How do I give up my rights to a property in a revocable living trust?

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How do I give up my rights to a property in a revocable living trust?

My grandmother passed away last year and she had a revocable trust set up stating her home would be left to myself, my father, and my younger brother equally. My younger brother and I are not in a financial situation to be able to afford the home, and I don’t want to take the chance that if we do lose the house it will effect my credit. We would like to sign it over to our father and not have our names on it anymore. The home is still in the trust and we have not made any changes to the names on the mortgage or bills, but our father makes the payments. How do we go about removing our names?

Asked on May 17, 2012 under Estate Planning, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

In California, you would have to execute what is known as a "disclaimer" of your right to inherit the trust property.  That would be any writing that states that you refuse or decline the property (some statutes use the word "renounce" as well).  It is found under  California Probate Code sections 278 through 286 and 288. Please note that there are time limits for everythhing under the law so be careful.  Good luck.



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