how do I write a letter to reliniquish rights to property
1 Answer from Attorneys
The answer is, it depends. Maybe you don't right a letter and maybe you sign a quitclaim deed if this is real property. Or maybe, if the property arises from an inheritance, you have to sign a proper disclaimer which you file with the court.
Since you have not provided any relevant details about the kind of property this is, I would suggest that you speak to an attorney about this so that the renunciation is done in the correct manner.
Or you can try re-posting here with further details so that I another attorney can better advise you.
Any attorney would need to know:
(1) what kind of property this is - land or anything other than land?
(2) how did you receive it - by will or inheritance? If by will/inheritance is an estate still pending? When did the deceased die? Who will inherit/receive the property if you renounce and are you ok with this?
(3) when did you receive it?
(4) why do you wish to relinquish the property?
(5) what is its value?
(6) what is your age or status, i.e,, will you possibly be receiving care in an assisted living facilty in the next 5 years?
There will be potential gift tax or other consequences under questions 5 & 6 so its important to know.