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It is legally called a "disclaimer" and it means you do not have any legal possession of it, it cannot be seized from you, it remains part of the estate and it can be distributed to others by the estate.

This is sometimes used when an heir has a debt that would completely consume the inheritance, so it is disclaimed rather than be forfeited to the creditor.

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Q: What happens if you do not accept what was left to you in a will?
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