Legal Question in Real Estate Law in Pennsylvania
can i refuse to be a remainderman? i dont have the financial ability to take care of a second home
3 Answers from Attorneys
Yes, a beneficiary may disclaim anything that is left to her or him in a Will. Ask the Executor for a form Disclaimer and how to sign it.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
You may also try to negotiate for a different part of the estate. If you are successful, you should have a written agreement with the Executor and the other heirs. Consult with a local Estates lawyer to assist you in this.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
Why would you refuse. What you have is a potential ownership of real estate when the current owner dies. So until that person dies you're not out of pocket. Even when that person dies you then become the owner. Still can afford it then sell it and pocket the profits. If you disclaim it then you get nothing. And if you die before the person with the life estate does then the property would o to your heirs. There is almost no downside to being the remainderman.