[Legal Tips from Korean Lawyers] My parent passed away. What do I have to do? (Inheritance)

 When parents, siblings, or other family members pass away, inheritance occurs regarding the deceased family member's assets. The person who inherits the assets becomes an "heir" and inherits the assets of the deceased ("the decedent") as inheritance property.

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Inheritance begins at the time of the decedent's death. Although inheritance technically occurs at the time of the parent's passing, you cannot yet dispose of the inherited property because the specific details of the inheritance have not been determined, and administrative procedures have not been completed. As explained below, you can only actually dispose of the inherited property once the details of the inheritance are finalized, the administrative process is completed, and the necessary documentation (e.g., registration of real estate) is processed. Below, I will briefly outline the overall process of inheritance.

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First, you need to confirm who the heirs are. Heirs are determined by civil law, so you should check the scope and order of the heirs accordingly. If there is a will, you should also review its contents.

(If there is a will, you must additionally review the validity of the will, the addition of heirs according to the will, and the contents of the inheritance specified in the will.)

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Next, you need to identify the inheritance property. You must investigate the type, quantity, and value of the inheritance property and create an inventory. By using the “Safe Inheritance One-Stop Service” website, you can check the inheritance property within six months from the date of the inheritance’s commencement.

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However, if the debts within the inheritance property exceed the assets, steps must be taken to prevent the inheritance property from being inherited. The heir must choose either simple acceptance, limited acceptance, or renunciation of Inheritance within three months of becoming aware of the commencement of inheritance. According to Article 1019, Paragraph 1 of the Civil Code, you can apply to the court to extend the period for accepting or renouncing the inheritance.

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During this process, if the decedent gave any property to certain heirs during their lifetime, you need to check whether this can be considered a "special benefit" to that heir.

(If there is a special benefit, the recognition of the special benefit and its content need to be reviewed as such can affect how the inheritance property is divided.)

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Once the heirs are identified and the inheritance property is ascertained, the division of the inheritance property must be decided. The "special benefits" of each heir should also be considered. If there is no will and there are multiple heirs, the inheritance property can be divided through unanimous agreement among the co-heirs. However, if there is no agreement on the division of the inheritance property or some heirs cannot be contacted, you can request a division of the inheritance property through the Family Court. This is known as a "judgment on the division of inheritance property”.(“상속재산분할심판”)

(At this stage, it may be necessary to consider whether to proceed with litigation, such as a claim for judgment on the division of inheritance property or a lawsuit for the return of the legally reserved portion(the “유류분“)).

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In addition, the inheritance tax must be reported and paid within six months from the date of the inheritance’s commencement, so if you must go through the procedure of requesting a judgment on the division of inheritance property, you should not forget to file and pay the inheritance tax within the deadline, even if the content of the inheritance property division is not yet determined by the judgment.

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If the inheritance property is divided through inheritance agreement(unanimously among heirs) or through judgment on the division of inheritance property, you should distribute the assets accordingly, pay the acquisition tax and other taxes, and complete the inheritance registration of real estates. Once the inheritance registration is completed, the heir can dispose of the inherited property.

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Inheritance can be quite daunting when it actually happens. Please remember that negotiating the division of property among heirs is often more challenging than expected. Most importantly, since each stage of the process involves legal decisions—such as determining the validity of the will, adding heirs according to the will, defining the scope and content of special benefits, and applying the legally reserved portion—and may require litigation, it is strongly recommended to consult with a lawyer.


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