Renouncing Dispositions Of Property Belonging To A Decedent Richard A. Whitney
Q.
My uncle passed away and named my grandmother as his beneficiary. She does not want to be the beneficiary and needs to file a "Renunciation for Voluntary Administration in NY." How much does it cost to file? Do we need a lawyer or is a notary sufficient?
Thanks!
-- Tiffany
A.
Your question is unclear about the beneficiary. What was your grandmother the beneficiary of? Life insurance, POD accounts, etc.?
If your grandmother was the named beneficiary of a life insurance policy, for example, she must send a copy of the renunciaion to the life insurance company and file the original renunciation in the Surrogate's Court in the county where your uncle lived. If your grandmother was the named beneficiary on a POD account, a copy the renunciation must be sent to the financial institution where the POD account was maintained, as well as filing the original in Surrogate's Court. In addition, if an estate has been opened in Surrogate's Court and an executor or administrator has been appointed, a copy of the renunciation should also be sent to that person. Because the procedures for effectively making a renunciation are set by statute and are somewhat detailed, I strongly recommend that you hire a lawyer to handle the renunciation.
