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to renounce or relinquish a throne, right, power, claim, responsibility, or the like, especially in a formal manner:
The aging founder of the firm decided to abdicate.
to give up or renounce (authority, duties, an office, etc.), especially in a voluntary, public, or formal manner:
King Edward VIII of England abdicated the throne in 1936.
Contemporary Examples

Much like the British monarchy, when the current Aga Khan is ready to abdicate his post, he will personally choose a successor.
Model Kendra Spears Engaged to a Shi’a Prince Misty White Sidell April 29, 2013

A palace insider however insisted to the Daily Beast today that the Queen was not about to abdicate.
Could The Queen Abdicate on Christmas Day? Tom Sykes December 16, 2014

Juan Carlos is the second European monarch to abdicate in just over a year.
Shock As King Juan Carlos of Spain Abdicates Tom Sykes June 1, 2014

In recent decades it has become the tradition for the monarch to abdicate.
Dutch Queen Abdicates Tom Sykes April 29, 2013

Historical Examples

They could not, however, do this until the Duke of Parma should die or abdicate.
Harper’s New Monthly Magazine, No. XXVI, July 1852, Vol. V Various

Here he held the famous council as to whether he should abdicate the Mexican throne or not.
Aztec Land Maturin M. Ballou

After his death she was induced to abdicate in favor of the Republic of Venice, which took possession of Cyprus in 1487.
Selections from the Poems and Plays of Robert Browning Robert Browning

You’d not do it again; or, if you did, not get Nap to abdicate.
Davenport Dunn, Volume 1 (of 2) Charles James Lever

The emperor in his weakness was ready to abdicate but died before that stage was reached.
A history of China., [3d ed. rev. and enl.] Wolfram Eberhard

The man might abdicate; but the magistrate was irremoveable.
The History of England from the Accession of James II. Thomas Babington Macaulay

verb
to renounce (a throne, power, responsibility, rights, etc), esp formally
v.

1540s, “to disown, disinherit (children),” from Latin abdicatus, past participle of abdicare “to disown, disavow, reject” (specifically abdicare magistratu “renounce office”), from ab- “away” (see ab-) + dicare “proclaim,” from stem of dicere “to speak, to say” (see diction). Meaning “divest oneself of office” first recorded 1610s. Related: Abdicated; abdicating.