Legal reserve system
Significance of the legal reserve system
- The legal reserve of inheritance refers to a certain portion in the inherited property that must be left as it is under the statutes for a certain inheritor without being handled by the person who has inherited (source: Standard Korean Language Dictionary, National Institute of Korean Language).
- Since the “Civil Act” recognizes the freedom of disposing the property through testamentary will, if an inheritee bequeaths his/her property to non-family members or some of the inheritors, the inherited property may not be transferred to the inheritors.
· However, if the freedom of disposing the inherited property is recognized without any limitation, the stability of family life will be undermined and the life security of the inheritor after the death of the inheritee will be violated.
· To prevent such unfair outcomes and guarantee the life of the inheritors, the “Civil Act” recognizes the legal reserve system.