Nevada § 120.230 - Disclaimer of interest in property

§ 120.230. Disclaimer of interest in property

1. Except for a disclaimer governed by NRS 120.240 or 120.250 , the following rules apply to a disclaimer of an interest in property: (a) The disclaimer takes effect as of the time the instrument creating the interest

becomes irrevocable or, if the interest arose under the law of intestate succession,

as of the time of the intestate's death. (b) The disclaimed interest passes according to any provision in the instrument creating

the interest providing for the disposition of the interest, should it be disclaimed,

or of disclaimed interests in general. (c) If the instrument does not contain a provision described in paragraph (b), the

following rules apply: (1) If the disclaimant is not an individual, the disclaimed interest passes as if

the disclaimant did not exist. (2) If the disclaimant is an individual, except as otherwise provided in subparagraphs

(3) and (4), the disclaimed interest passes as if the disclaimant had died immediately

before the time of distribution. (3) If by law or under the instrument, the descendants of the disclaimant would share

in the disclaimed interest by any method of representation had the disclaimant died

before the time of distribution, the disclaimed interest passes only to the descendants

of the disclaimant who survive the time of distribution. (4) If the disclaimed interest would pass to the disclaimant's estate had the disclaimant

died before the time of distribution, the disclaimed interest instead passes by representation

to the descendants of the disclaimant who survive the time of distribution. If no descendant of the disclaimant survives the time of distribution, the disclaimed

interest passes to those persons, including the State but excluding the disclaimant,

and in such shares as would succeed to the transferor's intestate estate under the

intestate succession law of the transferor's domicile had the transferor died at the

time of distribution. However, if the transferor's surviving spouse is living but is remarried at the

time of distribution, the transferor is deemed to have died unmarried at the time

of distribution. (d) Upon the disclaimer of a preceding interest, a future interest held by a person

other than the disclaimant takes effect as if the disclaimant had died or ceased to

exist immediately before the time of distribution, but a future interest held by the

disclaimant is not accelerated in possession or enjoyment. 2. As used in this section: (a) “ Future interest ” means an interest that takes effect in possession or enjoyment, if at all, later

than the time of its creation. (b) “ Time of distribution ” means the time when a disclaimed interest would have taken effect in possession

or enjoyment.