Can I renounce my inheritance?
September 24, 2022 | 50,00 EUR | answered by Felix Richter
Dear lawyer specializing in inheritance law,
My name is Xenia Lang and I am facing a difficult decision regarding my inheritance. My father recently passed away and left me his entire estate. However, I have learned that his estate is heavily indebted and I would therefore also be liable for his debts if I were to accept the inheritance.
I am very worried that accepting the inheritance could put me in financial difficulties. Therefore, I am wondering if it is possible to renounce the inheritance and thus avoid my father's debts. Can I renounce my inheritance in order to avoid being responsible for my father's debts?
I would greatly appreciate it if you could show me possible solutions and alternatives to protect my financial situation. Are there specific deadlines that I must adhere to in order to renounce the inheritance? And what legal steps do I need to take for this?
Thank you in advance for your support and advice.
Kind regards,
Xenia Lang
Dear Mrs. Lang,
I understand your concerns regarding the inheritance of your deceased father and can appreciate that you wish for financial security. Indeed, it is possible to renounce an inheritance in order to not be liable for the debts of the deceased. This is called renunciation of inheritance.
If you wish to renounce the inheritance, you must do so within a certain period of time. In Germany, this period is usually six weeks from the knowledge of the death of the deceased. It is important that you declare the renunciation in writing to the competent probate court. Please note that the declaration of renunciation must be notarized.
By renouncing the inheritance, you forfeit all claims to the inheritance, both assets and debts. This means that you not only do not inherit your father's debts, but also have no claims to any existing assets. Therefore, it is advisable to carefully consider all your options before making a final decision.
Another alternative is limited liability inheritance. Here, you can accept the inheritance on the condition that you are only liable up to the value of the inheritance. This means that you do not have to use your own assets to pay off the debts of the deceased. However, it is also advisable to carefully assess the financial situation and seek advice from a specialist.
I recommend that you consult with a specialized lawyer in inheritance law to discuss your individual situation and clarify further legal steps. An experienced lawyer can help you find the best solution for you and protect your financial situation.
I hope that this information has been helpful to you and I am available for any further questions.
Sincerely,
Felix Richter
