

Q
Is it possible to refuse inheritance if I do not want it?
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Hello. I'm a business owner who has been running a workplace. I've decided to sell the company this time. Are there ways to make the sale advantageous during the M&A process? It's a company I worked hard on, and I have some patented technology, so I want to get the best price possible. Would SME legal consultation help?
inheritance refusal
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Autor: 김국일
Yes. If you do not want inheritance, you can refuse inheritance through the 'renunciation of inheritance' procedure.
Legally, this is referred to as 'renunciation of inheritance' rather than inheritance refusal, and it is a system where the heir reports to the court that they will not receive any of the inherited property (including debts).
To renounce inheritance, you must submit a renunciation of inheritance report to the family court with jurisdiction over the deceased's address.
At this time, the renunciation of inheritance form must be submitted in writing with the following matters stated and signed.
- Registered base, address, name, and date of birth of the party (representative)
- Purpose and reason of the claim
- Year, month, and day of the claim
- Indication of the family court
- Name and last address of the deceased
- Relationship with the deceased
- Date of knowing about the commencement of inheritance
- Intention to renounce inheritance
The family court accepts this if there are no errors in the entries of the report.
If the renunciation of inheritance report is accepted, legally, you are deemed to have not been an heir from the beginning.
What is important here is that the application must be made within 3 months from the date inheritance commenced, the date of the deceased's death.
If you miss the deadline, you are deemed to have simply accepted inheritance, and you may end up being unable to refuse inheritance and bearing the debts.
Therefore, to perfectly prepare documents within the tight period, it is wise to proceed with the consultation of a legal expert.

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