Rhode Island General Laws 34-5-8. Disposition of disclaimed interest
(a) A disclaimer complying with all the applicable requirements of this chapter shall be effective according to its terms, and shall be irrevocable, upon execution in accordance with the provisions of § 34-5-4, and filing in accordance with the provisions of § 34-5-6.
Terms Used In Rhode Island General Laws 34-5-8
- Beneficiary: means any person to whom, and any estate, trust, corporation, or other legal entity to which, an interest in property would pass in any manner described in § 34-5-2, except for the execution and filing of a disclaimer in accordance with the provisions of this chapter. See Rhode Island General Laws 34-5-1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Inter vivos: Transfer of property from one living person to another living person.
(b) Unless the will or inter vivos instrument creating the interest in property so disclaimed provides for another disposition of the interest, the interest shall pass in the same manner as if the disclaimant had died immediately preceding the event determining that he, she, or it is the beneficiary of the interest. If a disclaimer relates to an interest disposed of by a particular provision of the will or inter vivos instrument, then the interest so disclaimed shall pass in the same manner as if the disclaimant had died immediately preceding the event determining that he, she, or it is the beneficiary of that interest, but only for the purposes of that provision and the interest may pass to or for the benefit of the disclaimant under other provisions of the will or inter vivos instrument. A future interest that takes effect in possession or enjoyment at or after the termination of the disclaimed interest shall take effect in the same manner as it would have if the disclaimant had died immediately preceding the event determining that he, she, or it is the beneficiary of the disclaimed interest. The disclaimer shall relate back for all purposes to that date.
(c) The interest in property being disclaimed shall never vest in the beneficiary.
History of Section.
P.L. 1980, ch. 392, § 2; P.L. 1988, ch. 259, § 1.