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Q
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Recently, after my mother passed away, while organizing the belongings and property left at the family home, I learned that my mother had been carrying debt while she was alive. If the debt exceeds the property to be inherited, I would like to know whether I can renounce the inheritance of my mother's debt and what the procedure for the inheritance of debt is.
renunciation of inheritance
renunciation of inherited property
inheritance of debt
Answer
Published:
Author : Kuk Il KIM
Where the debt exceeds the property, an heir may feel the burden of having to repay it.
In such a case, you can consider renouncing the inheritance of debt.
Renouncing the inheritance of debt is a procedure in which an heir declares to the court their intention not to inherit any of the deceased's property or debts.
In other words, the heir extinguishes the effect of the inheritance.
If you wish to renounce the inheritance of debt, you must file a report of renunciation of inheritance with the family court within three months from the date the inheritance commences.
If this report is accepted, the heir's status is extinguished, and the deceased's property and debts pass to the next-priority heir.
However, because renunciation of inheritance must be made with respect to the entire inheritance, including all of the deceased's property and debts, it is impossible to inherit only part of the property or to renounce only the debts.
Such a renunciation-of-inheritance system is an advantageous method when the debts are greater rather than when there is a large amount of property to inherit.
A report of renunciation of the inheritance of debt is made through the family court, and the court examines whether to grant the renunciation and issues a written adjudication.
We recommend that you confirm the details through a consultation with a specialized attorney.

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