• Renunciation of Inheritance/Qualified Acceptance
  • Price and Procedure
  • Resolving Debt Inheritance
Troubleshoot debt inheritance
Renunciation of Inheritance ㅣ Qualified Acceptance
Renunciation of Inheritance

You do not inherit all debts and property left by the decedent.

“If you make a renunciation of inheritance, the decedent's debts will pass to the decedent's next of kin within the fourth degree, including grandchildren”

Qualified Acceptance

Pay the decedent's debts only to the extent of the estate left by the decedent.

“Qualified acceptance does not mean that you do not have to pay the debt at all.
You have an obligation to pay off decedent debts within the scope of the estate left by the decedent”

Once a decision on qualified acceptance has been made, it is necessary to publish a newspaper announcement and provide notice to creditors.
After that, the estate must go through a liquidation process in which the inherited property is used to pay off outstanding debts.
Once this process is complete, the debt will be considered fully settled.

Renunciation of Inheritance and Qualified Acceptance must be made within 3 months from the date of commencement of inheritance (date of death).

If you find that decedent debts more than estate, you can take advantage of the Special Qualified Acceptance.
Special Qualified Acceptance must be made within 3 months from the date of discovery.
Required Documents
Renunciation of Inheritance or Qualified Acceptance
Which would be more advantageous?
At this time, it is most common for one of the children to receive qualified acceptance and for the other children and spouse to give up inheritance.
Inheritance renunciation and qualified acceptance
There are many differences in the status of the heir, the way of proceeding,
and whether or not there is liquidation.

So consider the state of your assets and liabilities,
and consult with a professional to determine what's best for you.
Request for Consultation
Inheritance Renunciation & Qualified Acceptance
Price
(per person)
Inheritance Renunciation
  • Revenue stamp ￦ 4,500
  • Delivery fee ￦ 31,200
  • Local bar association fees ￦ 5,000
  • Postage ￦ 0
  • Attorney‘s fee
    include VAT 10%     ￦ 99,000
Total ￦ 139,700
Qualified Acceptance
  • Revenue stamp ￦ 4,500
  • Delivery fee ￦ 31,200
  • Local bar association fees ￦ 5,000
  • Newspaper announcements ￦ 40,000
  • Creditor notice(free of charge) ￦ (-) 0
  • Attorney‘s fee
    include VAT 10%     ￦ 275,000
Total ￦ 355,700
Inheritance Renunciation
(overseas resident)
  • Revenue stamp ￦ 4,500
  • Delivery fee ￦ 31,200
  • Local bar association fees ￦ 5,000
  • Postage ￦ 0
  • Attorney‘s fee
    include VAT 10%     ￦ 330,000
Total ￦ 370,700
Qualified Acceptance
(overseas resident)
  • Revenue stamp ￦ 4,500
  • Delivery fee ￦ 31,200
  • Local bar association fees ￦ 5,000
  • Newspaper announcements ￦ 40,000
  • Creditor notice(무료) ￦ (-) 0
  • Attorney‘s fee
    include VAT 10%     ￦ 550,000
Total ￦ 630,700
Request for legal action
Renunciation of Inheritance & Qualified Acceptance
Precautions!
It could be invalid if it goes wrong.
Renunciation of Inheritance
You must not arbitrarily accept or dispose of inherited property. In this case, it is because the inheritance is simply accepted, and the renunciation of inheritance may be invalid.
Qualified Acceptance
It should be noted that if the property is not listed in the property list or if the property is used arbitrarily without repaying the debt, it is regarded as a simple approval of inheritance and the qualified acceptance may become invalid.
Don't do any of the following, in the case of renunciation of inheritance/ qualified acceptance.

  • Deposit withdrawal in the name of the deceased

    Consumption, sale of the deceased's property

    Change of title to the property of the deceased

  • Receipt of the deceased's debts, execution, etc.

    Receipt of accident insurance for the deceased

    Change of the policyholder of the deceased

  • Receipt of the deceased's rental deposit, jeonse deposit, etc.

    Renewal of lease, jeonse, etc. for the deceased

    Arbitrary consultation with perpetrators and debtors regarding the deceased

  • Other property rights of the deceased, consumption, etc.

If you have any of the above issues, please be sure to consult us.
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