Law Firm Hwa Woo, led by Managing Partner Lee Myung-soo, announced on August 21 the publication of a practical asset succession guide titled "Preventing Family Estrangement" in response to the growing trend of significant assets being passed down to the next generation.
According to the Statistics Korea's provisional 2025 birth and death statistics, the number of deaths last year increased by 1.3% compared to the previous year, with a rise in fatalities among those aged 90 and above, as well as in their 70s, while the number of deaths in those under 60 generally decreased. As the proportion of elderly deaths rises rapidly, inheritance has become a pressing issue that nearly all families will face, rather than just a concern for a select few wealthy individuals.
"Preventing Family Estrangement" serves as an introductory guide covering a wide range of topics related to asset succession, including inheritance, gifting, and trusts, designed to be easily understood by anyone. Co-authored by attorney Yang So-ra, a specialist in inheritance and trusts who has handled numerous cases involving wealthy families and financial institutions, along with Baek Jeong-sik and Park Hyun-jeong, senior experts at Hwa Woo's Asset Management Center, the book aims to provide practical insights.
The book explores various issues that families face today, from basic tools like statutory inheritance and wills to asset management using trusts, global inheritance, business succession, insurance claims trusts, dementia-related asset management, and retirement planning for single-person households.
Rather than advocating for specific systems as the only solutions, the book explains optimal choices tailored to family assets, relationships, and circumstances, using real-life examples. It clearly distinguishes when wills and trusts are necessary and provides practical guidelines from pre-inheritance preparations to post-inheritance procedures.
For parents approaching inheritance, the book offers guidance on how to leave their wishes clearly, while advising children on when and how to prepare for their parents' retirement and inheritance. It goes beyond merely passing on wealth, showing how to manage the legacy to maintain family harmony.
Attorney Yang So-ra, head of the Asset Dispute Team and Family Litigation Team at Hwa Woo, is an expert who has handled numerous inheritance-related lawsuits and consultations for owners of publicly traded companies and high-net-worth individuals. Co-authors Baek Jeong-sik and Park Hyun-jeong are also leading trust practitioners in South Korea, having conducted tens of thousands of client consultations in the financial sector, providing them with deep insights into inheritance practices.
Yang stated, "This new book is a practical guide for beginners feeling overwhelmed by inheritance, trusts, and estate management. I hope readers recognize the importance of estate management through various examples and make informed decisions."
Baek and Park also added, "We recommend this book to parents and children seeking smooth asset succession without inheritance disputes, as well as professionals in the related industry, to help protect their own and their families' assets."
Lee Myung-soo, managing partner of Hwa Woo, remarked, "Inheritance is no longer an issue for a select few wealthy individuals; it has become a reality that all families in our society must confront. Through the publication of this asset succession guide, Hwa Woo aims to provide practical assistance to clients in preserving their assets and relationships across generations."
Meanwhile, Hwa Woo's Asset Management Center continues to release practical guides, following the publication of "The Art of Inheritance" in 2015 and "Inheritance and Gifting in One Volume" in 2025, with "Preventing Family Estrangement" being the latest addition. The new book is available for purchase at major online and offline bookstores.
Founded in 2003, Law Firm Hwa Woo is one of South Korea's leading full-service law firms, providing a wide range of legal services with nearly 600 professionals offering insightful legal solutions to respond to rapidly changing industrial structures and policy shifts.
* This article has been translated by AI.
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