This question of whether one can renounce a throne for one's future descendants is a very controversial one. It comes up a lot with claims to the various Bourbon thrones (France, the Two Sicilies). The general understanding by those who were parties to the treaty installing Otto/Otho was that he could and did renounce for his future descendants.
Similarly, Maximiliano of Mexico renounced his claim to the Habsburg thrones, Felipe V to France, etc. French Legitimists of the "Spanish White" variety argue precisely that Felipe's renunciation was illegal and therefore invalid.
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