Seoul Welfare Foundation Publishes 'Guide to Preventing Debt Inheritance Among Minors'

Seoul Social Welfare Public Interest Law Center Publishes Practical Guide Based on Legal Support Experience
Prevented Debt Inheritance for 85 Children and Youth Last Year, Confirmed Debt Relief Amounting to 979 Million KRW

[Asia Economy Reporter Lim Cheol-young] The Seoul Social Welfare Public Interest Law Center of the Seoul Welfare Foundation, which provides free legal support to prevent children and adolescents under the age of 24 living in Seoul from inheriting debt, announced on the 23rd that it has published the "Guide to Preventing Debt Inheritance for Minors" based on cases accumulated over one year since the start of its operations.

The guide, co-authored by Lee Sang-hoon, Director of the Public Interest Law Center (Attorney), and Attorney Sung Yoo-jin, is a 54-page A5-sized booklet. It consists of Part 1, which provides a basic explanation of inheritance for minors and an overview of how to respond to individual situations, and Part 2, which presents specific examples of legal document drafting.

Attorney Sung Yoo-jin of the Public Interest Law Center stated, “Under current law, whether a minor inherits debt is determined by the legal representative regardless of the adult’s will or interests. If the timing to renounce inheritance or make a limited acceptance is missed, the minor must declare bankruptcy to escape the burden of inherited debt. This guide was written as detailed as possible so that minors themselves or adults caring for minors can refer to it and practically avoid inheriting debt. We hope it will contribute to helping minors escape the risk of debt inheritance.”

Meanwhile, according to the center, in the past year alone, 85 children and adolescents under the age of 24 residing in Seoul avoided inheriting debt through the free legal support of the Public Interest Law Center. The total amount of debt relief confirmed through this support reached 979 million KRW. The center plans to continue its activities this year, including free legal support and efforts to amend related laws to address the issues. Currently, four related Civil Law amendment bills have been proposed and are pending in the National Assembly.

This content was produced with the assistance of AI translation services.