2005 North Carolina Code - General Statutes § 31B-1. Right to renounce succession.

Chapter 31B.

Renunciation of Property and Renunciation of Fiduciary Powers Act.

§ 31B‑1.  Right to renounce succession.

(a)       A person who succeeds to a property interest as:

(1)       Heir, or

(2)       Next of kin, or

(3)       Devisee, or

(4)       Legatee, or

(5)       Beneficiary of a life insurance policy who did not possess the incidents of ownership under the policy at the time of death of the insured, or

(6)       Person succeeding to a renounced interest, or

(7)       Beneficiary under a testamentary trust or under an inter vivos trust, or

(8)       Appointee under a power of appointment exercised by a testamentary instrument or a nontestamentary instrument, or

(9)       Repealed by Session Laws 1989, c. 684, s. 2.

(9a)     Surviving joint tenant, surviving tenant by the entireties, or surviving tenant of a tenancy with a right of survivorship, or

(9b)     Person entitled to share in a testator's estate under the provisions of G.S. 31‑5.5, or

(9c)     Beneficiary under any other testamentary or nontestamentary instrument, including a beneficiary under:

a.         Any qualified or nonqualified deferred compensation, employee benefit, retirement or death benefit, plan, fund, annuity, contract, policy, program or instrument, either funded or unfunded, which is established or maintained to provide retirement income or death benefits or results in, or is intended to result in, deferral of income;

b.         An individual retirement account or individual retirement annuity; or

c.         Any annuity, payable on death, account, or other right to death benefits arising under contract; or

(9d)     The duly authorized or appointed guardian with the prior or subsequent approval of the clerk of superior court, or of the resident judge of the superior court, of any of the above.

(10)     The personal representative appointed under Chapter 28A of any of the above,

or the attorney‑in‑fact of any of the above may renounce in whole or in part the right of succession to any property or interest therein, including a future interest, by filing a written instrument under the provisions of this Chapter. A renunciation may be of a fractional share or any limited interest or estate. Provided, however, there shall be no right of partial renunciation if the decedent or donee of the power expressly so provided in the instrument creating the interest.

(b)       This Chapter shall apply to all renunciations of present and future interests, whether qualified or nonqualified for federal and State inheritance, estate, and gift tax purposes, unless expressly provided otherwise in the instrument creating the interest.

(c)       The instrument shall (i) describe the property or interest renounced, (ii) declare the renunciation and extent thereof, (iii) be signed and acknowledged by the person authorized to renounce. (1975, c. 371, s. 1; 1983, c. 66, s. 1; 1989, c. 684, s. 2; 1998‑148, s. 1.)