The Commonwealth of Massachusetts
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PETITION OF:
The Commonwealth of Massachusetts
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PETITION OF:
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In the Year Two Thousand and Seven.
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An Act to allow the disclaimer of certain property owned jointly or as tenants by the entirety. |
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Section 2 of chapter 191A of the General Laws as appearing in the 2004 Official Edition is hereby amended by deleting paragraph numbered 2 and the last paragraph of said section and by substituting in place thereof the following:
2. As donee, grantee, beneficiary of an inter-vivos trust, beneficiary of a nontestamentary instrument, or surviving joint tenant or tenant by the entirety, except that a surviving joint tenant or tenant by the entirety of a bank account, brokerage account or other investment account (such as an account held at a mutual fund) may not disclaim that portion of an interest in any such account or investment which is allocable to amounts contributed by him or her to the interest in such account or investment; through exercise or non-exercise of a power of appointment exercisable by deed, or nontestamentary exercise or non-exercise of a power of appointment exercisable by deed of trust or will; under any deed, assignment, or other nontestamentary instrument of conveyance or transfer; by succession in any manner described in this clause to a disclaimed interest; or in any other manner not specified above under a nontestamentary instrument or by operation of any statue or rule of law.
Disclaimer may be made for a beneficiary by such beneficiary’s attorney-in-fact who has been appointed under a then existing durable power of attorney which has been executed by such beneficiary pursuant to Chapter 201B, provided that such attorney-in-fact is authorized by the terms of such durable power of attorney to execute disclaimers on behalf of such beneficiary. Such attorney–in-fact may execute, acknowledge and file such disclaimer on behalf of such beneficiary in accordance with the provisions of this chapter in the same manner as said beneficiary could have done personally. Disclaimer may be made for a beneficiary under a legal disability by the duly appointed guardian or conservator of such beneficiary, and for a deceased beneficiary by the legal representative of such beneficiary’s estate; provided, in any case, however, that the probate court having jurisdiction of the estate of such beneficiary shall have decreed, upon complaint filed by such guardian, conservator, or legal representative, that such disclaimer is in the best interests of those interested in the estate of such beneficiary and not detrimental to the best interests of the beneficiary or the estate of such beneficiary, and that such guardian, conservator, or legal representative is authorized to execute and file such disclaimer on behalf of such beneficiary in accordance with the provisions of this chapter.