How do I renounce inherited debt?

Hello. This is an inheritance attorney at Daeryun Law LLC.

Renunciation of inherited debt refers to a procedure of legally renouncing the inheritance when an heir does not wish to inherit not only the decedent's property but also all of the debts (obligations).

In other words, the effect is as if the heir had never become an heir from the beginning.

If the debt your father left is far greater than the property, inheriting it means you will also take on the debt.

If there is no property but only debt remaining, inheriting can instead become a significant financial burden.

In such a case, through a renunciation of inheritance, you can avoid inheriting the debt and free yourself from the inheritance relationship.

The renunciation-of-inheritance procedure is as follows.

1. Confirming the commencement of the inheritance
If your father has passed away, the inheritance has legally commenced.

2. The period for reporting the renunciation of inheritance
You must submit a written report of renunciation of inheritance to the family court within three months from the date you became aware of the commencement of the inheritance (the date of death).

3. Submitting the written report of renunciation of inheritance to the family court
After visiting the family court with jurisdiction (usually the court with jurisdiction over the decedent's last address), you prepare and submit the written report of renunciation of inheritance.

At this time, documents such as an identification card, the family relation certificates and basic certificates of the decedent and the heirs are needed, and depending on the circumstances, a death certificate or a certified copy of the removed family register may also be required.

4. Confirmation by the court
The court reviews the documents and, if there is no particular problem, a decision granting the renunciation of inheritance is rendered.

Once you renounce the inheritance, that heir is deemed never to have been an heir from the beginning, and the right of inheritance passes to the other heirs.

However, because this may cause the next-priority heir to inherit the debt, consultation among all of the heirs may be necessary.

When the details of the debts and property are complex or difficult to grasp accurately, when the renunciation-of-inheritance reporting procedure is new to you and you are unsure how to prepare, or when legal disputes such as conflicts among heirs or problems with creditors are anticipated, an inheritance attorney at Daeryun Law LLC will help you prepare the necessary documents and respond to the court procedures.

If you need assistance with renouncing inherited debt, you are welcome to request a consultation.