October 13, 2020 13:01
The family of late Seoul mayor Park Won-soon have declined their inheritance to avoid having to pay off his debts.
According to legal sources on Monday, Park's son and daughter filed an application to limit their liability to the value of property inherited at the Seoul Family Court on Oct. 6. His wife followed suit the following day.
Park, who committed suicide on July 9 after being embroiled in a sexual harassment scandal, owed W690 million. But he only owned W75 million worth of land in his home village in Changnyeong, South Gyeongsang Provinc and a deposit of W37 million (US$1=W1,151).
If heirs wish to decline their inheritance, they have to apply within three months from the time of the testator's death.
The deadline for Park's family was Oct. 9.
The legal filing is necessary because otherwise the debt would simply pass to the next in line, in this case Park's cousins, who would then have to decline their inheritance in turn, and so forth all the way down the line.
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