What Is Disclaimer Of Inheritance?
The renunciation of inheritance can be defined as the legal or appointed heirs rejecting the rights and obligations of the inheritance, which consists of all the debts and receivables of the deceased, upon the death of the testator.
According to the principle of universal succession applicable in inheritance law, legal and appointed heirs automatically acquire the status of heirs upon the death of the testator. Once they acquire the status of heir, they become liable for the deceased’s debts not only with the estate but also with their own personal assets.
The inheritance passes to the heirs immediately and by law upon the death of the deceased. As a rule, there is no need for the heirs to make a declaration of intent. As a result of the principle of universal succession, the inheritance passes to the heirs as a whole and automatically. The deceased’s debts and claims also pass to the heirs, and the heirs are liable for these not only with the estate but also with their own personal assets. In cases where the deceased is heavily indebted, there is a mechanism called “renunciation of inheritance” to prevent the heirs from being liable for these debts.
The right to renounce inheritance is held by legal and appointed heirs. Renunciation of inheritance is only possible after the inheritance has been transferred. Since the inheritance automatically passes to the heirs upon the death of the testator, it can only be renounced after that. The right to renounce does not arise before the testator’s death. Before the testator’s death, only a waiver of inheritance agreement or assignment of inheritance rights is possible. The renunciation of inheritance is regulated in Articles 605-618 of the Civil Code.
The distribution and renunciation of inheritance is an important issue concerning appointed or legal heirs. Appointed or legal heirs may request “renunciation of inheritance” in two ways:
The renunciation of inheritance is divided into two categories: “Actual Renunciation of Inheritance” and “Judicial Renunciation of Inheritance.”