[Life Act 3 Companies] "We Prevent Inheritance Disputes with Succession Consulting"

Yoon Gi-won, Chief Attorney at Law Firm Won

Our country's baby boomers, numbering around 7 million, have mostly already retired or are about to retire. Now is the time to use the assets they have rather than earn money. As their bodies begin to ache in one or two places, it is also a time when they worry, "What will happen to my assets when I die?" This is the reason why 'Law Firm One' recently launched the program ‘Heritage ONE,’ which provides comprehensive solutions ranging from various legal and tax issues arising during inheritance and gift processes to legal disputes.

Law Firm One is a law firm that has built expertise by playing a key role in high-profile corporate inheritance and succession cases. They handled the 2012 inheritance dispute between Samsung Chairman Lee Kun-hee and his brother Lee Maeng-hee, the 2016 limited guardianship case of the late Lotte Chairman Shin Kyuk-ho, the 2019 management rights dispute among the third generation of the Hanjin family, and the Taekwang Group inheritance case. In addition, they have managed numerous lawsuits involving inheritance division, statutory reserved portions, and property division for owners of large and medium-sized enterprises and wealthy individuals.

On the 21st, at their office in Gangnam-gu, Seoul, Yoon Ki-won (64), CEO of Law Firm One, met with Asia Economy and said, "The social relationships surrounding a person continue even after death and affect those left behind," adding, "Heritage ONE aims not just at simple asset management but at creating a dignified culture of wills, inheritance, and memorials."

Representative lawyer Yoon Gi-won of Law Firm Won is being interviewed on the 21st at Law Firm Won in Gangnam-gu, Seoul. Photo by Jin-hyung Kang aymsdream@

- What prompted you to decide to offer specialized inheritance services?

▲ The number of seniors retiring is steadily increasing. I am in my 60s, and many of my friends are very interested in how to live after retirement. While managing assets stably is important, there is also growing interest in using them meaningfully. At the same time, people start thinking about how to handle their assets after death. Especially, there is demand for preparing in advance out of concern that family members might fight after one’s death. This is also based on personal experience. "I became distant from my siblings because of inheritance issues, but I hope my children won’t go through the same." I often see families growing apart or even turning against each other due to inheritance conflicts, and no one wants disputes over assets among family members after their death.

Besides the common inheritance and gift planning, inheritance division, and statutory reserved portion lawsuits that many lawyers handle, we recognized the need for comprehensive consulting on preparing and organizing legal relationships that may arise after death through wills, guardianship contracts in case of sudden dementia or illness limiting decision-making capacity, will execution, and the establishment or donation to public interest corporations. There is also an increasing number of cases involving international inheritance issues, such as families living abroad, overseas assets, or managing domestic assets while residing overseas, and we aim to provide services helpful to these clients.

- Could you explain the service in more detail?

▲ When a client with a certain amount of assets comes to us, we provide consultation and consulting. If they have already decided how to arrange their inheritance and are simply looking for tax-saving methods, they can visit an inheritance tax specialist. However, we offer a service that plans everything. Whether it is how much to gift during their lifetime, whether to give everything to their children or donate to public institutions, how to write a will, or how to execute it, we tailor everything to meet their needs.

- Are there many wealthy individuals willing to pay for inheritance planning?

▲ In recent years, we have seen large corporations undergoing generational changes in governance. When expanding this to small and medium-sized enterprises, similar generational changes are likely to continue over the next 5 to 10 years. Also, many elderly people bought real estate during Korea’s rapid growth period, and as real estate prices have continued to rise, they have become billion-won asset holders. Considering that these individuals are in their 70s and 80s, inheritance issues are expected to increase collectively much more than before in the near future.

- You held an inheritance planning seminar for Korean expatriates in the U.S. last month. What kind of seminar was it?

▲ It was held on the legal procedures and issues related to inheritance and gifts. About 50 people attended each in San Diego and Los Angeles. Tax specialists and lawyers from our firm explained and compared inheritance laws, will notarization, and statutory reserved portions between Korea and the U.S., detailing which country’s inheritance law applies, the procedures for inheritance, and the entire process from investigating and reporting to exporting inherited assets in Korea. Many attendees are in their 80s and 90s, having settled in the U.S. after studying abroad in the 1960s. They also have assets in Korea and are at a stage where they need to consider how to handle them. We heard about this demand several times. Fortunately, a local accounting firm interested in this area partnered with us to hold the seminar.

- How was the response?

▲ We received feedback that it was very helpful for Korean expatriates struggling with tax issues related to inheritance and gifts of assets in both Korea and the U.S., and we plan to hold similar events in the second half of this year or next year. Many attendees showed considerable interest by requesting consultations and making appointments immediately after the seminar. It is rare to have joint presentations by lawyers and tax specialists.

International inheritance is especially complex because tax rates and laws vary by country, and deciding which law to apply requires comprehensive review with experts from the relevant countries. As the number of overseas residents increases, cases of international inheritance and gifts are also rising, so demand in this field is expected to continue growing.

- Inheritance trends are continuously evolving. What aspects do you focus on?

▲ People in their 60s today live independently and enjoy life without relying on their children, unlike in the past. They have some measures in place for asset management and tax savings but have a desire to conclude their lives more meaningfully. More people want to donate to third parties or public interest organizations rather than leaving all their assets to their children. Instead of the natural statutory inheritance after death, more people want inheritance planning that reflects their own wishes. We aim to reflect these trends by helping clients plan inheritance and gifts in the way they most desire, from drafting wills to guardianship services in case of emergencies, and comprehensive legal services including posthumous will execution.