(a) Interests releasable.--
(1) Subject to paragraph (2), an interest in property that has been accepted may be released.
(2) An income interest in a spendthrift trust may be released only if the released income passes to one or more of the releasor's descendants.
(b) Effect of release of interest.--A releasor of an interest in property shall be treated as having died at the time of the release for purposes of determining and accelerating the interests of other parties in the property.
(c) Nonfiduciary powers disclaimable or releasable.--A power of appointment, power of withdrawal or other power held in a nonfiduciary capacity may be disclaimed prior to its acceptance or released after its acceptance.
(d) Terms of disclaimer or release.--A release of a power or interest or a disclaimer of a power under this section may:
(1) Be absolute or conditional.
(2) Be made with respect to the whole or any part of the property subject to the power or interest.
(3) Reduce or limit the persons or objects or classes of persons or objects in whose favor the power or interest would otherwise be exercisable.
(e) Procedural requirements.--A release and a disclaimer under this section shall be in writing and filed, delivered and recorded in a similar manner as a disclaimer under section 6204 (relating to filing, delivery and recording).
(July 8, 2016, P.L.497, No.79, eff. Jan. 1, 2017)
2016 Amendment. Act 79 added section 6103.1.
Cross References. Section 6103.1 is referred to in section 5601.4 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Section 6102 - Termination of trusts (Deleted by amendment)
Section 6103 - Release or disclaimer of powers or interests (Repealed)
Section 6103.1 - Release of powers and interests and disclaimer of powers
Section 6104 - Rule against perpetuities
Section 6105 - Rule against perpetuities; disposition when invalidity occurs
Section 6106 - Income accumulations; when valid
Section 6107 - Income accumulations; disposition when invalidity occurs
Section 6107.1 - Applicability of rule against perpetuities
Section 6108 - Designation of beneficiaries of insurance or employee death benefits not testamentary
Section 6109 - Combination of charitable trusts (Repealed)
Section 6110 - Administration of charitable interests (Deleted by amendment)
Section 6111 - Conveyances to defeat marital rights (Repealed)
Section 6111.1 - Modification by divorce or pending divorce
Section 6111.2 - Effect of divorce or pending divorce on designation of beneficiaries
Section 6112 - Spendthrift trusts (Deleted by amendment)
Section 6113 - Limited estates in personalty and in the proceeds of the conversion of real estate
Section 6114 - Rules of interpretation
Section 6115 - Estates pur autre vie
Section 6116 - Estates in fee tail abolished
Section 6117 - Rule in Shelley's case and doctrine of worthier title