Legal Intellectual

Tired of unprofessional or promotional legal answers?
Daeryun specialist lawyers will answer your questions.

When the inherited property and the debts are similar, can I limit the scope of inheritance through qualified acceptance of inheritance?

My father left property of about 40 million won, but it has been confirmed that there are also loans of a similar amount, about 40 million won. It also seems that he borrowed money from people around him, but the exact amount is unknown. Since I hear that inheriting also means taking on the debts, I am worried about whether I should accept the inheritance without even knowing the exact amount. I heard that in such a case one can limit the scope of what is inherited through qualified acceptance of inheritance, and I would like to know whether this is actually a method I can apply.

qualified acceptance of inheritance

Answer to Related Inquiry

Author: 김국일

Where the debts exceed the inherited property, or where the debts and the property are similar in size, it is possible to limit the scope of inheritance through qualified acceptance of inheritance.

Qualified acceptance of inheritance refers to a declaration of intent by which an heir accepts the inheritance on the condition that they will repay the decedent's debts and bequests only within the scope of the property received through the inheritance. Through this, the heir does not have to bear debts exceeding the inherited property out of their own property.

To make a qualified acceptance of inheritance, you must file a report with the family court having jurisdiction over the place where the inheritance commenced, within 3 months from the date on which you became aware of the commencement of the inheritance.

In addition, even after the period for accepting the inheritance has passed, where there are special circumstances, qualified acceptance of inheritance can be applied on a limited basis through a special qualified acceptance.

For example, even where you made an unconditional acceptance but new debts were discovered, or where a minor, after reaching adulthood, learns that the debts exceed the inherited property, qualified acceptance of inheritance is possible within the reporting deadline.

Even in a situation where the debts are uncertain, using the qualified acceptance of inheritance system can prevent the heir from bearing unnecessary property burdens, and it is important to comply with the reporting deadline and the procedures.