Q) My mother passed away a few months ago. There was no will. She was a Korean citizen and her husband too. All two children live in US. As we understand I have inherited a 2/7 share of my mother’s condominium and some cash in Korea. My stepfather and his Korean lawyer seem to up to no good. They both have sent conflicting and in my opinion false information to me. Especially his lawyer is threatening me that I would not able to sell my share so I had no choice but to give up or transfer my share. The stepfather asked me to sign POA and a Renunciation of Inheritance but I refused. Can you give any advice?
A) As your deceased mother was a Korean, the Korean inheritance law shall be the governing law in Korea. Under Korean inheritance law, you and other heirs had already become the co-owners of the condominium and the bank assets of the deceased. You have no reason to give up your share nor transfer the share to the stepfather as he advised. The stepfather’s lawyer alleged that you would have a hard time in selling your share or even would risk of losing your proportion due to the stepfather’s unexpected behavior, i.e. selling or donating his share in the future. But, I don’t think so. His lawyer’s explanation is very misleading. I will explain why.
That said, giving up your share per stepfather’s proposal seems to have no merit here. Alternatively, he can buy out your share with paying a market value of you share as of now.
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