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, granting the Korean-based family total control over the estate without any guarantees of payment of the proceeds of the estate for the foreign-based family members. For a basic understanding of Korean Interstate Succession Law and Korean Inheritance Law see: Korean Inheritance Law.  The post provides a basic explanation of what

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