Korea Real Estate Investment & Trust Co. (KOREIT) said on the 12th that it signed a memorandum of understanding (MOU) with the global child rights NGO Good Neighbors to promote legacy giving.
The two companies signed the agreement on the 7th and agreed to cooperate to spread a culture of giving using substitute-will trusts. The aim is to establish a structure that can reliably carry out a donor's wishes after death.
Through this agreement, Korea Real Estate Investment & Trust Co. (KOREIT) will provide trust design consulting to reduce donors' burdens, and Good Neighbors plans to execute donations transparently in line with the intended programs.
The "Mirimiri substitute-will trust," which Korea Real Estate Investment & Trust Co. (KOREIT) launched last year, is a product created in response to demographic changes such as the increase in single-person households. Donors can prepare to give by designating a public-interest institution as the beneficiary after death while maintaining dwelling occupancy or rental revenue during their lifetime.
In addition, to reduce constraints on implementing donations arising from an inheritance structure centered on real estate, the structure allows the trust company to dispose of real estate after death, bequeath part of the proceeds, and donate the remainder to public-interest institutions.
The two sides plan to cooperate to spread a culture of legacy giving through information exchange and joint publicity going forward.
A Korea Real Estate Investment & Trust Co. (KOREIT) official said, "Through the substitute-will trust, we ensured donors' rights during their lifetime while enabling stable donations after death," and added, "We will contribute to spreading a culture of giving."
A Good Neighbors official said, "We hope this agreement will serve as a catalyst for spreading a legacy-giving culture," and added, "We will execute donations transparently and responsibly."