Under New York law a beneficiary or distributee is given the power to renounce or disclaim an interest that otherwise would pass to that person from the decedent or the decedent’s estate. Common motivations to disclaim are to reduce taxes or keep property from creditors. To be valid, the renunciation must be in writing, signed by the renouncing party, and acknowledged before a notary public. A disclaimer, once made, is irrevocable, meaning you cannot later change your mind.