Hana Bank, Kim & Chang partner to promote living trusts

[Courtesy of Hana Bank]

Hana Bank announced on Thursday that it entered into a strategic partnership with law firm Kim & Chang to promote the use of living trusts. A living trust allows trustees to transfer the benefits from their assets to beneficiaries upon their death without the need for a will, effectively providing the same benefits as a will without the need to draft one.

Under the agreement, Hana Bank and Kim & Chang will collaborate across various areas to enhance the living trust service. This includes providing legal and tax advisory services, supporting legal education and seminars, and organizing regular seminars and research information exchanges to advance the trust system.

“We will strive to continue providing comprehensive asset management services that align with our customers’ life cycles by collaborating with various professional institutions,” Lee Jae-chul, vice president of Hana Bank’s trust business division said.