North Carolina · statute · N.C. Gen. Stat. ch. 31B · 10 active provisions
Right to renounce succession. (a) A person who succeeds to a property interest as: (1) Heir; (2) Next of kin; (3) Devisee; (4) Repealed by Session Laws 2011-284, s. 35, effective June 24, 2011. (4a) Donee; (5) Beneficiary of a life insurance policy who did not possess the incidents of ownership under the policy at the…
Right of fiduciary to renounce. (a) Except as otherwise provided in the testamentary or nontestamentary instrument, a fiduciary under a testamentary or nontestamentary instrument may renounce, in whole or in part, fiduciary rights, privileges, powers, and immunities; however, a fiduciary may not renounce the personal r…
Right of fiduciary to institute a proceeding for review of renunciation. (a) Prior to renouncing, if a fiduciary so elects, the fiduciary may institute a proceeding by petition before the clerk of court for a determination as to whether a renunciation would be compatible with the fiduciary's duties. In the case of a tr…
Filing and registering of renunciations; failure to file or register; spouse's interest. (a) To be a qualified disclaimer for federal and State inheritance, estate, and gift tax purposes, an instrument of renunciation shall be filed within the time period required under the applicable federal statute for a renunciation…
Delivery to other persons of instrument of renunciation by the person renouncing. (a) In this section: (1) "Beneficiary designation" means an instrument, other than an instrument creating a trust, naming the beneficiary of: a. An annuity or insurance policy; b. An account with a designation for payment on death; c. A s…
Effect of renunciation. (a) Unless the decedent, donee of a power of appointment, or creator of an interest under an inter vivos instrument has otherwise provided in the instrument creating the interest, the property or interest renounced devolves as follows: (1) If the renunciation is filed within the time period desc…
Waiver and bar. (a) The right to renounce property or an interest therein is barred by: (1) An assignment, conveyance, encumbrance, pledge, or transfer of the property or interest, or a contract therefor by the person authorized to renounce, (2) A written waiver of the right to renounce, or (3) Repealed by Session Laws…
Tax qualified renunciation. If, as a result of a renunciation, the renounced property is treated pursuant to the provisions of Title 26 of the United States Code, as now or hereafter amended, or any successor statute thereto, and the regulations promulgated thereunder, as never having been transferred to the person who…
Exclusiveness of remedy. This Chapter does not exclude or abridge any other rights or procedures existing under any other statute or otherwise provided by law to waive, release, refuse to accept, disclaim or renounce property or an interest therein, or any fiduciary right, power, privilege, or immunity. (1975, c. 371,…
Short title. This Chapter may be cited as the Renunciation of Property and Renunciation of Fiduciary Powers Act. (1975, c. 371, s. 1; 1989 (Reg. Sess., 1990), c. 1024, s. 11.)