CONTENTS
- 1. The Case of the Client Who Sought an Inheritance Attorney
- - Related Law Explained by the Inheritance Attorney
- 2. The Inheritance Attorney’s Assistance
- - An Incomplete Family Agreement Situation
- - Organizing the Structure Including the Substitute Heirs
- - Prompt Filing Within the Reporting Period
- 3. The Result of the Inheritance Attorney’s Assistance: "Acceptance"
- - Frequently Asked Questions
1. The Case of the Client Who Sought an Inheritance Attorney
The client who sought an inheritance attorney came to consider renouncing the inheritance because of the debt problem left behind after her mother passed away.
The decedent had been registered during her lifetime as a joint surety for one of the family members, and because of the debt arising therefrom, the liabilities exceeded the inherited property.
Some of the family members were already proceeding with qualified acceptance or renunciation of inheritance, but the client found it difficult to trust the situation among the family members, so she wished to proceed with a separate, independent renunciation of inheritance procedure.
In particular, because there was a possibility that even her children would inherit the debt as substitute heirs, this was a sensitive situation in which a renunciation of inheritance including not only herself but also her children had to be prepared together.
Related Law Explained by the Inheritance Attorney
Both qualified acceptance and renunciation of inheritance are procedures chosen when the debt exceeds the property to be inherited or is unclear, and they are means of avoiding the inheritance of excessive debt.
Qualified acceptance: a system of accepting the inheritance on the condition that the debt is repaid only within the scope of the inherited property Renunciation of inheritance: a procedure of renouncing the status of heir so that neither the property nor the debt is passed on |
To decide on the inheritance procedure, it is important first to accurately confirm the deceased’s property and debt.
Result of the Examination of the Inherited Property | Inheritance Procedure That Can Be Chosen |
|---|---|
Where the property exceeds the debt | Simple acceptance (accepting the entire inheritance) |
Where the ratio of property to debt is unclear | Qualified acceptance (repaying the debt within the limit of the property) |
Where the debt exceeds the property | Renunciation of inheritance (renouncing the inheritance itself) |
If the ratio of the debt to the property to be inherited is not clear or there is room for dispute, you can choose the safe procedure of qualified acceptance, under which you do not bear responsibility beyond the property.
However, because this process is complicated in terms of legal calculation and deadline management, and in particular because renunciation of inheritance or qualified acceptance must be reported within three months from the day on which one becomes aware of the commencement of the inheritance, rather than preparing it alone, receiving the assistance of an inheritance attorney is a wise choice.
2. The Inheritance Attorney’s Assistance
The inheritance attorney comprehensively reviewed the client’s family relationships, the debt situation, and whether substitute inheritance applied, and provided assistance so that the renunciation of inheritance procedure could proceed accurately.
An Incomplete Family Agreement Situation
Among the client’s siblings, some chose qualified acceptance and the rest decided to renounce the inheritance, but the trust among them had collapsed.
So that the client would not feel anxiety, the inheritance attorney organized the position of each heir and separately prepared the renunciation of inheritance procedures for the client and the substitute heirs without omission.
So that the conflict among the family members would not affect the inheritance procedure, the attorney supplemented the documents centering on objective materials.
Organizing the Structure Including the Substitute Heirs
The client clearly expressed her intention to renounce the inheritance, but her children were also in a situation in which they could become substitute heirs and inherit the debt.
Accordingly, the inheritance attorney clearly diagrammed the inheritance structure and prepared the renunciation of inheritance filing documents including the children individually, and filed them together.
Helping the procedure proceed with legal completeness even within complex family relationships was an important role of the inheritance attorney.
Prompt Filing Within the Reporting Period
A report of renunciation of inheritance must be filed within three months from the day on which one becomes aware of the commencement of the inheritance, and if the period is exceeded, it may be deemed a simple acceptance.
The inheritance attorney promptly prepared documents including all the required items (the purport of the claim, the status of the heirs, the commencement date, and so on) within that period and filed them with the family court.
In particular, because the number of family members was large and substitute inheritance was also included, responding quickly without omission was very important.
3. The Result of the Inheritance Attorney’s Assistance: "Acceptance"
Through the inheritance attorney’s assistance, the court issued a decision that “the report renouncing the inheritance is hereby accepted.”
This was a result in which not only the client’s renunciation but also the children’s renunciation of inheritance was accepted together, so the client was freed from the concern of inheriting the debt and was also not drawn into unnecessary conflict among the siblings.
Frequently Asked Questions
Q1. Inheritance attorney, if I renounce the inheritance, is the debt inherited by my children?
A. That can happen. If an heir renounces the inheritance, the children take over the right of inheritance in the capacity of substitute heirs. Therefore, to completely block the debt, it is safe for the children to also proceed with a renunciation of inheritance together.
If this point is missed, a situation can arise in which the parent renounced but the children take on the debt.
A. It must be made within three months from the day on which you become aware of the inheritance.Q2. Inheritance attorney, by when must the renunciation of inheritance be made?
Under the Civil Act, if the deadline is exceeded, it is deemed a simple acceptance and even the debt may be inherited.
In addition, even within the deadline, if you first use or dispose of the inherited property, it is treated as a simple acceptance, so once the inheritance commences, it is important to receive legal consultation as quickly as possible.
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This content is based on actual case studies of Daeryun Law LLC with some adaptations, and the copyright belongs to our firm.
Unauthorized reproduction, duplication, or distribution and other copyright infringements may result in legal action under applicable laws.
