Examination of the inherited property
Examination of the inherited property
- An inheritor may examine the inherited property before effecting such acceptance or renunciation (Article 1019 (2) of the “Civil Act”).
· Examination of the inherited property
· You can find out whether there are any deposits, loans, guarantees, security accounts, insurance contracts, and credit card-related debts under the name of the inheritee through the Financial Complaints Center on the 1st floor of the Financial Supervisory Service headquarters, or each financial association.
▶ In addition, inheritors can file an application withthe City/Gu Office or Eup/Myeon/Dong Community Center to inquire into thedeceased estate by probing his/her financial transactions, national tax andlocal tax arrears, unpaid taxes, and refunded taxes, pension (only applicableto national pension, public officials pension, pension for private schoolteachers, military pension, and retirement pension of the Korea Workers’Compensation & Welfare Service), status of subscription to a mutual aidassociation (only applicable to the Construction Workers Mutual AidAssociation, the Public Officials Benefit Association, the Military Mutual AidAssociation, the Korea Scientists and Engineers Mutual-Aid Association, and theKorean Teachers' Credit Union), car ownership, detailed land ownership,and more all at once.
√ Application is available by visiting the City/Gu Office or the Eup/Myeon/Dong Community Center or by accessing
Government 24(Apply for the Integrated Search of the Property of the Deceased, etc.).
Decision on the acceptance and renunciation of inheritance
Decision on the acceptance and renunciation of inheritance
- The inheritor is advised to examine the property and compare the property to be inherited and debts to make the decision on the acceptance or renunciation of inheritance as follows:
|
Resultsof the examination of the inherited property
|
Decision on the acceptance and renunciation of inheritance
|
|
Property > debt
|
Absolute acceptance of inheritance
|
|
Property? Debt
|
Qualified acceptance of inheritance
|
|
Property < debt
|
Renunciation of inheritance
|
· The renunciation of inheritance refers to an expression of intent not to reject the effect of inheritance.
√ If an inheritor effects an absolute acceptance, he shall succeed without limitation to the rights and duties of the inheritee (Article 1025 of the “Civil Act”).
· The qualified acceptance of inheritance refers to an expression of intent to accept the inheritance under the condition of repaying the debt and bequest of the inheritee to the extent of the property that the inheritor will acquire by inheritance.
√ If the inheritor effects the qualified acceptance of inheritance, even if the inherited liability exceeds the positive property to be acquired by inheritance, he/she will not be obligated to make repayment with the property of the inheritor him/herself.
· The renunciation of inheritance refers to an act of denying any effect of inheritance that all of the property rights and duties that have previously belonged to the inheritee are transferred to the inheritor by operation of law according to the commencement of inheritance.
√ If the inheritor renounces the inheritance, he/she will be deemed as non-inheritor from the beginning.