Renouncing an Estate/Inheritance under Korean Law

A typical matter of a party renouncing an estate in Korea commences when a family member in Korea requests the waiver/disclaimer of the right to a Korean inheritance.  Sometimes the waiver is for a valid reason and sometimes the Korean-based family does not have a legitimate reason for the waiver other than self-interest. A, typical, situation involves an estate of a Korean national decadent with non-Korean family abroad.  The estate, often, includes assets in Korea and sometimes abroad. The Korean-based family, often, requests the non-Korean based family to sign a power of attorney or a document waiving the estate, thus,

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Korean Inheritance Law: Who Inherits What, When & How in Korea?

If a decadent, governed by Korea’s Inheritance Law, dies without a will (intestate succession) the estate of decadent shall pass according to Korea’s Intestate Succession Law.  The key points of Korean Intestate Succession Law and Korean Inheritance Law is noted below.  We deal with many cases, at our law firm in Korea, where a Korean family member requests a U.S. or European family member to disclaim an inheritance.  Normally, a form is provided to the foreign family member.  We suggest understanding the situation and understanding what you are disclaiming.  For an article on this issue please see: Disclaiming an Inheritance

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