Search results for testamentary substitute trust
Finance
Hana Bank to promote trust services for disabled people with On Yul
Hana Bank will work with non-profit group On Yul to promote asset management trusts for disabled people and to expand the adult guardianship system. The initiative aims to broaden financial and legal safeguards to help manage and protect the assets of socially vulnerable groups, including disabled people and older adults. The two sides also plan to develop a new type of testamentary substitute trust product to protect and manage posthumous assets of disabled people.
Finance
Hana Bank signs MOU with Korea University Medical Center
Hana Bank said on Tuesday it signed a business agreement with Korea University Medical Center to help spread a culture of legacy donations. Under the deal, the bank plans to offer staff and patients services such as legacy donation planning using testamentary substitute trusts, asset management solutions for reduced decision-making capacity, and funds management for medical and caregiving purposes. It also plans seminars and tailored consultations for donors via nationwide branches.
Finance
Banks\' dementia trusts emerge as new battleground for 200 trillion won market
Dementia-focused trusts are emerging as a new battleground for South Korean banks as they compete to secure the so-called dementia money market. A government committee estimates dementia-related assets at 172 trillion won last year, rising to 220 trillion won by 2030 and 351 trillion won by 2040. Banks are launching pre-designed trust products, setting up dedicated organisations and expanding counselling platforms to prevent asset freezes, fraudulent withdrawals and family disputes.
