Shinhan Securities Signs MOU with Woongjin Preedlife... Links Funeral Services to 'Single-Person Household Trust'

Shinhan 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 customers of the "Shinhan Premier Single-Person Household Trust."

The partnership comes amid growing demand, driven by the recent rise in single-person households and changes in family relationships, for people to make arrangements during their lifetime not only for the succession of their assets but also for posthumous procedures, such as notifying others of their death and arranging their funeral. The "Shinhan Premier Single-Person Household Trust" is a service that helps single-person household customers create a comprehensive plan covering asset management during their lifetime, living expense payments, funeral arrangements, distribution of assets after death, and charitable giving.

Kwon Youngdae, head of the Investment Products Division at Shinhan Securities (left), and Moon Hosang, CEO of Woongjin Preedlife (right), pose for a photo at a business agreement signing ceremony held at Woongjin Preedlife's headquarters on Oct. 28. Shinhan Securities

Under the agreement, Shinhan Securities will link Woongjin Preedlife's funeral services to the "Shinhan Premier Single-Person Household Trust" as partner services. Customers can arrange the funeral services they want during their lifetime and sign a separate contract with Woongjin Preedlife. When a funeral is required, they can then receive professional funeral services in accordance with the contract.

Subscribed funeral service products can be used not only for funeral services but also converted, according to customers' needs, into a range of life-care services, such as travel. This allows customers to choose how to use the services to suit their circumstances and needs.

Shinhan Securities expects the partnership to help single-person household customers prepare in advance for their preferred funeral arrangements and related costs, and reduce the procedural burdens that may arise after their death. In addition, once the person designated by the customer to be notified of their death or the posthumous beneficiary submits the required documents, posthumous procedures will begin in accordance with the process set out in the trust agreement. After settling the costs of partner services, taxes, and other expenses, the remaining assets will be paid to the designated posthumous beneficiary.

"For single-person household customers, it is important to have a system that lets them prepare in advance, according to their wishes, not only for the management of their financial assets but also for their funeral and posthumous procedures," said Kwon Youngdae, head of the Investment Products Division at Shinhan Securities. "Through our partnership with Woongjin Preedlife, we will help customers arrange the funeral services they need and make use of various life-care services according to their circumstances and needs."

This content was produced with the assistance of AI translation services.