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Inheritance Lawyer in Korea

Inheritance Lawyer in Korea

Part V of the Civil Code provides for inheritance in Korea. According to it, the property of a deceased person is distributed among heirs based on a will. However, intestate succession is also available in South Korea in the lack of a testament.

Below, our Korean inheritance lawyer explains some of the most important aspects related to succession in this country. Our agents are also at the service of those who want to draw up their wills in Korea.

The Inheritance Law in South Korea

The provisions of the legislation on inheritance in Korea provide for the following:

  • descendants can be the heirs of a person who dies only if the latter has left a will;
  • if the descendants are residents of Korea, the entire estate will be subject to taxation in South Korea;
  • in the case of non-residents, only property located in Korea will be subject to taxation here.

There is also the situation in which a person dies without a will in Korea. In this case, intestate succession rules apply based on the kinship degree to the deceased.

Our inheritance lawyers in Korea are at the service of Korean citizens and residents, as well as non-residents for support in succession matters. Also, if you have inherited assets in this country and plan to immigrate to Korea to take it over, you can rely on us. You can also count on support in applying for residency in Korea.

Intestate succession in South Korea

Intestate succession can often prove difficult, which is why you can rely on our Korean inheritance lawyer when you want to know your rights. The rules impose that the direct descendants of a deceased person will inherit and divide, as the case may be, the estate among them.

Here is how an estate is divided between heirs in the case of intestate succession in South Korea:

  • the spouse and direct descendants (children) must divide the assets among them, with the mention that the surviving spouse has the right to 50% of the estate;
  • in case there is no surviving spouse, the children will be entitled to 50% of the estate, while the remaining assets will be divided between the other descendants (grandchildren);
  • where ascendants ((parents or grandparents) still live, they are also granted a portion of the estate after the direct descendants;
  • siblings are also entitled to a part of the estate after the direct descendants and ascendants obtain their share of the assets.

Such a succession can also apply even when there is a testament that was not correctly drafted. This is why our inheritance lawyer is ready to assist in drafting wills in Korea.

Execution of wills in Korea

There are 5 methods through which a will can be created so that it is considered valid. They imply:

  • wills drafted before a notary;
  • handwritten or holographic wills;
  • secret wills that are sealed after writing;
  • recorded wills;
  • dictated wills.

In order to be valid, notarized will be signed by 2 witnesses. Also, it is recommended that the will be drafted by a Korean inheritance lawyer.

If you need assistance in creating any type of will, our local specialists are at your disposal. We remind you we specialize in company formation in Korea and we work alongside a a team of lawyers to cover the Civil Law of this country.

Inheritance taxes in South Korea

Article 2 in the Inheritance Tax and Gift Tax Act is the main law providing for the taxes to be paid on inheritances. According to it, the following levies must be paid to the National Tax Service:

  • a 10% tax rate on assets valued below KRW 100 million;
  • for assets valued between KRW 100 million and KRW 500 million, a 20% tax rate will apply;
  • a 30% tax rate will apply for assets valued between KRW 500 million and KRW 1 million;
  • a 40% tax rate will be levied for assets valued between KRW 1 million and KRW 3 billion;
  • assets valued more that KRW 3 billion will be applied a 50% inheritance tax rate.

Our accountants in South Korea can explain more about inheritance taxes in this country.

Feel free to contact our Korean inheritance lawyer for support in claiming your inheritance or drafting a will.