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What Is a Disclaimer? Definition, Uses and Importance.

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The disavowal or renunciation of a claim, power vested in someone and formerly alleged by them. The denial for any interest one might have had as well as the loss of property that was attributed to him/her.

In probate law, a person can plead a disclaimer when they are bankrupt and may most likely lose the inheritance. Such individuals can request that the money or gift be transferred to their children, spouse, or any other person they de worthy.

Also, a heavily sick person who owns an estate can be taxed by the IRS, despite their health condition. He or she can ask that their next in line take the property and pay all accumulated taxes in the future. The disclaimant is required to sign the disclaimer which usually comes in a written form.

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