Renunciation of Property andRenunciation of Fiduciary Powers Act.
§ 31B‑1. Right torenounce succession.
(a) A person whosucceeds to a property interest as:
(1) Heir;
(2) Next of kin;
(3) Devisee;
(4) Legatee;
(4a) Donee;
(5) Beneficiary of alife insurance policy who did not possess the incidents of ownership under thepolicy at the time of death of the insured;
(6) Person succeeding toa renounced interest;
(7) Beneficiary under atestamentary trust or under an inter vivos trust;
(8) Appointee under apower of appointment exercised by a testamentary instrument or anontestamentary instrument;
(9) Repealed by SessionLaws 1989, c. 684, s. 2.
(9a) Surviving jointtenant, surviving tenant by the entireties, or surviving tenant of a tenancywith a right of survivorship;
(9b) Person entitled toshare in a testator's estate under the provisions of G.S. 31‑5.5;
(9c) Beneficiary under anyother testamentary or nontestamentary instrument, including a beneficiaryunder:
a. Any qualified ornonqualified deferred compensation, employee benefit, retirement or deathbenefit, plan, fund, annuity, contract, policy, program or instrument, eitherfunded or unfunded, which is established or maintained to provide retirementincome or death benefits or results in, or is intended to result in, deferralof income;
b. An individualretirement account or individual retirement annuity; or
c. Any annuity, payableon death account, or other right to death benefits arising under contract;
(9d) Duly authorized orappointed guardian of any of the persons listed in subdivisions (1) through(9c) of this subsection, but only with the prior or subsequent approval of theclerk of superior court, or if required, of the resident judge of the superiorcourt, pursuant to a proceeding or action instituted in accordance with andsubject to the requirements of G.S. 31B‑1.2; or
(9e) Subject to G.S. 31B‑1.1and G.S. 31B‑1.2, fiduciary, including a trustee of a charitable trust,an attorney‑in‑fact of any of the persons listed in subdivisions(1) through (9e) of this subsection if expressly authorized by the governingpower of attorney, and a personal representative appointed under Chapter 28A ofthe General Statutes of any of the persons listed in subdivisions (1) through(9c) of this subsection;
(10) Repealed by SessionLaws 2009‑48, s. 1, effective October 1, 2009.
may renounce at anytime, in wholeor in part, the right of succession to any property or interest therein,including a future interest, by filing a written instrument under theprovisions of this Chapter. A renunciation may be of a fractional share or anylimited interest or estate. The renunciation shall be deemed to include theentire interest of the person whose property or interest is being renouncedunless otherwise specifically limited. A person may renounce any interest in orpower over property, including a power of appointment, even if its creatorimposed a spendthrift provision or similar restriction on transfer or arestriction or limitation on the right to renounce. Notwithstanding theforegoing, there shall be no right of partial renunciation if the instrumentcreating the interest expressly so provides.
(b) This Chapter shallapply to all renunciations of present and future interests, whether qualifiedor nonqualified for federal and State inheritance, estate, and gift taxpurposes, unless expressly provided otherwise in the instrument creating theinterest.
(c) The instrument ofrenunciation shall (i) identify the transferor of the property or interest inthe property or the creator of the power or the holder of the power, (ii)describe the property or interest renounced, (iii) declare the renunciation andextent thereof, and (iv) be signed and acknowledged by the person renouncing.
(d) A parent of a minorfor whom no general guardian or guardian of the estate has been appointed mayrenounce, in whole or in part, an interest in or power over property (includinga power of appointment) that would have passed to the minor as the result ofthat parent's renunciation. The parent may renounce the interest or power evenif its creator imposed a spendthrift provision or similar restriction ontransfer or a restriction or limitation on the right to renounce. (1975, c. 371, s. 1; 1983,c. 66, s. 1; 1989, c. 684, s. 2; 1998‑148, s. 1; 2009‑48, s. 1.)
Renunciation of Property andRenunciation of Fiduciary Powers Act.
§ 31B‑1. Right torenounce succession.
(a) A person whosucceeds to a property interest as:
(1) Heir;
(2) Next of kin;
(3) Devisee;
(4) Legatee;
(4a) Donee;
(5) Beneficiary of alife insurance policy who did not possess the incidents of ownership under thepolicy at the time of death of the insured;
(6) Person succeeding toa renounced interest;
(7) Beneficiary under atestamentary trust or under an inter vivos trust;
(8) Appointee under apower of appointment exercised by a testamentary instrument or anontestamentary instrument;
(9) Repealed by SessionLaws 1989, c. 684, s. 2.
(9a) Surviving jointtenant, surviving tenant by the entireties, or surviving tenant of a tenancywith a right of survivorship;
(9b) Person entitled toshare in a testator's estate under the provisions of G.S. 31‑5.5;
(9c) Beneficiary under anyother testamentary or nontestamentary instrument, including a beneficiaryunder:
a. Any qualified ornonqualified deferred compensation, employee benefit, retirement or deathbenefit, plan, fund, annuity, contract, policy, program or instrument, eitherfunded or unfunded, which is established or maintained to provide retirementincome or death benefits or results in, or is intended to result in, deferralof income;
b. An individualretirement account or individual retirement annuity; or
c. Any annuity, payableon death account, or other right to death benefits arising under contract;
(9d) Duly authorized orappointed guardian of any of the persons listed in subdivisions (1) through(9c) of this subsection, but only with the prior or subsequent approval of theclerk of superior court, or if required, of the resident judge of the superiorcourt, pursuant to a proceeding or action instituted in accordance with andsubject to the requirements of G.S. 31B‑1.2; or
(9e) Subject to G.S. 31B‑1.1and G.S. 31B‑1.2, fiduciary, including a trustee of a charitable trust,an attorney‑in‑fact of any of the persons listed in subdivisions(1) through (9e) of this subsection if expressly authorized by the governingpower of attorney, and a personal representative appointed under Chapter 28A ofthe General Statutes of any of the persons listed in subdivisions (1) through(9c) of this subsection;
(10) Repealed by SessionLaws 2009‑48, s. 1, effective October 1, 2009.
may renounce at anytime, in wholeor in part, the right of succession to any property or interest therein,including a future interest, by filing a written instrument under theprovisions of this Chapter. A renunciation may be of a fractional share or anylimited interest or estate. The renunciation shall be deemed to include theentire interest of the person whose property or interest is being renouncedunless otherwise specifically limited. A person may renounce any interest in orpower over property, including a power of appointment, even if its creatorimposed a spendthrift provision or similar restriction on transfer or arestriction or limitation on the right to renounce. Notwithstanding theforegoing, there shall be no right of partial renunciation if the instrumentcreating the interest expressly so provides.
(b) This Chapter shallapply to all renunciations of present and future interests, whether qualifiedor nonqualified for federal and State inheritance, estate, and gift taxpurposes, unless expressly provided otherwise in the instrument creating theinterest.
(c) The instrument ofrenunciation shall (i) identify the transferor of the property or interest inthe property or the creator of the power or the holder of the power, (ii)describe the property or interest renounced, (iii) declare the renunciation andextent thereof, and (iv) be signed and acknowledged by the person renouncing.
(d) A parent of a minorfor whom no general guardian or guardian of the estate has been appointed mayrenounce, in whole or in part, an interest in or power over property (includinga power of appointment) that would have passed to the minor as the result ofthat parent's renunciation. The parent may renounce the interest or power evenif its creator imposed a spendthrift provision or similar restriction ontransfer or a restriction or limitation on the right to renounce. (1975, c. 371, s. 1; 1983,c. 66, s. 1; 1989, c. 684, s. 2; 1998‑148, s. 1; 2009‑48, s. 1.)
Renunciation of Property andRenunciation of Fiduciary Powers Act.
§ 31B‑1. Right torenounce succession.
(a) A person whosucceeds to a property interest as:
(1) Heir;
(2) Next of kin;
(3) Devisee;
(4) Legatee;
(4a) Donee;
(5) Beneficiary of alife insurance policy who did not possess the incidents of ownership under thepolicy at the time of death of the insured;
(6) Person succeeding toa renounced interest;
(7) Beneficiary under atestamentary trust or under an inter vivos trust;
(8) Appointee under apower of appointment exercised by a testamentary instrument or anontestamentary instrument;
(9) Repealed by SessionLaws 1989, c. 684, s. 2.
(9a) Surviving jointtenant, surviving tenant by the entireties, or surviving tenant of a tenancywith a right of survivorship;
(9b) Person entitled toshare in a testator's estate under the provisions of G.S. 31‑5.5;
(9c) Beneficiary under anyother testamentary or nontestamentary instrument, including a beneficiaryunder:
a. Any qualified ornonqualified deferred compensation, employee benefit, retirement or deathbenefit, plan, fund, annuity, contract, policy, program or instrument, eitherfunded or unfunded, which is established or maintained to provide retirementincome or death benefits or results in, or is intended to result in, deferralof income;
b. An individualretirement account or individual retirement annuity; or
c. Any annuity, payableon death account, or other right to death benefits arising under contract;
(9d) Duly authorized orappointed guardian of any of the persons listed in subdivisions (1) through(9c) of this subsection, but only with the prior or subsequent approval of theclerk of superior court, or if required, of the resident judge of the superiorcourt, pursuant to a proceeding or action instituted in accordance with andsubject to the requirements of G.S. 31B‑1.2; or
(9e) Subject to G.S. 31B‑1.1and G.S. 31B‑1.2, fiduciary, including a trustee of a charitable trust,an attorney‑in‑fact of any of the persons listed in subdivisions(1) through (9e) of this subsection if expressly authorized by the governingpower of attorney, and a personal representative appointed under Chapter 28A ofthe General Statutes of any of the persons listed in subdivisions (1) through(9c) of this subsection;
(10) Repealed by SessionLaws 2009‑48, s. 1, effective October 1, 2009.
may renounce at anytime, in wholeor in part, the right of succession to any property or interest therein,including a future interest, by filing a written instrument under theprovisions of this Chapter. A renunciation may be of a fractional share or anylimited interest or estate. The renunciation shall be deemed to include theentire interest of the person whose property or interest is being renouncedunless otherwise specifically limited. A person may renounce any interest in orpower over property, including a power of appointment, even if its creatorimposed a spendthrift provision or similar restriction on transfer or arestriction or limitation on the right to renounce. Notwithstanding theforegoing, there shall be no right of partial renunciation if the instrumentcreating the interest expressly so provides.
(b) This Chapter shallapply to all renunciations of present and future interests, whether qualifiedor nonqualified for federal and State inheritance, estate, and gift taxpurposes, unless expressly provided otherwise in the instrument creating theinterest.
(c) The instrument ofrenunciation shall (i) identify the transferor of the property or interest inthe property or the creator of the power or the holder of the power, (ii)describe the property or interest renounced, (iii) declare the renunciation andextent thereof, and (iv) be signed and acknowledged by the person renouncing.
(d) A parent of a minorfor whom no general guardian or guardian of the estate has been appointed mayrenounce, in whole or in part, an interest in or power over property (includinga power of appointment) that would have passed to the minor as the result ofthat parent's renunciation. The parent may renounce the interest or power evenif its creator imposed a spendthrift provision or similar restriction ontransfer or a restriction or limitation on the right to renounce. (1975, c. 371, s. 1; 1983,c. 66, s. 1; 1989, c. 684, s. 2; 1998‑148, s. 1; 2009‑48, s. 1.)
