'Guardians and Inheritance Property Managers' Will Also Be Able to Check Deceased's Assets and Debts at Once

Expansion of Eligibility for Safe Inheritance Application... Additional Asset Inquiry Possible for Korea Workers' Compensation & Korean Teachers' Credit Union

[Asia Economy Reporter Lim Cheol-young] The Ministry of the Interior and Safety announced on the 28th that it will expand the eligibility to apply for the ‘Safe Inheritance’ one-stop service to include inheritance property administrators appointed by the court and adult and minor guardians of heirs.

Until now, if the heir inheriting the deceased’s property was a minor without parental authority or had received an adult guardianship commencement judgment, the guardian acting as a proxy had to visit multiple institutions such as banks, insurance companies, and government offices individually to identify the deceased’s assets. Additionally, in the case of unclaimed deceased persons, the court appointed an inheritance property administrator to manage the deceased’s assets, but even the inheritance property administrator had to visit multiple institutions individually to check the deceased’s assets.

The Ministry of the Interior and Safety expects that by expanding the eligibility to apply, adult and minor guardians will be able to use the ‘Safe Inheritance’ one-stop service on behalf of heirs, enabling faster inheritance procedures and reducing damage caused by debts of the deceased that even the heirs themselves were unaware of.

Furthermore, starting from the 29th, debts related to the Korea Workers’ Compensation & Welfare Service’s retirement pensions and advance payments, as well as subscription products of the Korea Teachers’ Credit Union, can be checked through the ‘Safe Inheritance’ one-stop service and the Financial Supervisory Service’s ‘Heir Financial Transaction Inquiry Service.’ The ‘Safe Inheritance’ one-stop service can be applied for by visiting the eup/myeon/dong community service center or online through Government24.

Han Chang-seop, Director of the Government Innovation Organization Office, said, "Until now, when the heir was a minor or had received an adult guardianship commencement judgment, checking inheritance property was cumbersome and complicated, but now that the eligibility to apply for the ‘Safe Inheritance’ one-stop service has been expanded to minor and adult guardians, it will be possible to check quickly and easily." He added, "Expanding the eligibility to apply for the ‘Safe Inheritance’ one-stop service to inheritance property administrators is expected to help grasp the status of assets and debts of the increasing number of unclaimed deceased persons every year."