When a person is deceased in Korea, the inheritance comes to fruition immediately. The Korean inheritance law provides who shall become the inheritor and beneficiary of the property of a deceased person, i.e. estate. This, however, does not always mean the inheritor shall be given all the property of the decedent. There are separate rules and restrictions of the distribution of the estate in Korea.
The basic rule of the Korean inheritance law is that the property of a deceased person is distributed according to his or her will. So, a person who is not categorised as a person who can be an inheritor by law can be a beneficiary of the property by the decedent’s will. What if there is no valid will? The Korean inheritance law sets forth the rule of intestate succession. This rule of intestate succession names the beneficiary and the shares of each beneficiary for a distribution. The intestate succession rule provides that persons become beneficiaries in the following order:
- Direct descendants (children or grandchildren)
- Direct ascendants (parents or grandparents)
- Relative within the 4th degree of collateral consanguinity