The death of citizens who have no heirs or are living in complete isolation from heirs in the increasing number of single-person households is becoming increasingly problematic from a legal standpoint. (Yonhap)
SEOUL, Nov. 20 (Korea Bizwire) — The Seoul Metropolitan Government is helping the disabled to return their wealth to society after passing away, regardless of how small the amount is.
The Seoul Social Welfare Public Interest Law Center, affiliated with the Seoul Welfare Foundation, KEB Hana Bank and the Korea Federation of Centers for Independent Living of Patriots with Disabilities on Wednesday signed a memorandum of understanding for a donation system for the use of living trusts.
According to the city, the death of citizens who have no heirs or are living in complete isolation from heirs in the increasing number of single-person households is becoming increasingly problematic from a legal standpoint.
In principle, if an unaffiliated person dies without a will, his or her property is attributed to the state. If one does not want to be vested, one should write a will in advance for the direction of the handling of property.
The problem is that it is difficult for ordinary people to approach wills because of their strict formality.
On the other hand, if one dies without a will, the court-appointed manager of inherited assets must deal with the inheritance.
The complicated application process for the selection has led to the increasing difficulty of the acquaintances of the deceased in handling the inheritance.
Under the agreement, the association will link KEB Hana Bank if disabled people using each disabled self-help living center in Seoul hope to return their wealth to society after their deaths.
KEB Hana Bank will be in charge of the contract and operation of the will-only trust, while the center will be in charge of the overall planning of the donation system and supervision of the management subject to the donation.
D. M. Park (dmpark@koreabizwire.com)
