Instead of Real Estate, Cats; Instead of Savings, Social Media... Millennials and Gen Z Leave Their Lives in Wills

Strict Legal Requirements for Handwritten Wills
8 Out of 10 Say "I Don't Know How to Write a Will"
"Writing a Will Is Essential for Those Left Behind"

"Please pass on the complete collection of Slam Dunk comics at home to my child. They are precious to me because they were the first books that made me truly think about my dreams. They also hold memories with my mother."

This is an excerpt from the will of a woman in her 30s who goes by the nickname "Honey Pencil." In response to the question, "What is a special item you want to pass on?" one person left two cats to her husband, while another entrusted her social media account to a friend. At this "will-writing meeting," where participants rehearse for death, heartfelt messages that could never be said to parents, spouses, or friends are carefully pressed onto the pages of their wills. A participant in her 20s, nicknamed "Gabi," shared, "My mother ended her own life, leaving only one sentence: 'Please take care of my children.' I joined because I want to leave my story behind so that those left behind don't fall into deep grief as I did."

An image reconstructed by generative artificial intelligence (AI) showing participants of a will-writing gathering, organized by the local community platform Danggeun Market, writing their handwritten wills. Image generated by ChatGPT.

The person who started this unique gathering is Choi Gowoon (43), the "organizer." After being responsible for handling her unmarried aunt's affairs three years ago, Choi realized the importance of a will and has been running the group since November 2023. The group, held through the local community platform Danggeun Market, consists of 10 sessions for a participation fee of 10,000 won and has already reached its ninth cohort. Only 59 people have participated so far, but Choi's goal is to help 1,000 people write their wills in the future. Choi explained, "Once a death is reported, all of the deceased's financial assets, such as bank accounts, cards, insurance, and stocks, are frozen. That's why it's crucial to record how to handle one's own precious things that family members might not know about."

Even as we enter the "era of large-scale inheritance," with tens of trillions of won in assets transferred each year, writing a will—which includes organizing personal belongings and digital records, not just assets—remains unfamiliar to most. There are increasing calls to establish a culture of will-writing to reduce the confusion and social costs experienced by those left behind after an unexpected death.

According to the financial sector on the 21st, the combined balance of will-substitute trusts at KB Kookmin, Shinhan, Hana, and Woori Bank stood at 5.1836 trillion won as of April 29. The market, which was about 900 billion won at the end of 2020, has grown nearly sixfold in five years. A will-substitute trust is a way of transferring assets through a financial institution in accordance with a contract, instead of a paper will. This reflects the rapidly increasing demand to prepare for "after death." According to the National Tax Service, the number of decedents intending to pass on their assets rose by 75.0%, from 11,521 in 2020 to 20,167 in 2024. The total value of inherited assets in South Korea also surged from 27.4138 trillion won to 47.0254 trillion won during the same period.

The problem is that, while the transfer of "money" is prepared for, society still lacks preparation for organizing "one's life." In fact, there are hardly any statistics on will-writing in South Korea, except for a survey conducted by the Hana Institute of Finance in 2020 of 2,100 people who had transactions with domestic financial companies. According to this survey, only 1.7% said they had actually written a will. In contrast, 85.0% answered that they had postponed or not written a will because they did not know how to do so.

The majority of young people tend to consider wills irrelevant to themselves, as they have not accumulated significant wealth. Seo Yeon Joo (26) confessed, "Since I haven’t achieved much in terms of wealth or reputation, I never thought about writing a will, and I’ve never considered how to organize my belongings or social media accounts." Koo Ye Eun (26) added, "I learned how to write a will in a college liberal arts class, but it seemed too complicated, so I never thought of actually doing it. I also think it's because I hardly ever imagine I could die tomorrow."

One reason people hesitate to write a will is the complicated legal requirements, which have remained unchanged since 1958. Current laws only recognize five forms: handwritten, recorded, notarized, secret, and dictated wills. Even the most common handwritten will must include all content, the date, address, and name written entirely by hand, along with a seal. This is intended to prevent forgery or alteration. If someone types their will on a computer and only signs it, or omits part of their address, the entire will may be invalidated. For generations accustomed to digital devices and paperless documentation, this process is difficult and cumbersome.

There are calls for not only normalizing the use of handwritten wills for the smooth handling of cherished items and traces of life after death, but also for government-level support. Kim Junwoo, an attorney at Deoksu Law Firm, pointed out, "Even small assets or everyday personal belongings can lead to significant administrative and legal burdens if there is no handwritten will left behind. However, indiscriminately easing the strict requirements for wills could create new sources of conflict, such as forged wills targeting elderly people with dementia." He went on to emphasize, "To reduce inheritance disputes and help those left behind, it's essential to popularize the culture of will-writing itself, and to expand support for both the writing and safekeeping of wills."

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