Can I renounce my inheritance and how does it work legally?
May 2, 2024 | 55,00 EUR | answered by Gerda Dietrich
Dear lawyer,
my name is Renate Wagner and I am facing a difficult decision regarding my inheritance. My father recently passed away and left me his entire estate. However, I have found out that he had high debts that far exceed the inheritance. Currently, I am unsure whether I should accept or renounce the inheritance.
The situation is that I do not have enough information to know the exact amount of my father's debts. I am concerned that by accepting the inheritance, I could run into financial difficulties. Therefore, I am wondering if it is possible to renounce the inheritance and how exactly that works legally.
My current state is marked by uncertainty and overwhelm. I do not want to make a hasty decision that could burden me in the long term. Therefore, I am seeking your support to understand my rights and obligations regarding the inheritance.
My concerns mainly revolve around not knowing exactly what consequences accepting or renouncing the inheritance could have for me. I want to avoid being liable for my father's debts or putting my own assets at risk.
So my specific question to you is: Can I renounce my inheritance and how does it work legally? What steps do I need to take and what deadlines should be considered? Are there any possible alternatives or solutions that I should consider?
Thank you in advance for your professional advice and support.
Sincerely,
Renate Wagner
Dear Mrs. Wagner,
I understand that you are in a difficult situation and need to make an important decision regarding the inheritance of your late father. First of all, I want to assure you that you are not alone and there are ways to deal with this challenge.
If you have doubts about the extent of your father's debts and are concerned that the inheritance may exceed them, you actually have the option to renounce the inheritance. This is regulated in German inheritance law and is designed to protect heirs from financial burdens they cannot bear.
To renounce the inheritance, you must make a corresponding declaration to the competent probate court. This declaration must be made within a certain period, which is usually six weeks after becoming aware of the inheritance. It is therefore important that you act quickly and inform yourself about your options in a timely manner.
By renouncing the inheritance, you waive all claims from your father's estate. This means that you will neither inherit assets nor be liable for the debts your father left behind. However, it is important to note that you will also waive any potential compulsory portion claims that you may be entitled to.
There is also the possibility to accept the inheritance subject to reservation. This means that you initially accept the inheritance, but at the same time have the option to declare the renunciation within a certain period (usually six weeks) if it turns out that the debts of the deceased exceed the assets.
In such a case, it is advisable to seek professional help to understand your rights and obligations accurately and make the right decision. A lawyer specializing in inheritance law can provide comprehensive advice and assist you in handling the inheritance.
I hope that this information helps you and supports you in your decision. Please do not hesitate to contact me if you have any further questions.
Kind regards,
Gerda Dietrich, Lawyer
