120.240 - Disclaimer of rights of survivorship in jointly held property.
120.240 Disclaimer of rights of survivorship in jointly held property.
1. Upon the death of a holder of jointly held property, a surviving holder may disclaim, in whole or part, the greater of:
(a) A fractional share of the property determined by dividing the number 1 by the number of joint holders alive immediately before the death of the holder to whose death the disclaimer relates; or
(b) All of the property except that part of the value of the entire interest attributable to the contribution furnished by the disclaimant.
2. A disclaimer under subsection 1 takes effect as of the death of the holder of jointly held property to whose death the disclaimer relates.
3. An interest in jointly held property disclaimed by a surviving holder of the property passes as if the disclaimant predeceased the holder to whose death the disclaimer relates.
(Added to NRS by 2007, 280)