Estate Planning

A valid will in South Korea must be in writing, signed by the testator, and witnessed by at least two people — or follow one of five statutory forms (notarial, holographic, sealed, dictated, or emergency).

South Korea does not recognize holographic wills. A valid will must be either a notarized will (with two witnesses and a notary) or a sealed will (signed and sealed by the testator and witnessed).

A testamentary gift (bequest) is a disposition of property made in a will, taking effect upon the testator’s death, as defined under South Korea’s Civil Act.

In South Korea, a will can be revoked by creating a new will that expressly revokes the prior one, or by physically destroying the original will with intent to revoke it.

In South Korea, disinheritance is only allowed for serious misconduct by the heir, such as abuse, severe insult, or attempted murder of the testator, as strictly defined under the Civil Act.

The legally reserved share (yuryubun) is the minimum portion of an estate that certain close relatives—such as children, spouses, and parents—are guaranteed by law, even if a will attempts to disinherit them.

In South Korea, statutory heirs inherit in this order: (1) direct descendants, (2) direct ascendants, (3) siblings, and (4) relatives within the fourth degree of collateral consanguinity. Shares depend on who survives and are governed by the Civil Act.

Yes, an adopted child has the same inheritance rights as a biological child under South Korean law.

The statute of limitations for legally reserved share claims in South Korea is 1 year from the time the heir becomes aware of the infringement, and in any case no more than 10 years from the start of inheritance.

No, life insurance proceeds are generally not part of the estate in South Korea if a beneficiary is validly designated — they pass directly to the named beneficiary outside of inheritance.

In South Korea, the inheritance tax exemption limit is ₩500 million per heir for direct descendants and ₩100 million for other heirs, with additional exemptions for small estates and certain assets.

The spousal inheritance deduction in South Korea is a tax exemption that allows a surviving spouse to deduct up to ₩500 million from the taxable inheritance amount, reducing or eliminating inheritance tax liability.

Gift tax applies to assets received as gifts during the donor’s lifetime; inheritance tax applies to assets received after someone’s death. Both are governed by South Korea’s Inheritance and Gift Tax Act.

Yes, prior gifts made within 10 years before the deceased’s death are included in the inheritance tax calculation in South Korea.

The inheritance tax filing deadline in South Korea is within 6 months from the date the inheritance begins.

In South Korea, an heir must file a formal renunciation of inheritance with the family court within three months of learning about the inheritance. Late renunciation is only allowed if the heir lacked knowledge or was unable to act due to justifiable cause.

Limited acceptance of inheritance in South Korea means accepting an estate only up to the value of its assets — protecting heirs from inheriting debts exceeding those assets.

South Korean law does not recognize 'gift causa mortis' as a distinct legal concept; gifts are governed by the Civil Act and require delivery and intent to transfer ownership, with no special provision for deathbed gifts.

In South Korea, inherited property is divided equally among co-heirs unless a valid will specifies otherwise or heirs agree in writing to a different distribution.

If there are no heirs, the deceased’s property in South Korea becomes state property after a court declares it abandoned and completes liquidation procedures.

Yes, estate planning through a trust is possible in South Korea under the Trust Act, which permits creation of trusts for asset management and succession purposes.

A will-substitute trust is not recognized under South Korean law; trusts in Korea are governed by the Trust Act and must be established during the settlor’s lifetime — they cannot function as testamentary instruments like wills.

Inheritance registration must be completed within 6 months from the date of the deceased’s death.

To prepare an inheritance partition agreement in South Korea, all heirs must voluntarily agree in writing, sign the document, and register real property divisions with the relevant registry office.