Woori Bank Launches 'Woori Naeri Sarang Will Notarization Storage Service'

[Asia Economy Reporter Song Seung-seop] Woori Bank announced on the 12th that it will launch the ‘Woori Naeri Love Will Notarization Storage Service.’ This comes as cases of leaving notarized wills (hereinafter referred to as notarized wills) have been increasing recently due to the rise in property values and family disputes over inherited assets.

The notarization storage service is a system where the testator deposits the notarized will, prepared through a notarization corporation (including a notary), with the bank, and the bank safely stores it and delivers the notarized will when the testator passes away or the agreed period expires. It is a highly effective asset succession strategy for customers preparing inheritance without informing their children.

Woori Bank explained that it has addressed several drawbacks of the existing inheritance method using notarized wills. There is no risk of loss or damage that may occur when the testator stores the notarized will personally. The possibility of disputes arising from the notarized will being exposed to family members before the testator’s death is also prevented in advance. The problem that heirs find it difficult to locate the will upon death if the fact of the notarized will’s creation is not disclosed to anyone is also resolved.

A Woori Bank official stated, “By safely storing notarized wills through the main bank, a stable succession process can be followed.”

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