How do I renounce inherited debt?

Hello. This is an inheritance-specialized attorney from Daeryun Law Firm.

You must be facing a very difficult situation, having to confront inherited debt issues after your father passed away following a battle with illness.

Nevertheless, since inheritance procedures including renunciation must be accurately conducted within the period prescribed by law, in your current situation, considering inheritance renunciation or qualified acceptance seems to be the most appropriate direction.

In particular, as you asked, if debts are far greater than assets, you can avoid unnecessary legal liability through inheritance renunciation procedures.

Inheritance renunciation is a system that makes the heir's status as if it never existed, meaning you do not inherit not only your father's assets but also debts at all.

To proceed with inheritance renunciation, you must first prepare basic documents such as the deceased's resident registration copy, removal copy, and death certificate, and family relations certificates and basic certificates of all heirs.

You then submit an inheritance renunciation petition to the family court with jurisdiction over the deceased's last address, and the court reviews the documents to confirm whether the inheritance renunciation intention is genuine and whether the legal period has been observed.

If there are no special problems, the court will issue an inheritance renunciation judgment.

However, even if you renounce inheritance, if the heir arbitrarily disposes of the deceased's assets or repays even part of the debt, it may be deemed as 'simple acceptance' and the inheritance renunciation may not be recognized.

Therefore, after death, you must absolutely refrain from any disposition or repayment of the deceased's assets and debts.

Also, if there are multiple heirs, the debts may be entirely transferred to those who have not renounced inheritance, so it is safe to consult together with other heirs such as siblings.

If it is difficult to determine whether inheritance renunciation or qualified acceptance is appropriate because the size of debt is unclear, it is necessary to first inquire about the debt status from financial institutions, hospitals, credit card companies, tax offices, etc. to grasp the exact situation.

Inheritance issues have very strict legal requirements such as application deadlines, document requirements, and effects after acceptance, so there are not a few cases of accidentally becoming simple acceptance.

Therefore, in the current situation where debt size is large, it is the safest method to specifically determine the direction of inheritance renunciation or qualified acceptance through expert review.