2-1-403. Qualification; effective date.
(a) To qualify as a disclaimer:
(i) There shall be a written irrevocable and unqualified refusal by the disclaimant to accept an interest in property; and
(ii) The writing shall be received by the transferor of the interest, his legal representative or the holder of the legal title to the property to which the interest relates within nine (9) months after the later of:
(A) The day on which the transfer creating the interest in the person is made; or
(B) The day on which the person attains age twenty-one (21); and
(iii) The disclaimant has not accepted the interest or any of its benefits; and
(iv) As a result of a refusal under this subsection, the interest passes without any direction on the part of the person making the disclaimer and passes either:
(A) To the spouse of the decedent; or
(B) To a person other than the person making the disclaimer.
(b) A written transfer of the transferor's entire interest in the property shall be treated as a qualified disclaimer if the written transfer:
(i) Meets requirements similar to the requirements of paragraphs (a)(ii) and (iii) of this section; and
(ii) Is to a person who would have received the property if the transferor had made a qualified disclaimer within the meaning of subsection (a) of this section.
(c) Nothing in this section shall be construed to prevent the disclaimant from benefits as an income beneficiary of any trust established by the transferor's will.
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