ECONOMY

More and more people renouncing inheritance

more-and-more-people-renouncing-inheritance

Waivers of inheritance grew 413 percent in just five years from 2013 to 2018, with the phenomenon set to increase further, according to figures presented by the Hellenic Valuation Institute (ELIE).

The number of people disclaiming their inheritance last year came close to 150,000, compared to fewer than 30,000 five years earlier, which is indicative of the deterioration of household finances.

Property market experts attribute this trend to many people’s inability to pay the inheritance tax, and to the realization that the cost of owning the property inherited will either be far too high or won’t be covered by the returns from its sale or rental.

The fact that inheritance waivers increased last year from 130,000 in 2017 shows that households may actually be more overindebted that estimated.