Court Accepts Late Mayor Park Won-soon's Wife's 'Limited Acceptance of Inheritance' and Children's 'Renunciation of Inheritance'

[Image source=Yonhap News]

[Asia Economy Reporter Choi Seok-jin] The court accepted the limited acceptance of inheritance and renunciation of inheritance applications filed by the bereaved family of the late Park Won-soon, former mayor of Seoul, including his spouse and children.

According to the legal community on the 30th, the Seoul Family Court accepted both the renunciation of inheritance application by the former mayor Park's children and the limited acceptance application by his wife, Kang Nan-hee, the day before.

Renunciation of inheritance means not receiving either the active assets or passive assets (debts) of the decedent, while limited acceptance means expressing the intention to bear the obligation to repay debts or legacies only within the scope of the inherited active assets.

Article 1019, Paragraph 1 of the Civil Act stipulates that "an heir may accept simple acceptance, limited acceptance, or renunciation within three months from the day they become aware of the commencement of inheritance."

Also, Paragraph 3 of the same article allows limited acceptance within three months from the time the heir becomes aware of the fact that the inheritance debts exceed the inherited property, provided that the heir did not know this fact due to no gross negligence.

It is presumed that the bereaved family of former Mayor Park made this decision due to the approximately 700 million won debt left by him.