Why You Need Renounce Inheritance in Korea

People in Korea may choose to renounce inheritance for various reasons:

1. Inheritance of Liabilities: One of the primary reasons for renouncing inheritance in Korea is to avoid inheriting the deceased's liabilities. If the deceased had more debts than assets, the heir might choose to renounce the inheritance to avoid taking on these financial burdens.

2. Legal Requirements and Procedures: The process of renouncing an inheritance in Korea involves making a formal "declaration of renunciation to the family court." This legal procedure is a necessary step to effectively renounce the inheritance under Korean law.

3. Immediate Inheritance Law: Under Korean inheritance law, inheritance is considered to come into effect immediately upon the death of a person. This immediacy might prompt heirs to quickly decide whether to accept or renounce the inheritance in 3 months, especially in complex estate situations.

4. Right to Accept or Renounce: Heirs in Korea have the legal right to either accept or renounce their inheritance. This choice is often based on the heir's assessment of the benefits and drawbacks of the inherited assets and liabilities.

Please be careful when renouncing inheritance in Korea. If you renounce your inheritance, the next priority heir will receive it and will also become responsible for any liabilities associated with it.

For more details, please send an e-mail to jz@taxjz.com or If you would like a free consultation with an English-speaking Accountant in Korea, please schedule a call at: Schedule a Call with Jz