If your parents died and you have property to inherit, but the debt in your parents’ name is greater, there must be some people who give up inheritance. You can find out the inheritance renunciation procedure and inheritance renunciation deadline, and download the inheritance renunciation memorandum form from the attachment below.
Therefore, it is important to check how much property or debts are in the name of the person who passed away. Today, I would like to take a look at how heirs will introduce how to view the ancestor’s financial transactions and how to organize inherited debts.
Inheritance renunciation procedure
Heir financial transaction inquiry
In order to check the deceased person’s financial receivables, debt amount, delinquency information, etc., you can use the “Heir Financial Transaction Inquiry” service.
Heir financial transaction service
The application method is to request the community center to use the safe inheritance one-stop service service when reporting death, fill out the documents, and receive the receipt number on the registered mobile phone. Enter and click Search.
* However, those who have difficulty using the Internet can visit banks and post offices nationwide, excluding the Financial Supervisory Service and the Export-Import Bank of Korea, and the heir or an agent with qualified documents can apply.
* In the case of real estate, you can apply for a cadastral computer inquiry by visiting the district office or city hall, and you can check the list of real estate held at the time of death.
Inheritance renunciation procedure
Inheritance renunciation procedure
In the case of giving up debt inheritance, you must report your intention to give up to the family court, and you must submit a document signed or signed by the reporter or your agent along with your intention.
In case the heir does not want to succeed to debts including property, there is a system of inheritance renunciation and limited acceptance, but inheritance renunciation and limited acceptance must be filed with the family court within 3 months of inheritance In some cases, you have no choice but to take over the debt.
Inheritance renunciation procedure
Notice of Inheritance Abandonment
Even if inheritance is abandoned, the debt of the heir is not immediately eliminated, but is judged according to the rank of the heir as determined by the Civil Act.
1st priority: children, spouse
2nd priority: Parents and spouse
Rank 3: Siblings
4th Priority: Family within 4th degree
In this way, the heirs are ranked, and if there is no first-rank heir or all of them give up inheritance, the heirs will pass sequentially, such as the second-rank heirs inheriting.
In the end, in order for the family to not inherit the debts left by the heir, all family members within the fourth degree of relationship must give up inheritance. If you do not want to harm other family members, it is better to consider limited approval rather than inheritance.