Los Angeles Senior Counsel Michael Chung moderated an Estates Panel at the International Association of Korean Lawyers’ (IAKL) first in-person conference since the COVID-19 outbreak. The panel analyzed Article 49 of the Korean Act on Private International Law and the accompanying important factors surrounding leaving or inheriting Korean property.
According to the act, inheritance shall be governed by the law of nationality of the decedent at the time of death. Since 2010, the Korean Nationality Act has allowed multiple nationalities to those who have restored their nationality and are older than 65 years old.
Because of the law, the number of people who once held foreign nationalities but regained their nationality to Korean is increasing. As the value of assets in the country increases, people's interest in inherited property in Korea is also increasing.
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