(a) Unless thedecedent, donee of a power of appointment, or creator of an interest under aninter vivos instrument has otherwise provided in the instrument creating theinterest, the property or interest renounced devolves as follows:
(1) If the renunciationis filed within the time period described in G.S. 31B‑2(a), the propertyor interest renounced devolves and any interest that takes effect in possessionor enjoyment after the termination of the property or interest renounced takeseffect as if the person whose property or interest is being renounced hadpredeceased the date the transfer of the renounced interest was complete forfederal and State inheritance, estate, and gift tax purposes, or, in the caseof the renunciation of a fiduciary right, power, privilege, or immunity, theproperty or interest subject to the power devolves as if the fiduciary right,power, privilege, or immunity never existed. Any such renunciation relates backfor all purposes to the date the transfer of the renounced interest wascomplete for the purpose of those taxes, and the spouse of the person whoseproperty or interest is being renounced has no elective share or other maritalinterest in the renounced property.
(2) If the renunciationis not filed within the time period described in G.S. 31B‑2(a), theperson whose property or interest is being renounced is deemed to have made atransfer of the property or interest and the property or interest devolves andany interest that takes effect in possession or enjoyment after the terminationof the property or interest renounced takes effect as if the person whoseproperty or interest is being renounced had died on the date the renunciationis filed, or, in the case of the renunciation of a fiduciary right, power,privilege, or immunity, the property or interest subject to the power devolvesas if the fiduciary right, power, privilege, or immunity ceased to exist as ofthe date the renunciation is filed.
(3) Any future interestthat takes effect in possession or enjoyment after the termination of theestate or interest renounced takes effect as if the person whose property orinterest is being renounced had died on the date determined under subdivision(1) or (2) of this subsection, and upon the filing of the renunciation thepersons in being as of the time the person whose property or interest is beingrenounced is deemed to have died will immediately become entitled to possessionor enjoyment of any such future interest.
(b) In the event thatthe property or interest renounced was created by testamentary disposition, thedevolution of the property or interest renounced shall be as provided in G.S.31‑42 notwithstanding that in fact the person whose property or interestis being renounced has not actually died before the testator.
(c) In the event thatthe decedent dies intestate, or the ownership or succession to property or toan interest is to be determined as though a decedent had died intestate, andthe person whose property or interest is being renounced has living issue whowould have been entitled to an interest in the property or interest if theperson whose property or interest is being renounced had predeceased thedecedent, then the property or interest renounced shall be distributed to suchissue, per stirpes. If the person whose property or interest is being renounceddoes not have such issue, then the property or interest shall be distributed asthough the person whose property or interest is being renounced had predeceasedthe decedent.
(d) In the event thatthe property or interest renounced was created by a revocable or irrevocableinter vivos trust, the devolution of the property or interest renounced shallbe as provided in G.S. 36C‑6‑605 notwithstanding that in fact theperson whose property or interest is being renounced has not actually diedbefore the event that would otherwise cause the property or interest renouncedto pass to the person whose property or interest is being renounced.
(e) If a trustee files,within the time period described in G.S. 31B‑2(a), a renunciation of aninterest in property, the interest does not become trust property. If a trusteedoes not file a renunciation of an interest in property within the time perioddescribed in G.S. 31B‑2(a), the interest passes to the person or personswho would have taken the interest as of the date of the renunciation if thetrust had never existed.
(f) Except as providedin the instrument of renunciation, if a renunciation causes property to pass toa trust in which the person whose property or interest is being renounced holdsa power of appointment, the person renouncing is deemed to have renounced thepower of appointment with respect to assets passing into the trust by reason ofthe renunciation if the person renouncing is a person who holds a right torenounce the power of appointment.
(g) Unless otherwiseprovided in the instrument of renunciation, the interest in property beingrenounced by a surviving tenant by the entireties upon the death of the othertenant is deemed to be a one‑half interest in the former entiretyproperty, and title to that one‑half interest passes as if the deceasedtenant survived the tenant renouncing.
(h) Unless otherwiseprovided in the instrument of renunciation, the interest in property being renouncedby a surviving joint tenant with right of survivorship is deemed to be thefractional interest of the deceased joint tenant to which the surviving jointtenant would have been entitled by right of survivorship, and title to thatfractional interest passes as if the tenant renouncing predeceased the deceasedjoint tenant.
(i),(j) Reserved for futurecodification purposes.
(k) A renunciation isbinding upon the person whose property or interest is being renounced and allpersons claiming through or under that person. (1975, c. 371, s. 1; 1979, c. 525, s. 6; 1989, c.684, s. 5; 1993, c. 308, ss. 1, 2; 1998‑148, s. 3; 2009‑48, s. 6.)
(a) Unless thedecedent, donee of a power of appointment, or creator of an interest under aninter vivos instrument has otherwise provided in the instrument creating theinterest, the property or interest renounced devolves as follows:
(1) If the renunciationis filed within the time period described in G.S. 31B‑2(a), the propertyor interest renounced devolves and any interest that takes effect in possessionor enjoyment after the termination of the property or interest renounced takeseffect as if the person whose property or interest is being renounced hadpredeceased the date the transfer of the renounced interest was complete forfederal and State inheritance, estate, and gift tax purposes, or, in the caseof the renunciation of a fiduciary right, power, privilege, or immunity, theproperty or interest subject to the power devolves as if the fiduciary right,power, privilege, or immunity never existed. Any such renunciation relates backfor all purposes to the date the transfer of the renounced interest wascomplete for the purpose of those taxes, and the spouse of the person whoseproperty or interest is being renounced has no elective share or other maritalinterest in the renounced property.
(2) If the renunciationis not filed within the time period described in G.S. 31B‑2(a), theperson whose property or interest is being renounced is deemed to have made atransfer of the property or interest and the property or interest devolves andany interest that takes effect in possession or enjoyment after the terminationof the property or interest renounced takes effect as if the person whoseproperty or interest is being renounced had died on the date the renunciationis filed, or, in the case of the renunciation of a fiduciary right, power,privilege, or immunity, the property or interest subject to the power devolvesas if the fiduciary right, power, privilege, or immunity ceased to exist as ofthe date the renunciation is filed.
(3) Any future interestthat takes effect in possession or enjoyment after the termination of theestate or interest renounced takes effect as if the person whose property orinterest is being renounced had died on the date determined under subdivision(1) or (2) of this subsection, and upon the filing of the renunciation thepersons in being as of the time the person whose property or interest is beingrenounced is deemed to have died will immediately become entitled to possessionor enjoyment of any such future interest.
(b) In the event thatthe property or interest renounced was created by testamentary disposition, thedevolution of the property or interest renounced shall be as provided in G.S.31‑42 notwithstanding that in fact the person whose property or interestis being renounced has not actually died before the testator.
(c) In the event thatthe decedent dies intestate, or the ownership or succession to property or toan interest is to be determined as though a decedent had died intestate, andthe person whose property or interest is being renounced has living issue whowould have been entitled to an interest in the property or interest if theperson whose property or interest is being renounced had predeceased thedecedent, then the property or interest renounced shall be distributed to suchissue, per stirpes. If the person whose property or interest is being renounceddoes not have such issue, then the property or interest shall be distributed asthough the person whose property or interest is being renounced had predeceasedthe decedent.
(d) In the event thatthe property or interest renounced was created by a revocable or irrevocableinter vivos trust, the devolution of the property or interest renounced shallbe as provided in G.S. 36C‑6‑605 notwithstanding that in fact theperson whose property or interest is being renounced has not actually diedbefore the event that would otherwise cause the property or interest renouncedto pass to the person whose property or interest is being renounced.
(e) If a trustee files,within the time period described in G.S. 31B‑2(a), a renunciation of aninterest in property, the interest does not become trust property. If a trusteedoes not file a renunciation of an interest in property within the time perioddescribed in G.S. 31B‑2(a), the interest passes to the person or personswho would have taken the interest as of the date of the renunciation if thetrust had never existed.
(f) Except as providedin the instrument of renunciation, if a renunciation causes property to pass toa trust in which the person whose property or interest is being renounced holdsa power of appointment, the person renouncing is deemed to have renounced thepower of appointment with respect to assets passing into the trust by reason ofthe renunciation if the person renouncing is a person who holds a right torenounce the power of appointment.
(g) Unless otherwiseprovided in the instrument of renunciation, the interest in property beingrenounced by a surviving tenant by the entireties upon the death of the othertenant is deemed to be a one‑half interest in the former entiretyproperty, and title to that one‑half interest passes as if the deceasedtenant survived the tenant renouncing.
(h) Unless otherwiseprovided in the instrument of renunciation, the interest in property being renouncedby a surviving joint tenant with right of survivorship is deemed to be thefractional interest of the deceased joint tenant to which the surviving jointtenant would have been entitled by right of survivorship, and title to thatfractional interest passes as if the tenant renouncing predeceased the deceasedjoint tenant.
(i),(j) Reserved for futurecodification purposes.
(k) A renunciation isbinding upon the person whose property or interest is being renounced and allpersons claiming through or under that person. (1975, c. 371, s. 1; 1979, c. 525, s. 6; 1989, c.684, s. 5; 1993, c. 308, ss. 1, 2; 1998‑148, s. 3; 2009‑48, s. 6.)
(a) Unless thedecedent, donee of a power of appointment, or creator of an interest under aninter vivos instrument has otherwise provided in the instrument creating theinterest, the property or interest renounced devolves as follows:
(1) If the renunciationis filed within the time period described in G.S. 31B‑2(a), the propertyor interest renounced devolves and any interest that takes effect in possessionor enjoyment after the termination of the property or interest renounced takeseffect as if the person whose property or interest is being renounced hadpredeceased the date the transfer of the renounced interest was complete forfederal and State inheritance, estate, and gift tax purposes, or, in the caseof the renunciation of a fiduciary right, power, privilege, or immunity, theproperty or interest subject to the power devolves as if the fiduciary right,power, privilege, or immunity never existed. Any such renunciation relates backfor all purposes to the date the transfer of the renounced interest wascomplete for the purpose of those taxes, and the spouse of the person whoseproperty or interest is being renounced has no elective share or other maritalinterest in the renounced property.
(2) If the renunciationis not filed within the time period described in G.S. 31B‑2(a), theperson whose property or interest is being renounced is deemed to have made atransfer of the property or interest and the property or interest devolves andany interest that takes effect in possession or enjoyment after the terminationof the property or interest renounced takes effect as if the person whoseproperty or interest is being renounced had died on the date the renunciationis filed, or, in the case of the renunciation of a fiduciary right, power,privilege, or immunity, the property or interest subject to the power devolvesas if the fiduciary right, power, privilege, or immunity ceased to exist as ofthe date the renunciation is filed.
(3) Any future interestthat takes effect in possession or enjoyment after the termination of theestate or interest renounced takes effect as if the person whose property orinterest is being renounced had died on the date determined under subdivision(1) or (2) of this subsection, and upon the filing of the renunciation thepersons in being as of the time the person whose property or interest is beingrenounced is deemed to have died will immediately become entitled to possessionor enjoyment of any such future interest.
(b) In the event thatthe property or interest renounced was created by testamentary disposition, thedevolution of the property or interest renounced shall be as provided in G.S.31‑42 notwithstanding that in fact the person whose property or interestis being renounced has not actually died before the testator.
(c) In the event thatthe decedent dies intestate, or the ownership or succession to property or toan interest is to be determined as though a decedent had died intestate, andthe person whose property or interest is being renounced has living issue whowould have been entitled to an interest in the property or interest if theperson whose property or interest is being renounced had predeceased thedecedent, then the property or interest renounced shall be distributed to suchissue, per stirpes. If the person whose property or interest is being renounceddoes not have such issue, then the property or interest shall be distributed asthough the person whose property or interest is being renounced had predeceasedthe decedent.
(d) In the event thatthe property or interest renounced was created by a revocable or irrevocableinter vivos trust, the devolution of the property or interest renounced shallbe as provided in G.S. 36C‑6‑605 notwithstanding that in fact theperson whose property or interest is being renounced has not actually diedbefore the event that would otherwise cause the property or interest renouncedto pass to the person whose property or interest is being renounced.
(e) If a trustee files,within the time period described in G.S. 31B‑2(a), a renunciation of aninterest in property, the interest does not become trust property. If a trusteedoes not file a renunciation of an interest in property within the time perioddescribed in G.S. 31B‑2(a), the interest passes to the person or personswho would have taken the interest as of the date of the renunciation if thetrust had never existed.
(f) Except as providedin the instrument of renunciation, if a renunciation causes property to pass toa trust in which the person whose property or interest is being renounced holdsa power of appointment, the person renouncing is deemed to have renounced thepower of appointment with respect to assets passing into the trust by reason ofthe renunciation if the person renouncing is a person who holds a right torenounce the power of appointment.
(g) Unless otherwiseprovided in the instrument of renunciation, the interest in property beingrenounced by a surviving tenant by the entireties upon the death of the othertenant is deemed to be a one‑half interest in the former entiretyproperty, and title to that one‑half interest passes as if the deceasedtenant survived the tenant renouncing.
(h) Unless otherwiseprovided in the instrument of renunciation, the interest in property being renouncedby a surviving joint tenant with right of survivorship is deemed to be thefractional interest of the deceased joint tenant to which the surviving jointtenant would have been entitled by right of survivorship, and title to thatfractional interest passes as if the tenant renouncing predeceased the deceasedjoint tenant.
(i),(j) Reserved for futurecodification purposes.
(k) A renunciation isbinding upon the person whose property or interest is being renounced and allpersons claiming through or under that person. (1975, c. 371, s. 1; 1979, c. 525, s. 6; 1989, c.684, s. 5; 1993, c. 308, ss. 1, 2; 1998‑148, s. 3; 2009‑48, s. 6.)
