SEOUL, July 1 (Korea Bizwire) – From now on, one can verify the amount of inheritance including debt from the dead when the death is reported to authorities. In the past, inheritance verification required a number of inconvenient visits to several related offices.
The Ministry of Government Administration and Home Affairs announced that it had begun the “Easy Inheritance One-stop Service” enabling the verification of asset amounts to be inherited upon issuance of the death report.
The available inheritance information with the one-stop service includes financial assets, debts, land, automobiles, records for the national pension fund and tax delinquency. However, private debts are not included in the system.
Previously, bereaved families had to visit six government offices including the tax office and other local government offices to get information about inheritance after the death report. With the new service, they can apply for the verification of inheritance with one visit to a county or district office. The ministry will inform individuals about the service when the bereaved family visits the office for death reports.
Meanwhile, to check bank account balances at various banks, the Financial Supervisory Service revised the financial transaction verification system.
By M. H. Lee (email@example.com)