The 2013-2014 legislative session ended on June 19, 2014. It is instructive to review what has passed so far, what failed to pass before the June recess and what lies ahead in the 2015-16 legislative session.1
Requirement for Personal Representative to Obtain Court Approval Before Renouncing Eliminated (Enacted Aug. 11, 2014).2 Under prior law, personal representatives were required to obtain court authorization before renouncing any interest to which a decedent became entitled but did not receive prior to death. Even in the most common situation, in which spouses have reciprocal wills with identical beneficiaries who take upon the death of the surviving spouse, prior court approval to renounce was necessary. Where spouses die within nine months of each other, disclaimer is often used to minimize administration expenses by allowing the property of the first spouse to die to pass directly to the beneficiaries, instead of being subjected to another administration in the second spouse’s estate. The new law removes the requirement of prior court approval in order to reduce expense as well as delays in implementing a disclaimer, which must be effected within nine months of death.
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