What is joint inheritance?
What is joint inheritance?
- Joint inheritance refers to the inheritance of the property of the inheritee if there are multiple inheritors.
Who are co-inheritors?
- Co-inheritors refer to multiple inheritors with the same order of priority for joint inheritance.
Co-ownership of the inherited property by co-inheritors
Co-ownership of the inherited property by co-inheritors
- If there are multiple inheritors, they become co-owners of the inherited property (Article 1006 of the “Civil Act”).
- Co-ownership refers to the ownership of an article jointly by two or more persons in proportion to their share of inheritance (Article 262 of the “Civil Act”).
Succession of the rights and duties of co-inheritors
- Co-inheritors succeed to the rights and duties of the inheritee in proportion of their share of inheritance (Article 1007 of the “Civil Act”).
※ However, this relationship of co-ownership of co-inheritors is introduced for the provisional status of the inherited property.
Management and disposition of joint inherited property
Management of joint inherited property
- Co-inheritors are entitled to dispose of their own shares and may make use of or take the profits from, in proportion to their own shares, the whole of the article owned jointly (Article 263 of the “Civil Act”).
- Co-inheritors are not allowed to dispose of or make any alteration in the article jointly owned without consent of the other co-owners (Article 264 of the “Civil Act”).
All matters relating to the administration of the article jointly owned will be determined by a majority in shares of the co-inheritors.However, each co-inheritor will be entitled to do any act of preservation (Article 265 of the “Civil Act”).
- Each co-inheritor will be required to pay the expenses of administration and bear all other duties for the jointly inherited property in proportion to his/her share (Article 266 (1) of the “Civil Act”).
· If a co-inheritor fails to meet the obligation on the expenses of administration of the jointly inherited property for one year or longer, other co-inheritors may purchase the share of the said co-inheritor with the value equivalent to the said expenses (Article 266 (2) of the “Civil Act”).
Transfer of shares for joint inheritance
Transfer of shares for joint inheritance
- If one of the co-inheritors has assigned his or her share of inheritance to a third party, any other co-inheritor may obtain such share by reimbursing its value and expenses relating to the transfer (Article 1011 (1) of the “Civil Act”).
· The right to acquire the share of inheritance transferred to a third party must be exercised within three months from the day on which such cause has been known or within one year from the day on which such cause has occurred (Article 1011 (2) of the “Civil Act”).