest; as beneficiary of a testamentary trust or beneficiary of a testamentary gift to a nontestamentary trust; by succession in any manner described in this subdivision to a disclaimed interest; or in any other manner not specified above under a testamentary instrument or by operation of any statute or rule of law governing devolution or disposition of property upon or after a person‘s death.

(2)  As donee, grantee, beneficiary of an inter vivos trust, beneficiary of an insurance or annuity contract, or as surviving joint tenant or tenant by the entirety, except that a surviving joint tenant or tenant by the entirety may not disclaim that portion of an interest in joint property or property held by the entirety which is allocable to amounts contributed by him or her to the interest in that property; under any deed, assignment, or other nontestamentary instrument of conveyance or transfer; by succession in any manner described in this subdivision to a disclaimed interest; or in any other manner not specified above under a nontestamentary instrument or by operation of any statute or rule of law.

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Terms Used In Rhode Island General Laws 34-5-2

  • 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 any person to whom, and any estate, trust, corporation, or other legal entity to which, an interest in property would pass in any manner described in § 34-5-2, except for the execution and filing of a disclaimer in accordance with the provisions of this chapter. See Rhode Island General Laws 34-5-1
  • Bequest: Property gifted by will.
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • Donee: The recipient of a gift.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Intestate: Dying without leaving a will.
  • Legacy: A gift of property made by will.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Statute: A law passed by a legislature.

(b)  Disclaimer may be made as provided in § 34-5-3 by the duly appointed guardian or conservator of a beneficiary or by the legal representative of a deceased beneficiary’s estate.

History of Section.
P.L. 1980, ch. 392, § 2.