The government is set to introduce a "Unified Inheritance Financial Asset Payment Service" to alleviate the inconvenience faced by heirs who must visit multiple financial institutions.
On June 18, the Blue House's Office of Public Conflict Resolution and the Office of Economic Growth announced that they have developed a plan for the service in collaboration with relevant agencies, including the Anti-Corruption Commission and the Financial Supervisory Service.
The Blue House stated, "The complex inheritance process is an inconvenience that everyone experiences at least once in their lives. Those grieving the loss of a loved one should not have to endure additional suffering due to inheritance procedures." It added, "The President's philosophy of viewing public complaints as a treasure trove has led to collaboration among relevant agencies. We aim to establish and strengthen a system that transforms public sentiment into policy, thereby improving the lives of citizens."
Previously, heirs had to visit each bank individually if the inherited assets were deposited in multiple institutions. This inconvenience has led to concerns that small inheritance financial assets remain unclaimed.
In response, the Financial Supervisory Service and the Anti-Corruption Commission have collaborated with the banking sector and financial associations to create the Unified Inheritance Financial Asset Payment Service.
Under the new system, heirs will first use the Financial Supervisory Service's "Heir Financial Transaction Inquiry Service" to confirm the existence of the deceased's assets and the financial institutions where they are held. They can then select one institution to submit standardized inheritance documents and apply for unified payment.
Once the application is received, the financial institution will forward the standard documentation to the other banks where the inheritance assets are held. Each bank will review the documents and deposit the inheritance amount into the account designated by the heir.
The two agencies aim to launch a pilot program in early next year, initially focusing on small deposits of around 5 million won within the banking sector, with plans to expand the program to include more financial institutions and higher amounts over time.
Lee Chan-jin, head of the Financial Supervisory Service, expressed, "It is meaningful to be able to jointly address the inconveniences arising from the inheritance of financial assets with the Anti-Corruption Commission. I urge the financial industry to actively cooperate so that consumers can truly feel the benefits of this service."
Jeong Il-yeon, chair of the Anti-Corruption Commission, stated, "The current inheritance process for financial assets causes significant inconvenience for the public, making proactive system improvements necessary. I hope this agreement with the Financial Supervisory Service marks an important turning point for digital financial administrative innovation for the benefit of the people."
* This article has been translated by AI.
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