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Introduction
Traditionally, in Korea ones will has been considered as one's dying wish or last words before death. Accordingly, people have been hesitant to make a legally binding will or testament before their death. Because of this, in many cases there is no will. Often there are disputes among descendants about succession and division of the estate. Sometimes, the inheritance is used for purposes opposed to what the deceased wanted. Inheritances can be a big help to society as a whole, depending on how the successor uses it.
The Beautiful Foundation helps people to leave make their last wishes known more clearly; more than just saying, "use this for the poor." The Foundation can also aid in executing the inheritance in a clear way.

Aims
1. The Beautiful Foundation provides the way for donors who want to share their estate or inheritance with society.
2. The Beautiful Foundation hopes bring a substantial change to this aspect of Korean culture through the Inheritance 1% Sharing and Making Will Campaigns.

Qualifications
Anyone who is older than 18, mentally healthy, and shows common sense in regards to his or her property situation and family relationships.

Objects of Donation
Material property (including money, securities, real estate, and any possessions).
Physical property, such as organs.
Mental and spiritual property, such as values, talents, work, or attitude.

Procedure Summary

1. Inheritance 1% Sharing
Decision to share ¡æ Download the Inheritance 1% Sharing Application or request the application form be mailed ¡æ Fill out the form ¡æ Send the form by e-mail or mail ¡æ Register as an Inheritance 1% Sharing Member ¡æ Beautiful Foundation member activities ¡æ The Foundation succeeds him or her after death ¡æ The Foundation administers the inheritance clearly and fairly as a part of a fund.

2. Donation through Testament (or Will Supplementation)
Will Trust with Hana Bank.
Philanthropic Insurance: "Beautiful Insurance" with Kyobo Life and "Love Insurance" with ING Life.

Benefits of Inheritance Donation

 
1) From the Beautiful Foundation
Lifelong membership in the Beautiful Foundation
Online news letter from the Foundation
Invitations to the Foundation's events
Invitations to the Foundation's events
Clear administration and distribution of donated inheritance
Anonymity (if donors desire)
Help from specialists in the Beautiful Foundation Will Consultant Committee (14 lawyers for legal support, 9 accountants for revenue and account support, 1 bank president for financial support, a total 24 special committee members)


2) Tax Benefits
An inheritance tax will not be imposed when inherited property is donated to public benefit services or central government/local government before the legal reporting period of inheritance tax ends (according to the will of the deceased or agreement of successor).
Inheritance tax is not imposed on property that is donated to public benefit services or businesses run by educational organizations.
Tax can be imposed on the interest or additional value accrued by property or funds that are not donated for public benefit within three years after inheritance.
There are additional exceptions according to the law.
 
 
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