1.    Upon the death of a holder of jointly held property, a surviving holder may disclaim in whole or in part the greater of a fractional share of the property determined by dividing the number one by the number of joint holders alive immediately before the death of the holder to whose death the disclaimer relates or all of the property except that part of the value of the entire interest attributable to the contribution furnished by the disclaimant.

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2.    The disclaimer under subsection 1 takes effect as of the death of the holder to whose death the disclaimer relates.

3.    An interest disclaimed by a surviving holder of jointly held property passes as if the person whose interest is being disclaimed predeceased the holder to whose death the disclaimer relates.