According to the IRS, the person disclaiming the asset must meet the following requirements to use a disclaimer:
Keep in mind that the disclaimer is irrevocable; the person who disclaims the property can't come back later, after a failed business or stock market slump, for example, and reclaim those assets.
The person disclaiming the assets does not get to choose who is next in line to receive the disclaimed property. Instead, the assets will pass to the contingent beneficiary as if the first beneficiary had died.
In the case of an intestate death, state law will determine the next beneficiary.