Can a beneficiary waive their inheritance rights for another beneficiary's benefit?
I was willed an amount of money that would be paid to me monthly and upon my death would be paid out completely in full to my daughter. Can I relinquish my right to this inheritance now before my death for her to be able to collect this now? My daughter is listed on the Will to accept this amount upon my death. The Will was originated in CA and my daughter lives in KS.
You can always waive your rights to inheritance. However, if you are getting the money each month now and you simply want to give this money to your daughter, you should simply send your daughter the money that you are presently getting each month or set up a joint bank account with you and your daughter and deposit all the money into that account so that your daughter has access to it now. Otherwise, you can in fact go to a lawyer to have your right terminated and then have the money go to your daughter. You will have to notify the payor of this transfer, but it does not make sense to do it this way. I would set up the account and that way you have emergency money if you need it. Nevertheless, you can waive your rights here, but make sure you speak to a lawyer.