SOMA Law Group (SOMA) has represented a U.S. citizen heir in a claim for the Korean bank deposits of his late father, who had lived in Korea until his death. From the filing of the claim to payment of the funds into the heir's account, the process took only three months. Deposit claims by overseas heirs are frequently held up for many months, and at times more than a year, by bank document requirements; this matter was brought to a swift conclusion through litigation and a court decision in lieu of conciliation.
Why deposit claims by overseas heirs stall
An heir may ordinarily claim a decedent's deposits directly from the bank. Where the heir is a foreign national, however, Korean banks typically require considerably more documentation than they would from a domestic heir, including:
- Evidence that the individual recorded in the Korean family relationship register is the same person named in the U.S. passport
- Notarisation and apostille of documents executed abroad
- A certificate of signature or equivalent in place of a Korean seal certificate
- Consent from all co-heirs, together with family records establishing the line of succession
Requirements vary from bank to bank and even between branches, and requests for further documents often follow each submission. Heirs who pursue the process without counsel face the time needed to obtain and notarise documents overseas, as well as delays caused by time differences and language barriers. Claims can drag on for many months, and a significant number are eventually abandoned.
Litigation and a court decision in lieu of conciliation
Rather than remaining within the bank's internal claims process, SOMA filed a lawsuit seeking payment of the inherited deposits. SOMA worked with the client in English to organise the documents to be prepared in the United States, and submitted evidence to the court establishing the line of succession and the client's status as heir.
The court issued a decision in lieu of conciliation, which became final without objection. Under Korean law, a final decision of this kind has the same effect as a judicial settlement and, in turn, the same effect as a final and binding judgment. The client therefore obtained an outcome equivalent to a judgment without the case proceeding through a full trial.
From claim to payment in three months
- June — Claim for payment of the inherited deposits
- Decision in lieu of conciliation issued and finalised
- September — Inherited funds paid to the client
Deposit claims by overseas heirs are often prolonged by repeated document requests. In this matter, the process from claim to payment was completed in approximately three months.
SOMA's international inheritance practice
SOMA acts for heirs residing outside Korea across the Korean succession process, including the division of estates and claims for inherited deposits. Related matters include:
Why deposit claims by overseas heirs stall
An heir may ordinarily claim a decedent's deposits directly from the bank. Where the heir is a foreign national, however, Korean banks typically require considerably more documentation than they would from a domestic heir, including:
Requirements vary from bank to bank and even between branches, and requests for further documents often follow each submission. Heirs who pursue the process without counsel face the time needed to obtain and notarise documents overseas, as well as delays caused by time differences and language barriers. Claims can drag on for many months, and a significant number are eventually abandoned.
Litigation and a court decision in lieu of conciliation
Rather than remaining within the bank's internal claims process, SOMA filed a lawsuit seeking payment of the inherited deposits. SOMA worked with the client in English to organise the documents to be prepared in the United States, and submitted evidence to the court establishing the line of succession and the client's status as heir.
The court issued a decision in lieu of conciliation, which became final without objection. Under Korean law, a final decision of this kind has the same effect as a judicial settlement and, in turn, the same effect as a final and binding judgment. The client therefore obtained an outcome equivalent to a judgment without the case proceeding through a full trial.
From claim to payment in three months
Deposit claims by overseas heirs are often prolonged by repeated document requests. In this matter, the process from claim to payment was completed in approximately three months.
SOMA's international inheritance practice
SOMA acts for heirs residing outside Korea across the Korean succession process, including the division of estates and claims for inherited deposits. Related matters include: