Estate Law Questions? Ask an Estate Lawyer.
Thanks for opening the new thread. As an individual contributor I need to comply with the terms of the site. I will answer your question to the best of my ability but I will not be online today so if you have any follow up I won't be able to get back to you until tomorrow.
Pursuant to articel 9-9201 the person disclaiming the inheritance must do so within 9 months of the event (ie death). At that point, once the disclaimer is received, the trustee may distribute the property to the next in line.
A living trust is formed while the settlor is still alive. A family trust is similarly formed while one is alive - a family trust is a living trust, but involves more than one settlor (for example, a joint trust for a husband and wife).
Neither trust will provide asset protection - that would be an irrevocable trust- more information on that type of trust here:
Again, if you have any follow up, please post here and I will reply tomorrow. Thank you!
I obtained it from a subscription service - Lexis- so I can't link you without a password/username unfortunately.
If the heir does not disclaim, the executor would distribute the property to the heir per the provision of the will/trust.
If the heir fails to, for example, cash the check, it would go to the state's unclaimed property unit.
Limitations can be put on an inheritance; so it is possible to have a time limit for claiming the funds; however, that can delay probate (most probate will take 6 months, so putting restrictions on it can hinder the timeline).
Yes, some people will try and form a family trust on line; but since estate planning is very complicated, it is best to hire an attorney to draft the trust so they may take into account the goals of the client. The trustee would be responsible for disbursing the funds; the settlor may designate which funds (how much, when) the heirs may access. The idea of a trust is it allows the settlor more control than a will.