Q: Parent died without will. Retirement fund to be distributed between 4 adult children, can 1 child refuse the money?
The youngest is on soc sec benefits and concerned money would affect her soc sec benefits
A:
It's possible. But not all retirement plans will allow disclaimers. Those that do may require the disclaimer to be made on a form that they provide, acceptable to the retirement plan. Also, the disclaimer needs to be made within a certain time of when the parent passed away, otherwise the disclaimer would not be recognized as valid.
If the other 3 adult children would still like the social security sibling to have the benefit of the money, they might consider setting up a special needs trust, which they could each fund with their excess share of the retirement fund (social security sibling's 1/4 share that was disclaimed). An elder law attorney might be able to talk through this with you.
As always, this is a response to a hypothetical. Be sure to talk to a qualified attorney about your specific situation before taking any action.
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