Hana Bank is joining hands with Kangdong Kyung Hee University Hospital to support estate donations using will-substitute trusts.

Hana Bank said on Aug. 31 that it signed a business agreement on Aug. 27 with Kangdong Kyung Hee University Hospital to help spread an estate donation culture using will-substitute trusts.

Under the agreement, Hana Bank will provide donors and potential donors at Kangdong Kyung Hee University Hospital with tailored estate-donation planning based on will-substitute trusts and fund management services for medical and caregiving purposes. The two sides also plan to jointly hold seminars on donations.

Kangdong Kyung Hee University Hospital will support donations using will-substitute trusts by connecting would-be estate donors at the hospital with Hana Bank’s trust services.

A will-substitute trust is a service in which a customer signs a trust contract with a financial company during their lifetime and can decide in advance the beneficiaries of their assets after death and how payments will be made. When used for estate donations, it allows donors to design the donation recipient and the method of asset transfer during their lifetime.

Kim Jin-woo (김진우), deputy head of Hana Bank’s wealth management group, said, "Based on our cooperation with Kangdong Kyung Hee University Hospital, we will expand support for estate donations using will-substitute trusts in the medical field."