(a) On the death of a holder of survivorship property, a surviving holder may disclaim, in whole or in part, an interest in the property of the deceased holder that would have otherwise passed to the surviving holder by reason of the deceased holder’s death.
(b) If an interest in survivorship property is disclaimed by a surviving holder of the property:
(1) the disclaimer:
(A) takes effect as of the time of the deceased holder’s death; and
(B) relates back for all purposes to the time of the deceased holder’s death; and
(2) the disclaimed interest is not subject to the claims of any creditor of the disclaimant.

(c) An interest in survivorship property disclaimed by a surviving holder of the property passes as if the disclaimant predeceased the holder to whose death the disclaimer relates.