A dies in Greece without leaving a will. His closest relatives are his children B and C who live in Greece and have no family. The inherited property consists of a house with objective value 60.000 euros. So, B and C inherit 50% each one of this house. But A had loans with total amount remaining 90.000 euros. He also owed the Public Financial Services of Greece the amount of 6.000 euros. Since the debts are bigger than the value of the inherited property, B and C are advised to renounce the inheritance within one year after A’s death, at the Magistrates Court responsible for the area where A lived when he was alive.
Inheritance Law in Greece