No one likes getting a gift that they do not want, but it happens fairly often. We have all received Christmas or birthday presents that we would rather not have. We always say that we will exchange them, but rarely do. Closets and attics all over the country are filled with these unwanted gifts.
The same thing happens with inheritances all the time. People regularly inherit property that they would rather not have for some reason. It can be anything from small personal items to large pieces of real property that the person has no interest. Just like with a Christmas or birthday gift, you do not have to be stuck with an inheritance that you do not want. There are things that you can do with the unwanted inheritance.
The best thing to do is not to inherit the property at all. You do have that option. If someone leaves you something, you can disclaim it, which is a legal way of saying “No, I do not want that and you can not force me to take it.” If you disclaim an inheritance properly, it will be just like you never received the inheritance at all. You will not face any tax issues associated with owning the property.
Talk to a probate attorney if you have questions about disclaiming an inheritance. It needs to be done in a specific way to be effective. The Zimmer Law Firm can help 513.721.1513.