CONTENTS
- 1. Qualified Acceptance / Renunciation of Inheritance | Qualified Acceptance
- - The Method of Qualified Acceptance
- - Preparation of the Report
- - The Filing Deadline
- - Acceptance of the Report
- - The Effect of Qualified Acceptance
- 2. Qualified Acceptance / Renunciation of Inheritance | Renunciation of Inheritance
- - The Method of Renunciation of Inheritance
- - Preparation of the Report
- - The Filing Deadline
- - The Effect of Renunciation of Inheritance
- - Management of Renounced Inherited Property
- 3. Qualified Acceptance / Renunciation of Inheritance | Whether Revocation Is Possible
- - Revocation of Qualified Acceptance
- - Revocation of Renunciation of Inheritance
- 4. Qualified Acceptance / Renunciation of Inheritance | Checklist
- - The Inheritance Attorney's Assistance System
1. Qualified Acceptance / Renunciation of Inheritance | Qualified Acceptance
Among qualified acceptance and renunciation of inheritance, the qualified acceptance of an inheritance refers to accepting the inheritance on the condition that the heir repays the decedent's debts only within the limit of the inherited property.
In other words, it is a mechanism under which the heir is not required to repay the decedent's debts out of his or her own property.
The Method of Qualified Acceptance
A qualified acceptance is made by filing a report with the family court, and it generally follows the procedure below.
② Confirmation of the heir's circumstances
③ Preparation of the report of qualified acceptance and supporting documents
④ Submission to the family court
⑤ Court review and supplementation
⑥ Public notice to creditors after the decision
Preparation of the Report
To make a qualified acceptance, a report of qualified acceptance must be submitted to the family court that has jurisdiction.
It is sufficient to record the following matters in full and submit a written document signed and sealed, or signed, by the reporting party or the representative.
(where a representative makes the claim, the address and name of the representative)
∙ The purport and grounds of the claim
∙ The date of the claim
∙ The designation of the family court
∙ The name and last address of the decedent
∙ The relationship to the decedent
∙ The date on which the commencement of inheritance became known
∙ The intent to make a qualified acceptance of the inheritance
The Filing Deadline
A qualified acceptance must be filed within 3 months from the date on which the commencement of inheritance became known, and this is also referred to as the deliberation period of 3 months from the commencement of inheritance.
If no filing is made within this period, the heir is deemed to have made a simple acceptance.
However, the period may also be extended upon the request of an interested party or a prosecutor (Civil Act, Article 1019(1)).
Extension of the Period
Category | Description |
Persons Entitled to Request an Extension | An interested party or a prosecutor |
Period for Requesting an Extension | Within 3 months from the time the commencement of inheritance became known |
Court of Jurisdiction | The family court of the place where the inheritance commenced |
Acceptance of the Report
If there is no particular problem with the contents recorded in the submitted report, the family court accepts it and prepares an adjudication document setting forth those contents.
At this point, even if the heir received no property, or the property is insufficient to repay all of the debts, the family court formally issues a judgment ordering repayment of “the entire inheritance debt.”
However, it also expressly states that, in practice, repayment is required only within the limit of the inherited property, so the heir is never held liable to the extent of his or her own property.
The Effect of Qualified Acceptance
Even if a qualified acceptance is granted, the debts of the deceased (the decedent) remain as they are.
However, the heir is required to repay those debts only within the scope of the property inherited, and is not required to repay the debts out of his or her own money (own property).
In other words, even if the inherited property is insufficient, the heir's own property is safely protected.
2. Qualified Acceptance / Renunciation of Inheritance | Renunciation of Inheritance
Renunciation and qualified acceptance of inheritance Among these, the renunciation of an inheritance is a declaration of intent by the heir not to receive the inheritance at all, and as a result, the heir is deemed not to be an heir and does not succeed to any debts or property.
To renounce an inheritance, the heir must file a renunciation of inheritance with the family court.
The Method of Renunciation of Inheritance
A renunciation of inheritance is made by submitting a report of renunciation of inheritance to the family court, and it proceeds through the following procedure.
② The heir's decision
③ Preparation of the report of renunciation of inheritance
④ Submission to and review by the family court
⑤ Finalization of the adjudication of renunciation of inheritance
Preparation of the Report
The following matters must, in principle, be recorded in the report of renunciation of inheritance.
(where a representative makes the claim, the address and name of the representative)
∙ The purport and grounds of the claim
∙ The date of the claim
∙ The designation of the family court
∙ The name and last address of the decedent
∙ The relationship to the decedent
∙ The date on which the commencement of inheritance became known
∙ The intent to renounce the inheritance
After recording the above matters in full, a written document signed and sealed, or signed, by the reporting party or the representative must be submitted.
The Filing Deadline
A renunciation of inheritance is likewise valid only if it is filed with the family court within 3 months from the date on which the commencement of inheritance became known.
This is because, once 3 months have passed, a simple acceptance is deemed to have been made.
However, upon request, the family court may extend this period.
Category | Description |
Persons Entitled to Request an Extension | An interested party or a prosecutor |
Period for Requesting an Extension | Within 3 months from the time the commencement of inheritance became known |
Court of Jurisdiction | The family court of the place where the inheritance commenced |
The Effect of Renunciation of Inheritance
When a renunciation of inheritance is accepted by the court, the heir is treated as if he or she had never been an heir from the beginning.
Accordingly, the heir inherits neither property nor debts at all, and the next-ranking heir becomes the heir instead.
In addition, where several persons may inherit together, the share renounced by one person is inherited by the remaining heirs, divided according to their respective proportional shares.
Management of Renounced Inherited Property
A person who has renounced an inheritance also bears the responsibility of temporarily managing the inherited property until a new heir is determined.
In other words, renouncing an inheritance does not mean withdrawing from it immediately; the person manages the property on a temporary basis so that it is not left unattended or lost, and then hands it over to the next heir once that heir appears.
3. Qualified Acceptance / Renunciation of Inheritance | Whether Revocation Is Possible
Once a qualified acceptance or renunciation of inheritance has been decided and filed with the court, it cannot, in principle, be revoked.
However, where there has been a serious mistake, fraud, or similar circumstance, revocation may exceptionally be recognized.
Revocation of Qualified Acceptance
Item | Content |
Requirements | Where the declaration of intent was distorted by fraud, duress, or a serious mistake |
Deadline | 3 months from the time of escaping the mistake, duress, or fraud |
Within 1 year from the date of the qualified acceptance |
To revoke a qualified acceptance, a report must be filed in writing, signed and sealed, or signed, by the reporting party or the representative, with the family court that handled the qualified acceptance.
Matters to Be Recorded in the Report of Revocation of Qualified Acceptance of Inheritance
∙ The relationship to the decedent
∙ The date on which the report of qualified acceptance or renunciation of inheritance was accepted
∙ The grounds for revoking the renunciation of inheritance
∙ The date on which ratification became possible
∙ The intent to revoke the qualified acceptance of the inheritance
The report of revocation of qualified acceptance of inheritance must be accompanied by a certificate of the registered seal of the reporting party or the representative.
Revocation of Renunciation of Inheritance
Item | Content |
Requirements | Where the declaration of intent was distorted by fraud, duress, or a serious mistake |
Deadline | 3 months from the time of escaping the mistake, duress, or fraud |
Within 1 year from the date of the renunciation of inheritance |
To revoke a renunciation of inheritance, a report must be filed in writing, signed and sealed, or signed, by the reporting party or the representative, with the family court that adjudicated the renunciation of inheritance.
Matters to Be Recorded in the Report of Revocation of Renunciation of Inheritance
∙ The relationship to the decedent
∙ The date on which the report of qualified acceptance or renunciation of inheritance was accepted
∙ The grounds for revoking the renunciation of inheritance
∙ The date on which ratification became possible
∙ The intent to revoke the renunciation of inheritance
The report of revocation of renunciation of inheritance must also be accompanied by a certificate of the registered seal of the reporting party or the representative.
4. Qualified Acceptance / Renunciation of Inheritance | Checklist
Through a qualified acceptance or renunciation of inheritance, one can respond to situations where the inheritance debts are unclear or the state of the decedent's property cannot be accurately ascertained.
At this stage, it is important to review the following matters so that the report may be accepted.
▶ Confirming and consulting on the overall inheritance relationship among the heirs
▶ Calculating the deadline : confirming whether it is within 3 months from the date the inheritance commenced
▶ Preparing the report documents for submission to the family court
The Inheritance Attorney's Assistance System
This law firm includes numerous inheritance-specialist attorneys registered with the Korean Bar Association, as well as experienced attorneys with an average of more than 10 years of practice.
In connection with qualified acceptance and renunciation of inheritance, the firm provides comprehensive assistance, ranging from analysis of property and debt details, advice on the choice to be made, and preparation of the report for the family court, through to the liquidation procedure.
If preparing the procedure on your own is difficult, the assistance of an inheritance attorney may help you carry out the procedure more accurately and promptly.
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