Korea Land Trust has joined hands with Good Neighbors to promote legacy giving through will-substitute trusts. A new donation model that protects lifetime residency rights while enabling posthumous sharing is drawing attention within Korea's real estate-centric inheritance structure.
Korea Land Trust announced Wednesday that it is partnering with Good Neighbors, a global NGO specializing in children's rights, to expand legacy giving culture. The two organizations signed a memorandum of understanding on the 7th of this month to promote legacy giving. The partnership aims to establish a giving culture through will-substitute trusts and ensure that donors' lifetime pledges are stably fulfilled after their death.
Under the agreement, Korea Land Trust will reduce the burden on donors by providing trust design consulting and related services. Good Neighbors will transparently execute the delivered donations in line with its mission.
The "Mirimiri Will-Substitute Trust," launched by Korea Land Trust last year, is a product developed in response to shifting demographics, including the rapid rise of single-person households. Donors can enjoy lifetime rights — such as continuing to live in their home or maintaining rental income — while designating a credible institution like Good Neighbors as a posthumous beneficiary to plan their giving in advance.
"Most domestic inheritance assets are concentrated in real estate, which has created many constraints on actual donation execution," a Korea Land Trust official said. "Through will-substitute trusts, we have made it possible to secure lifetime residency rights while disposing of real estate after death, allowing both family inheritance and public-interest donation to be realized simultaneously."
The two organizations plan to continue cooperation by exchanging information and conducting joint promotional activities, with the goal of establishing legacy giving as a mature social culture. The minimum trust amount is 500 million won, and further details are available through the Korea Land Trust website or its main phone number.
