Woori Bank Launches Original Gift Trust Product... First in the Financial Sector

Woori Bank announced on the 27th that it will launch 'Woori Naeri Sarang Gift Trust,' the first gift trust product in the financial sector that only gifts the principal to the beneficiary upon maturity.

The Woori Naeri Sarang Gift Trust reflects customers' needs to transfer assets to heirs at a certain age and when they have the ability to bear taxes and costs. Both individuals and corporations can subscribe, and the trust is available if the trust property is at least 5 million KRW in cash or 100 million KRW in real estate.

If the trust property is cash, the bank attributes any generated profits to the settlor and pays the principal to the beneficiary at contract maturity. If the trust property is real estate, the beneficiary can delay the payment of gift tax until the trust matures, secure funds for tax payment, protect the property from rights infringement, and prevent disputes.

For corporations, the settlor corporation can designate the beneficiary as the family members of executives and employees, use the income generated from the trust for the family’s living expenses, and later transfer the trust property principal.

A Woori Bank Trust Department official stated, "We will develop various types of trust products that enable efficient asset succession in line with the hyper-personalization of modern society," adding, "We will continue to actively reflect social trends and provide differentiated trust services."

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