What if the property accumulated over 40 years of work is in the spouse’s name, and after death the children demand their legal share?

What if the property accumulated over 40 years of work is in the spouse’s name, and after death the children demand their legal share?

If property accumulated through a lifetime of work is registered in the spouse’s name, upon the spouse’s death that property is legally presumed to be part of the decedent’s estate and is distributed to the children according to their statutory shares. To claim that you are the actual owner, you must prove a title trust or nominee property, and objective evidence such as the source of funds, how the property was acquired, and who managed it is required. Recognition of a contribution share is also possible, but merely showing that you engaged in economic activity is not enough; you must specifically substantiate any special contribution. If the children disagree and cannot reach an agreement on division, you must petition the family court for a ruling on the division of the inherited property, and you must also manage the inheritance tax filing deadline and the requirements for the spouse inheritance deduction.

Source: Law Firm Jonjae’s blog / https://blog.naver.com/jonjaelawfirm/ Click the blog link below to see more details.

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