Procedure
Claiming a Korean Bank Account After a Parent Dies
In Brief
From the US, you can find your deceased parent's Korean bank accounts (one government search), freeze them, file Korean inheritance tax, and wire the proceeds out — without flying to Korea. It takes 3–6 months and a power of attorney notarized at a Korean consulate.
Step 1 — Find Every Account in One Search
Korea offers a free one-stop service called Ansim Sangsok (안심상속 원스톱) that returns all accounts at every Korean bank, securities firm, insurer, plus tax liabilities, in a single report. Apply at any Korean district office (시·구·읍·면·동 주민센터) or through a Korean attorney with power of attorney — within 6 months of death.
For US-resident heirs, see our Korean-language guide for the exact application form (sorry, the government portal is Korean-only).
Step 2 — Banks Freeze the Account Automatically
Once notified of the death, Korean banks freeze the account. Withdrawals require all heirs' consent and proof of inheritance. Emergency withdrawal of up to ₩15M (about $11,000) is allowed against funeral receipts at most major banks — useful for immediate cash needs.
Step 3 — Decide Who Gets What
If there is a Korean will, it controls. If not, default Korean intestate shares apply: spouse 1.5 + each child 1.0 (e.g., spouse + 2 children → spouse gets 3/7, each child 2/7). All heirs must sign a division agreement (상속재산분할협의서) to release the funds.
Step 4 — File Korean Inheritance Tax (9 Months)
Even if the only Korean asset is bank savings, you must file Korean inheritance tax if total Korean assets exceed the deduction threshold. For a non-resident decedent the threshold is just ₩200M (about $145K). 9-month deadline guide.
Step 5 — Release and Wire
With the inheritance tax paid (or installment plan in place) and the division agreement signed, the bank issues a certificate of tax payment and releases the funds. The money can then be wired to your US account.
Required Documents — From the US
| Document | Where to get it |
|---|---|
| Death certificate (apostilled if issued in US) | US vital records office |
| Family relation certificate (가족관계증명서) | Korean court e-portal or any consulate |
| Power of attorney (notarized) | Nearest Korean consulate in US |
| Signature verification (서명인증) | Same consulate visit |
US Reporting — Don't Skip This
Once the funds land in your US account, US reporting may apply:
- If parent was a US person — Form 706 (estate tax, $15M exemption)
- If parent was a non-US person and gift exceeds $100K — Form 3520
- If you held an interest in the Korean account > $10K at any point during the year — FBAR (FinCEN 114)
US-side filings are referred to partner US-licensed CPAs and attorneys.
General information only — not tax or legal advice. Korean-side procedure handled directly by a Korean CPA & Tax Accountant. US tax reporting referred to partner professionals.