Hana Securities is joining hands with ChildFund Korea to promote a culture of bequest donations using testamentary substitute trusts.

Hana Securities said on Sept. 18 it signed an MOU on promoting bequest donations and a sharing culture with ChildFund Korea, a child welfare agency.

A testamentary substitute trust is a trust product in which a settlor signs a trust contract with a financial company while alive and can have assets transferred after death to predetermined beneficiaries or used for designated purposes.

Under the agreement, Hana Securities will support practical work, including trust design and consultations with tax and legal experts, so customers can participate in bequest donations through testamentary substitute trusts.

ChildFund Korea plans to execute designated donations through the trust in line with the set projects and manage them so the donations are used transparently and effectively.

Customers who take part in bequest donations will also have their names listed in ChildFund Korea's bequest donors' group, the Green Legacy Club. Separate recognition procedures will also be provided, including inscription on a donor wall and operation of an online memorial.

Kim Hyun-yeop (김현엽), head of the investment products division at Hana Securities, said, "We will do our best so the donor's noble intention can be accurately delivered to society." He added, "We will continue our social contribution activities so a sharing culture through trusts can spread."