Shinhan Securities and Woongjin PreedLife team up to offer post-death services for single-person households

[Financial News] Shinhan Investment & Securities is joining forces with Woongjin PreedLife to expand asset management and post-death services for single-person households. The aim is to offer a comprehensive trust service that supports clients with funeral planning and post-death procedures, in addition to managing financial assets and transferring wealth. Shinhan Investment & Securities said on the 3rd that it had signed a strategic memorandum of understanding (MOU) with Woongjin PreedLife to provide funeral and life-care partner services to clients of the Shinhan Premier Single-Person Household Trust.
The signing ceremony was held at Woongjin PreedLife’s headquarters on the 28th of last month. Kwon Young-dae, head of Shinhan Investment & Securities’ Investment Products Division, and Moon Ho-sang, CEO of Woongjin PreedLife, attended.
The agreement comes amid growing demand, driven by the increase in single-person households and changes in family relationships, for people to plan during their lifetimes for their funerals and the disposition of their assets after death.
The Shinhan Premier Single-Person Household Trust is a service that helps clients in single-person households comprehensively plan for asset management and living-expense payments during their lifetimes, as well as funeral arrangements, the distribution of assets after death and charitable giving.
Under the partnership, Shinhan Investment & Securities will connect trust clients with Woongjin PreedLife’s pre-need funeral services. Clients can arrange their preferred funeral services in advance and, by signing a separate contract with Woongjin PreedLife, receive professional funeral services in accordance with the contract when the time comes.
In particular, clients can use their enrolled funeral plan for more than funeral services, converting it as needed into a range of life-care services, including travel. A key feature is that clients can choose how to use the services based on their circumstances and preferences.
The trust also supports post-death procedures. Once a person designated to report the client’s death or a post-death beneficiary submits the required documents, post-death administration begins in accordance with the procedures set out in the trust agreement. The costs of partner services and taxes are then settled, and the remaining assets are paid to the designated post-death beneficiary.
Shinhan Investment & Securities expects the agreement to help clients in single-person households make arrangements during their lifetimes for their preferred funeral services and related costs, and reduce the administrative and procedural burdens that may arise after death.
“For clients in single-person households, it is important to have a system that lets them make advance arrangements according to their wishes—not only for managing financial assets but also for funerals and post-death procedures,” said Kwon Young-dae, head of Shinhan Investment & Securities’ Investment Products Division. “Through our collaboration with Woongjin PreedLife, we will help clients arrange the funeral services they need and make use of a range of life-care services according to their circumstances and needs.”
[email protected] Kang Jung-mo Reporter