The document outlines the concept and procedure for giving up inheritance, deadlines, and required documents. The reason for giving up inheritance is that the inherited property exceeds the inherited debt. For example, if the inherited property is about 100 million, while the inherited debt is 500 million, and the inherited debt passes over the inherited property, most heirs choose to abandon inheritance.
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Inheritance
The concept of renunciation
The concept of renunciation of inheritance is an expression of intention by the heir for the purpose of extinguishing the effect of inheritance. Inheritance renunciation is the renunciation of qualifications as an heir, and it is recognized only when all inherited property is renounced. To put it simply, you must give up all of your property and debt to be recognized for giving up inheritance.
Simple approval and limited approval
Inheritance is divided into three types: inheritance renunciation, simple acceptance, and limited acceptance. Simple acceptance is to inherit both inherited property and inherited debt. On the other hand, limited acceptance is a system in which both inherited property and inherited debt are inherited, but inherited debt is repaid only within the scope of the inherited property. Since this varies depending on the individual situation, we recommend that you consult with an acquaintance or a law firm who is familiar with inheritance law.
Inheritance renunciation procedure
go. First of all, you need to decide which of the 3 procedures you will take: renunciation of inheritance, limited approval, and simple approval. If you have more inherited debt than inherited property, please choose the method that is appropriate for your situation, either inheritance renunciation or limited acceptance.
me. A list of applicants for inheritance renunciation must be prepared and finalized. Inheritance runs from 1st to 4th. If you give up inheritance while missing from the list, the order of inheritance will pass to your next-ranking relative. In this case, a big problem may occur, so please be careful.
Please refer to the note below for inheritance order.
all. You must file a list of applicants for inheritance renunciation with the court. When applying to the court, please prepare and submit the required documents together.
Please refer to the notes below for the required documents.
la. If you submit an inheritance renunciation application and required documents, the court will make a decision to renounce inheritance. In the case of limited approval, there are procedures for property redistribution and newspaper notification, but in the case of inheritance renunciation, it is good to think that it is finished just by submitting the application and necessary documents. (You may receive a court decision after about 1-3 months.)
Instructions for giving up inheritance (deadline, required documents, inheritance order, etc.)
Inheritance renunciation deadline
The period for claiming the renunciation of inheritance is within three months from the date of knowledge of the death of the deceased. In other words, during this period, it is necessary to decide on limited acceptance or renunciation of inheritance. In addition, subordinated heirs must also apply for renunciation of inheritance within 3 months.
If you miss the 3-month period, please see the special limited approval system.
Inheritance order
Lineal descendants of the first-order decedent (children, grandchildren, etc.)
The lineal ascendant of the second-order ancestor (parents, grandparents, etc.)
Brothers and sisters of the third-order decedent
4th priority collateral blood relative within 4th degree of ancestor (uncle, aunt, aunt, etc.)
Required documents for inheritance renunciation
Deceased – Copy of resident registration/abstract/family relation certificate (detailed) or copy of expulsion/basic certificate
Heir – Resident registration copy/abstract / seal certificate / family relationship certificate (detailed) / basic certificate (detailed) / personal seal (signature of power of attorney)
A basic certificate is a document that records birth and death. It can be issued at any community service center nationwide.
Post-inheritance renunciation
Some creditors may sue after an inheritance is abandoned. In this case, you can submit an answer to the court stating that you have received a decision to give up inheritance. In this case, most of the lawsuits are withdrawn, and even if they are not taken, the applicant for inheritance renunciation wins. If there are additional missing heirs, please prepare and apply again as soon as possible. Big problems can arise.