Renunciation of inheritance means that the heir refuses to inherit all of the inherited property including debts.
In order to renounce inheritance, the heir must make a statement to the family court within three months from the date on which he/she became aware of the commencement of inheritance.
Unlike renunciation of legally reserved portion, renunciation of inheritance cannot be done before the commencement of inheritance.
Also, as a general rule, once you renounce inheritance, you cannot withdraw it, so you need to be careful.
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