Yes. In Spain, it is possible to accept, accept with the benefit of inventory, or renounce an inheritance.
Pure and simple renunciation: the heir does not acquire the assets or the debts of the deceased. The renunciation must be made before a notary and is irrevocable.
When is it advisable to renounce? When the debts of the deceased exceed the value of the assets, or when it is more advantageous from a tax perspective for the children to inherit directly (transferring renunciation).
Acceptance with the benefit of inventory: allows accepting the inheritance by limiting the liability to the value of the inherited assets, without responding with personal assets. It is the most prudent option when there is uncertainty about the debts.
The deadline to accept or renounce is indefinite, but the Tax Authority may claim if the tax is not settled within 6 months.