Challenges may arise if a person decides to write their own will. Lawyers do much more than draft documents. Lawyers make sure that the documents are drafted accurately and reflect your wishes and estate planning objectives. After all, once you are deceased it is likely too late to fix any mistakes you made in drafting your own will. There is however, at least one very important tool, called a renunciation, which can be utilized in some instances after your death to make things right and help ensure that your estate planning intentions are carried out.

Under New York law, if you are supposed to receive property under a will, trust, or even property held jointly with someone else, you may have the right to renounce all or part of such interest in that property. The renunciation must be in writing, signed and acknowledged by a notary public. There are also some other legal requirements such as the need to file the renunciation with the appropriate court in a timely manner. You also must state that you have not received any consideration for the renunciation from anyone who stands to benefit from your renunciation (the person who will get the property as a result of your renunciation). When you renounce the right to receive property, the property is disposed of pursuant to the terms of the will, trust or otherwise as if you had predeceased the decedent. Once made, a renunciation is irrevocable.

 

Renunciation is actually based on a very simple concept: no one can force you to accept a gift or an inheritance. You can just say no! So, you might be asking yourself, why would I renounce property that I am entitled to receive? Well, there may be several reasons, including tax considerations, creditor concerns, or to carry out the testator's intentions.