Friday, November 14, 2014
3B:9-12 Right to disclaim, etc;under other law not abridged. 3B:9-12. Right to disclaim, etc.; under other law not abridged. This chapter does not abridge the right of an individual to waive, release, disclaim or renounce property or an interest therein under any other statute or law. Amended 2004, c.132, s.75; 2005, c.160, s.13.
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3B:9-11 Spendthrift provision not to affect right to disclaim. 3B:9-11. The right to disclaim a property interest exists notwithstanding any limitation on the interest of the disclaimant in the nature of a spendthrift provision or similar restriction or any restriction or limitation on the right to disclaim a property interest contained in the governing instrument. Amended 2004, c.132, s.74.
For more information, go to http://njwillsprobatelaw.com/3B-9-11Spendthrift_provision_not_to_affect_right_to_disclaim.html?id=3709&a=
3B:9-10. Binding effect of disclaimer or waiver.
The disclaimer or written waiver of the right to disclaim a property interest shall be binding upon the disclaimant or the individual waiving and all individuals claiming by, through or under him. Amended 2004, c.132, s.73; 2005, c.160, s.12.
For more information, go to http://njwillsprobatelaw.com/3B-9-10_Binding_effect_of_disclaimer_or_waiver.html?id=3708&a=
3B:9-1. As used in this chapter: a.A "present interest" is one to take effect in immediate possession, use or enjoyment without the intervention of a preceding estate or interest or without being dependent upon the happening of any event or thing; b.A "future interest" is one to take effect in possession, use or enjoyment dependent upon the termination of an intervening estate or interest or the happening of any event or thing; c.A "devisee" means any person designated in a will to receive a devise, but does not mean a trustee or trust designated in a will to receive a devise; d.The "effective date" is the date on which a property right vests, or a contract right arises, even though the right is subject to divestment; e."Joint property" is property that is owned by two or more persons with rights of survivorship and includes a tenancy by the entirety, a joint tenancy, a joint tenancy with rights of survivorship and a joint life estate with contingent remainder in fee. For purposes of this chapter, joint property is deemed to consist of a present interest and a future interest. The future interest is the right of survivorship; f."Joint tenant" is the co-owner of joint property. Amended 2004, c.132, s.63.
For more information, go to http://njwillsprobatelaw.com/3b_9-1.html?id=2231&a=
NJSA 3B:8-9 Presumption as to Property Owned or Previously Transferred by Spouse or Domestic Partner at Decedents Death
3B:8-9. Presumption as to property owned or previously transferred by spouse or domestic partner at decedents death.
Property owned by the surviving spouse or domestic partner as of the decedents death, or previously transferred by the surviving spouse or domestic partner, is presumed to have been derived from the decedent except to the extent that any party in interest establishes that it was derived from another source.
Amended 2005, c.331, s.14.
For more information, go to http://njwillsprobatelaw.com/3b_8-9.html?id=2221&a=
For the purposes of valuing property derived from the decedent as provided in N.J.S. 3B:8-6:
a.Property owned by the spouse or domestic partner at the decedents death is valued as of the date of decedents death; and
b.Property transferred by the spouse or domestic partner is valued at the time the transfer became irrevocable, or at the decedents death, whichever occurs first.
Amended 2005, c.331, s.13.
For more information, go to http://njwillsprobatelaw.com/3b_8-8.html?id=2220&a=
For the purposes of N.J.S. 3B:8-6, property derived from the decedent includes, but is not limited to, any beneficial interest of the surviving spouse or domestic partner in a trust created by the decedent during his lifetime, any property appointed to the spouse or domestic partner by the decedents exercise of a general or special power of appointment also exercisable in favor of others than the spouse or domestic partner, any proceeds of insurance, including accidental death benefits on the life of the decedent attributable to premiums paid by him, any lump sum immediately payable and the commuted value of the proceeds of annuity contracts under which the decedent was the primary annuitant attributable to premiums paid by him, the commuted value of amounts payable after the decedents death under any public or private pension, disability compensation, death benefit or retirement plan, exclusive of the Federal Social Security system, by reason of service performed or disabilities incurred by the decedent, the value of the share of the surviving spouse or domestic partner resulting from rights in community property acquired in any other state formerly owned with the decedent and the value of any rights of dower and curtesy. Premiums paid by the decedents employer, his partner, a partnership of which he was a member, or his creditors, are deemed to have been paid by the decedent.
Amended 2005, c.331, s.12.
For more information, go to http://njwillsprobatelaw.com/3b_8-7.html?id=2219&a=