[Inheritance Law Firm] Defending the Client Against Inheritance of Debt Through Detailed Legal Consultation

After the client's parents divorced long ago, the client had remained out of contact with his father. He did not even know where his father lived or his contact information. However, 5 years after the father passed away, the client learned that he had to repay the father's debts in his place. The period during which he could apply for renunciation of inheritance or qualified acceptance of inheritance had already lapsed as well.

The debt to be repaid exceeded ten million won, but there was no inherited property. There was a sufficient need for special qualified acceptance of inheritance.

There is a concept that must be understood before discussing the relevant statutes. It concerns the terminology related to 'property.'

First, let us look at 'positive property.' Positive property refers to the general property that the deceased held while alive. It comes in many forms, ranging from real estate to deposits, insurance, and severance pay. It may be understood as money that benefits someone.

The opposite concept is 'negative property.' This is the same as what is commonly called debt. It comes in various forms, such as various loans and unpaid taxes.

If a family member passes away, the heirs must take on not only the positive property but also the negative property, so their concerns are inevitably significant.

The situation becomes more complicated when the debt to be repaid far exceeds the inherited property. This is because the deceased's debt can make it difficult even for other family members to make a living.

The options that can be chosen in such a situation are 'renunciation of inheritance' and 'qualified acceptance of inheritance' .

'Renunciation of inheritance' means receiving neither the property nor the debt, which means the loss of authority as a successor.

However, the fact that one person renounces the inheritance does not mean that the debt is entirely extinguished, and it passes to the next heir.

'Qualified acceptance of inheritance' means repaying the debt within the limit of the inherited property.

The client and the father had been out of contact for more than 10 years, and the father's funeral was not held either. For this reason, the client had no way of hearing about the debt the father had incurred in the past. On the basis of these points, the attorney with the inheritance law firm argued that the client was not at fault.

The client became aware of the father's debt only after receiving a complaint from a credit business company demanding repayment of the money. For more than 5 years, there had also been no demand for repayment whatsoever. The attorneys with the inheritance law firm emphasized this aspect and argued strongly that a special qualified acceptance of inheritance was necessary.

In inheritance matters, the solution varies depending on the client's current situation, the scope of the inherited property, and other factors.

If you are experiencing difficulty due to an inheritance-related matter, you may consult an attorney with the inheritance law firm promptly.