QUESTION
Asked to sign a renunciation of estate for brother, to ensure daughter as heir-Any down side to this?
Asked on Mar 09th, 2017 on Estate Litigation - Pennsylvania
More details to this question:
My brothers ex wife is asking the rest of us (5 siblings) to sign a renunciation naming her as executor of the estate. No one has any interest in any of his property -- she is insuring that his child (under 18) would be able to attain his assets. Is there any downfall to us signing it? The paperwork is supposedly from a lawyer -- states it needs to be notartized, but there is no spot for notary signature -- brings the question if it is really from a lawyer or drawn up by her?
1 ANSWER
Business Law Attorney serving Pittsburgh, PA
at
Fiffik Law Group, P.C.
Update Your Profile
The renunciation will simply allow her to serve as personal representative of his estate. The downsides are 1) control and 2) fees. She will be entitled to compensation for serving as the personal rep. She may not take a fee if that means taking money from her own child but that's a possibility. Control and disclosure are issues too. If she is the rep, she controls all of the information. She doesn't necessarily have to share that info with you becasue you won't be a beneficiary of the estate and, as such, not entitled to information. If you have any desire for info about the proper administration of the estate, you might either not sign or discuss an agreement for ongoing information sharing as a condition you signing the document.
Answered on Mar 13th, 2017 at 1:34 PM