abdicate

v. relinquish office or power, resign; renounce, give up

Abdication (from the Latin abdicatio, disowning, renouncing, from ab, from, and dicare, to declare, to proclaim as not belonging to one) is the act of renouncing and resigning from a formal office, especially from the supreme office of state. In Roman law the term was also applied to the disowning of a family member, as the disinheriting of a son. The term commonly applies to monarchs, or those who have been formally crowned. A similar term for an elected or appointed official is resignation.
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Verb
1. give up, such as power, as of monarchs and emperors, or duties and obligations; "The King abdicated when he married a divorcee"
(synonym) renounce
(hypernym) vacate, resign, renounce, give up
(derivation) abdication, stepping down

v. abdicate, relinquish, relinquish office or power

(v. t.)
To surrender or relinquish, as sovereign power; to withdraw definitely from filling or exercising, as a high office, station, dignity; as, to abdicate the throne, the crown, the papacy.
  

(v. t.)
To renounce; to relinquish; -- said of authority, a trust, duty, right, etc.
  

(v. t.)
To reject; to cast off.
  

(v. t.)
To disclaim and expel from the family, as a father his child; to disown; to disinherit.
  

(v. i.)
To relinquish or renounce a throne, or other high office or dignity.