Inheritance, upon the decedent’s death, is comprehensively succeeded not only to assets but also to debts and guarantee obligations, so within 3 months you must choose one of the following: simple acceptance, renunciation of inheritance, or limited acceptance. If you miss the deadline, simple acceptance is deemed automatic, and you will assume all debts.

Even after renouncing an inheritance, death benefits from life insurance and survivor pensions may still be received as one’s own property, but withdrawing deposits in the decedent’s name or receiving surrender refunds constitutes a statutory ground for simple acceptance, making the renunciation invalid. In the division of inherited property, specific shares are determined by reflecting special benefits and contributions based on the statutory inheritance share, and because these two factors may offset each other, it is important to strategically design the order and scope of the claims.

Source: Jeonjae Law Firm blog / Click the blog link below to see more details.