My friends at The Korean Tax Blog have an excellent post called Your Complete Guide to Estate Registration in Korea. The accounting firm at the Korean Tax Blog assists IPG Legal in all inheritance tax matters. For more information on Korean Inheritance Law please see: Who Inherits What, When, and How in Korea?, Renouncing an Estate in Korea and Korean Legal Reserve of Inheritance.
The article, notes, in part tips for a successful inheritance. The article notes that for a successful inheritance process you should:
- Seek Professional Help: Consult with a legal professional.
- Be Mindful of Deadlines: Korean inheritance law is strict about deadlines, particularly for filing the inheritance and paying taxes, if you miss the deadline there will be a 20% of the tax amount penalty.
- Understand Cultural Nuances: Inheritance can involve sensitive family dynamics, so it’s important to approach the process with an understanding of Korean cultural norms.
The full article can be found at: Your Complete Guide to Estate Inheritance Registration in Korea and is worth a read.
Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. Sean is ranked, for Korea, as one of only two non-Korean lawyers as a Top Attorney by AsiaLaw, and IPG Legal is consistently ranked Top Dispute Resolution Law for our litigation services.
If you would like a consultation with an English-speaking lawyer in Korea, please schedule a call at: Schedule a Call with an Attorney.
- Korean Inheritance Law on Registration of Inheritances in Korea
- Renouncing an Estate/Inheritance under Korean Law
- Korean Inheritance Law: Who Inherits What, When & How in Korea?
- Korean Inheritance Tax for Estates in Korea
- Legal Reserve of Inheritance for an Estate in Korea
- Navigating Korea’s Inheritance Law: Korean Inheritance Laws Basics Explained
- Korean Intestate Succession Law: Inheriting Property from your Korean-National Parents
- Franchising in South Korea: Practical Law’s Franchising Global Guide Korean Chapter by IPG Legal
- Can Foreigners Buy Real Property in Korea? Korean Real Estate Law for Non-Korean Residents and Non-Residents
- Korea’s Intellectual Property Registration System Revisions: Korea IP Law Updates