No Need to Repay Deceased Parents' Debt! ... Changwon City Assists with Inheritance Procedures for Children and Adolescents

Changwon City, Gyeongnam, has signed a legal support agreement to prevent the inheritance of parental debt by children and adolescents.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Se-ryeong] Changwon City in Gyeongnam is stepping up to protect children and adolescents who are forced to bear the debts of their deceased parents.

On the 26th, Changwon City signed a business agreement in the reception room to provide legal support to prevent the inheritance of parental debt for children and adolescents in Changwon City.

This was established to protect children and adolescents who become debt defaulters due to inheriting their deceased parents' debts, as they lack legal knowledge or have difficulty expressing their intentions regarding inheritance.

The signing ceremony was attended by Jeong Hye-ran, the 2nd Vice Mayor, Do Chun-seok, President of the Gyeongnam Bar Association, and Jeong Eun-hee, Director of the Green Umbrella Children’s Foundation Gyeongnam Child Advocacy Center.

Through this agreement, legal support such as legal consultations, renunciation of inheritance, and limited approval will be available to children and adolescents under 24 years old in Changwon City who are exposed to economic and social crises such as credit delinquency.

Under current law, debts are inherited along with assets, and a decision to accept limited inheritance or renounce inheritance must be made within three months from the date the debt left by the parents is recognized.

When the heir is a child or adolescent, they may not know the legal procedures accurately or find the process complicated, resulting in inheriting debts from parents or family and facing economic hardship.

Changwon City enacted the Ordinance on Legal Support to Prevent the Inheritance of Parental Debt for Children and Adolescents in Changwon City last March to help children and adolescents in such situations.

Jeong Hye-ran, the 2nd Vice Mayor, said, “It is very unfortunate that children and adolescents are taking their first steps into society burdened with debts inherited from their parents,” and added, “We will actively support so that no child has to live bearing debts their parents incurred due to lack of legal action.”

This content was produced with the assistance of AI translation services.