{"content_id":"3lcmt30fdr","slug":"death-report-financial-transaction-blocking-2026","locale":"en","schema_type":"Article","category":"knowledge_base","category_name":"Knowledge Base","title":"Financial Transactions Blocked Day After Death Registration","summary":"Starting September 11, 2026, financial transactions in the deceased person's name will be automatically blocked the day after a death registration is received. Deposits and exceptions for urgent expenses, changes to automatic payments, and inherited asset searches must be checked separately.","sponsorship_disclosure":null,"affiliate_disclosure":null,"commerce_disclosure":null,"author":{"name":"Injoys Editorial Team","url":"https://injoys.com/ko/about"},"key_points":["The system for promptly blocking financial transactions in a deceased person's name takes effect the day after a death registration is received.","As of the September 2026 announcement, the system covers 4,890 companies across the financial sector.","Essential transactions such as deposits are allowed, and withdrawals for medical and funeral expenses are possible as exceptions once supporting documents have been verified.","Automatic payments from the deceased person's account may stop, so payment methods must be checked.","Transactions are blocked automatically, but checking assets and receiving inherited deposits require separate procedures."],"content_markdown":"Once a death report is filed, financial transactions in the deceased person’s name are automatically blocked starting the next day. The family does not need to request a separate block. For urgent expenses such as funeral costs, ask about an exception withdrawal. Check how automatic payments from the deceased person’s account will be made.\n\nThe effective date and number of participating companies are based on the Financial Services Commission’s September 7, 2026 announcement.\n\n## What Is the Rapid Blocking System for Financial Transactions in a Deceased Person’s Name?\n\nThis system quickly shares information about deceased persons with financial institutions to prevent transactions using their identities. It officially takes effect on September 11, 2026. The Ministry of the Interior and Safety, Financial Services Commission, Financial Supervisory Service, and Korea Credit Information Services developed it together.\n\nThe Ministry of the Interior and Safety provides information about deceased persons once a day. The information reaches financial institutions through Korea Credit Information Services. Before carrying out in-person or remote transactions, financial institutions check whether the account holder has died. If the death is confirmed, they block the transaction.\n\n\u003e All financial transactions in a deceased person’s name across the financial sector are halted starting the day after a death report is received\n\nThis is the wording used by the Financial Services Commission in [“Illegal financial transactions in a deceased person’s name will be blocked immediately starting the ‘next day’ after a death is reported.”](https://www.fsc.go.kr/no010101/87657)\n\n## How the New System Differs from the Previous Approach\n\nThe main changes are how often information about deceased persons is shared and how many institutions use it. Previously, some financial institutions received the information once a month. The announcement considered both the one-month deadline for reporting a death and the information-sharing schedule. It explained that confirming a death could therefore take up to about two months.\n\n| Category | Previous approach | Approach effective September 11, 2026 |\n| --- | --- | --- |\n| Frequency of information about deceased persons | Once a month | Once a day |\n| Institutions using the information | Some financial institutions, including banks | 4,890 companies across the financial sector |\n| Checks before transactions | A gap could occur before the information was reflected | Real-time checks during transactions |\n| Family request to block transactions | Depended on each institution confirming the death | Handled automatically through linked death report information |\n\nThe figure of 4,890 companies is the number participating when the announcement was made in September 2026. They include banks, insurers, card companies, securities firms, savings banks, and mutual financial institutions. The frequency of information updates is different from when transactions are checked. The information is updated daily, and financial institutions check it at the time of a transaction.\n\n## Blocks and Exceptions by Transaction Type\n\nWithdrawals, transfers, loans, and other transactions in the deceased person’s name are subject to blocking. There are exceptions for essential transactions, including deposits. Even after transactions are blocked, deposits can be paid out through the lawful inheritance process.\n\n| Transaction needed | How it is handled | What to check |\n| --- | --- | --- |\n| Withdrawals, transfers, and loans in the deceased person’s name | Blocked in principle | How to handle them through the inheritance process |\n| Deposits into the deceased person’s deposit account | Permitted as an essential transaction | The account’s actual processing status |\n| Payment of urgent expenses such as medical and funeral costs | Exception withdrawal possible after supporting documents are checked | Required documents and the institution to be paid |\n| Heirs receiving deposits | Paid through the inheritance process | Each financial institution’s documents for paying inherited deposits |\n| Automatic payments for utility bills and insurance premiums | May stop | Changing the payment account or paying separately |\n\nPermitting deposits means money owed to the deceased person can be paid into their account. It does not mean family members can withdraw that money immediately. Check separately whether a deposit can be made and what is required to receive inherited deposits.\n\n## How to Make an Exception Withdrawal for Medical and Funeral Costs\n\nFor an exception withdrawal, the financial institution transfers the money directly to the institution owed the payment. This applies to urgent and unavoidable expenses such as medical and funeral costs. It is handled differently from a regular withdrawal that lets family members withdraw cash freely.\n\n1. Ask the financial institution holding the deceased person’s deposits about exception withdrawals.\n2. Check which documents it requires to verify your relationship, such as a certificate of family relations.\n3. Prepare proof of the expense and payment details for the hospital, nursing home, or funeral home.\n4. After the financial institution checks the documents, confirm whether it can make a direct transfer.\n\nThe September 2026 announcement does not specify a common withdrawal limit. It also does not give uniform guidance on document types or processing times. Check what proof the financial institution needs before visiting. Ask separately whether costs the family has already paid can be reimbursed.\n\n## How to Prepare for Stopped Automatic Payments\n\nCheck the payment status of utility bills and insurance premiums previously paid from the deceased person’s account. Blocking transactions may stop those automatic payments. You also need to confirm that any change to the payment method has taken effect.\n\n1. Gather utility bills and records of insurance premium payments.\n2. Mark the items paid from the deceased person’s account.\n3. Ask each billing organization whether the contract needs to be maintained, changed, or terminated.\n4. For items you will continue paying, change the payment account or arrange separate payment.\n5. Check that payment goes through when the next bill is issued.\n\nThis list puts the announcement’s guidance on stopped automatic payments into a practical order. Check each contract to decide whether it should remain in force. For insurance in particular, ask separately about changing the payment account and handling the policy.\n\n## Common Mistakes About Automatic Blocking and Asset Inquiries\n\nTransaction blocking happens automatically, but the rest of the inheritance process does not. Financial asset inquiries and payment of inherited deposits require separate procedures. Keep the following distinctions in mind.\n\n- **Confusing the date of death with the date it is reported:** The rapid blocking system takes effect the day after a death report is received.\n- **Using funds at your discretion because transactions are still possible before blocking:** Being technically able to make a transaction does not mean an heir has the authority to dispose of the funds.\n- **Confusing an account block with the loss of assets:** The deceased person’s assets are still handled through the inheritance process after transactions are blocked.\n- **Confusing an asset inquiry with payment of deposits:** Even after receiving inquiry results, check the payment procedure with the financial institution.\n- **Confusing stopped automatic payments with completed payment arrangements:** Check for unpaid bills and confirm the contract status with the billing organization.\n\n## How to Check the Deceased Person’s Financial Assets and Debts\n\nYou can check the deceased person’s assets through the Financial Transaction Inquiry Service for Heirs or the One-Stop Inheritance Service. The inquiry covers debts as well as deposits. Check how to apply based on the information you need.\n\n| Service | Main information covered | Where to check |\n| --- | --- | --- |\n| Financial Transaction Inquiry Service for Heirs | Financial transactions including deposits, loans, insurance, and securities | Financial Supervisory Service and financial institutions accepting applications |\n| One-Stop Inheritance Service | Financial transactions, land, buildings, vehicles, taxes, and more | Government24, city and district offices, and administrative welfare centers |\n\nFor the One-Stop Inheritance Service, check eligibility based on the order of inheritance and other factors. According to Government24, online applications are available to first- and second-priority heirs. For an in-person application, all applicants need to bring identification. Check the [Government24 application guide](https://www.gov.kr/portal/service/serviceInfo/174000000013) for additional documents, including proof of relationship.\n\n## Comparing the Deadlines for Asset Inquiries and Renouncing an Inheritance\n\nDo not delay deciding whether to renounce an inheritance just because there is still time to apply for an asset inquiry. The two procedures have different purposes and different rules for calculating their deadlines. Check the decision deadline while looking into assets and debts.\n\n| Category | Deadline | Meaning |\n| --- | --- | --- |\n| Applying for a One-Stop Inheritance asset inquiry | Within 1 year from the last day of the month in which the death occurred | Period for applying for an integrated inquiry |\n| Accepting, accepting with limited liability, or renouncing an inheritance | In principle, within 3 months of learning that the inheritance has begun | Period for deciding how to handle the inheritance |\n\nThe One-Stop Inheritance deadline is based on Government24 guidance updated on July 29, 2026. The period for deciding on an inheritance is the general rule under Article 1019 of the Civil Act. You can check the specific starting point and exceptions at [Easy-to-Find Practical Legal Information](https://www.easylaw.go.kr/CSP/CnpClsMain.laf?ccfNo=4\u0026cciNo=1\u0026cnpClsNo=1\u0026csmSeq=255).\n\nBlocking transactions does not replace an application to renounce an inheritance or accept it with limited liability. If the amount of debt is unclear, check the deadline while waiting for the inquiry results. It is best to seek legal advice on decisions involving family relationships or debt circumstances.\n\n## How Shared Information About Deceased Persons May Be Used\n\nThe use of information about deceased persons is restricted to the purpose of blocking financial transactions. Korea Credit Information Services revised its rules to prohibit use for other purposes and disclosure to third parties. The Financial Services Commission’s [September 2026 information cards](https://www.fsc.go.kr/no040101?cnId=3418) also explain these stronger internal controls.","content_html":"\u003cp\u003eOnce a death report is filed, financial transactions in the deceased person’s name are automatically blocked starting the next day. The family does not need to request a separate block. For urgent expenses such as funeral costs, ask about an exception withdrawal. Check how automatic payments from the deceased person’s account will be made.\u003c/p\u003e\n\u003cp\u003eThe effective date and number of participating companies are based on the Financial Services Commission’s September 7, 2026 announcement.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#what-is-the-rapid-blocking-system-for-financial-transactions-in-a-deceased-persons-name\" class=\"anchor\" id=\"what-is-the-rapid-blocking-system-for-financial-transactions-in-a-deceased-persons-name\"\u003e\u003c/a\u003eWhat Is the Rapid Blocking System for Financial Transactions in a Deceased Person’s Name?\u003c/h2\u003e\n\u003cp\u003eThis system quickly shares information about deceased persons with financial institutions to prevent transactions using their identities. It officially takes effect on September 11, 2026. The Ministry of the Interior and Safety, Financial Services Commission, Financial Supervisory Service, and Korea Credit Information Services developed it together.\u003c/p\u003e\n\u003cp\u003eThe Ministry of the Interior and Safety provides information about deceased persons once a day. The information reaches financial institutions through Korea Credit Information Services. Before carrying out in-person or remote transactions, financial institutions check whether the account holder has died. If the death is confirmed, they block the transaction.\u003c/p\u003e\n\u003cblockquote\u003e\n\u003cp\u003eAll financial transactions in a deceased person’s name across the financial sector are halted starting the day after a death report is received\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003cp\u003eThis is the wording used by the Financial Services Commission in \u003ca href=\"https://www.fsc.go.kr/no010101/87657\"\u003e“Illegal financial transactions in a deceased person’s name will be blocked immediately starting the ‘next day’ after a death is reported.”\u003c/a\u003e\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-the-new-system-differs-from-the-previous-approach\" class=\"anchor\" id=\"how-the-new-system-differs-from-the-previous-approach\"\u003e\u003c/a\u003eHow the New System Differs from the Previous Approach\u003c/h2\u003e\n\u003cp\u003eThe main changes are how often information about deceased persons is shared and how many institutions use it. Previously, some financial institutions received the information once a month. The announcement considered both the one-month deadline for reporting a death and the information-sharing schedule. It explained that confirming a death could therefore take up to about two months.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eCategory\u003c/th\u003e\n\u003cth\u003ePrevious approach\u003c/th\u003e\n\u003cth\u003eApproach effective September 11, 2026\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eFrequency of information about deceased persons\u003c/td\u003e\n\u003ctd data-label=\"Previous approach\"\u003eOnce a month\u003c/td\u003e\n\u003ctd data-label=\"Approach effective September 11, 2026\"\u003eOnce a day\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eInstitutions using the information\u003c/td\u003e\n\u003ctd data-label=\"Previous approach\"\u003eSome financial institutions, including banks\u003c/td\u003e\n\u003ctd data-label=\"Approach effective September 11, 2026\"\u003e4,890 companies across the financial sector\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eChecks before transactions\u003c/td\u003e\n\u003ctd data-label=\"Previous approach\"\u003eA gap could occur before the information was reflected\u003c/td\u003e\n\u003ctd data-label=\"Approach effective September 11, 2026\"\u003eReal-time checks during transactions\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eFamily request to block transactions\u003c/td\u003e\n\u003ctd data-label=\"Previous approach\"\u003eDepended on each institution confirming the death\u003c/td\u003e\n\u003ctd data-label=\"Approach effective September 11, 2026\"\u003eHandled automatically through linked death report information\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThe figure of 4,890 companies is the number participating when the announcement was made in September 2026. They include banks, insurers, card companies, securities firms, savings banks, and mutual financial institutions. The frequency of information updates is different from when transactions are checked. The information is updated daily, and financial institutions check it at the time of a transaction.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#blocks-and-exceptions-by-transaction-type\" class=\"anchor\" id=\"blocks-and-exceptions-by-transaction-type\"\u003e\u003c/a\u003eBlocks and Exceptions by Transaction Type\u003c/h2\u003e\n\u003cp\u003eWithdrawals, transfers, loans, and other transactions in the deceased person’s name are subject to blocking. There are exceptions for essential transactions, including deposits. Even after transactions are blocked, deposits can be paid out through the lawful inheritance process.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eTransaction needed\u003c/th\u003e\n\u003cth\u003eHow it is handled\u003c/th\u003e\n\u003cth\u003eWhat to check\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Transaction needed\"\u003eWithdrawals, transfers, and loans in the deceased person’s name\u003c/td\u003e\n\u003ctd data-label=\"How it is handled\"\u003eBlocked in principle\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eHow to handle them through the inheritance process\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Transaction needed\"\u003eDeposits into the deceased person’s deposit account\u003c/td\u003e\n\u003ctd data-label=\"How it is handled\"\u003ePermitted as an essential transaction\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eThe account’s actual processing status\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Transaction needed\"\u003ePayment of urgent expenses such as medical and funeral costs\u003c/td\u003e\n\u003ctd data-label=\"How it is handled\"\u003eException withdrawal possible after supporting documents are checked\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eRequired documents and the institution to be paid\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Transaction needed\"\u003eHeirs receiving deposits\u003c/td\u003e\n\u003ctd data-label=\"How it is handled\"\u003ePaid through the inheritance process\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eEach financial institution’s documents for paying inherited deposits\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Transaction needed\"\u003eAutomatic payments for utility bills and insurance premiums\u003c/td\u003e\n\u003ctd data-label=\"How it is handled\"\u003eMay stop\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eChanging the payment account or paying separately\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003ePermitting deposits means money owed to the deceased person can be paid into their account. It does not mean family members can withdraw that money immediately. Check separately whether a deposit can be made and what is required to receive inherited deposits.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-to-make-an-exception-withdrawal-for-medical-and-funeral-costs\" class=\"anchor\" id=\"how-to-make-an-exception-withdrawal-for-medical-and-funeral-costs\"\u003e\u003c/a\u003eHow to Make an Exception Withdrawal for Medical and Funeral Costs\u003c/h2\u003e\n\u003cp\u003eFor an exception withdrawal, the financial institution transfers the money directly to the institution owed the payment. This applies to urgent and unavoidable expenses such as medical and funeral costs. It is handled differently from a regular withdrawal that lets family members withdraw cash freely.\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eAsk the financial institution holding the deceased person’s deposits about exception withdrawals.\u003c/li\u003e\n\u003cli\u003eCheck which documents it requires to verify your relationship, such as a certificate of family relations.\u003c/li\u003e\n\u003cli\u003ePrepare proof of the expense and payment details for the hospital, nursing home, or funeral home.\u003c/li\u003e\n\u003cli\u003eAfter the financial institution checks the documents, confirm whether it can make a direct transfer.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eThe September 2026 announcement does not specify a common withdrawal limit. It also does not give uniform guidance on document types or processing times. Check what proof the financial institution needs before visiting. Ask separately whether costs the family has already paid can be reimbursed.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-to-prepare-for-stopped-automatic-payments\" class=\"anchor\" id=\"how-to-prepare-for-stopped-automatic-payments\"\u003e\u003c/a\u003eHow to Prepare for Stopped Automatic Payments\u003c/h2\u003e\n\u003cp\u003eCheck the payment status of utility bills and insurance premiums previously paid from the deceased person’s account. Blocking transactions may stop those automatic payments. You also need to confirm that any change to the payment method has taken effect.\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eGather utility bills and records of insurance premium payments.\u003c/li\u003e\n\u003cli\u003eMark the items paid from the deceased person’s account.\u003c/li\u003e\n\u003cli\u003eAsk each billing organization whether the contract needs to be maintained, changed, or terminated.\u003c/li\u003e\n\u003cli\u003eFor items you will continue paying, change the payment account or arrange separate payment.\u003c/li\u003e\n\u003cli\u003eCheck that payment goes through when the next bill is issued.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eThis list puts the announcement’s guidance on stopped automatic payments into a practical order. Check each contract to decide whether it should remain in force. For insurance in particular, ask separately about changing the payment account and handling the policy.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#common-mistakes-about-automatic-blocking-and-asset-inquiries\" class=\"anchor\" id=\"common-mistakes-about-automatic-blocking-and-asset-inquiries\"\u003e\u003c/a\u003eCommon Mistakes About Automatic Blocking and Asset Inquiries\u003c/h2\u003e\n\u003cp\u003eTransaction blocking happens automatically, but the rest of the inheritance process does not. Financial asset inquiries and payment of inherited deposits require separate procedures. Keep the following distinctions in mind.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eConfusing the date of death with the date it is reported:\u003c/strong\u003e The rapid blocking system takes effect the day after a death report is received.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eUsing funds at your discretion because transactions are still possible before blocking:\u003c/strong\u003e Being technically able to make a transaction does not mean an heir has the authority to dispose of the funds.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eConfusing an account block with the loss of assets:\u003c/strong\u003e The deceased person’s assets are still handled through the inheritance process after transactions are blocked.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eConfusing an asset inquiry with payment of deposits:\u003c/strong\u003e Even after receiving inquiry results, check the payment procedure with the financial institution.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eConfusing stopped automatic payments with completed payment arrangements:\u003c/strong\u003e Check for unpaid bills and confirm the contract status with the billing organization.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-to-check-the-deceased-persons-financial-assets-and-debts\" class=\"anchor\" id=\"how-to-check-the-deceased-persons-financial-assets-and-debts\"\u003e\u003c/a\u003eHow to Check the Deceased Person’s Financial Assets and Debts\u003c/h2\u003e\n\u003cp\u003eYou can check the deceased person’s assets through the Financial Transaction Inquiry Service for Heirs or the One-Stop Inheritance Service. The inquiry covers debts as well as deposits. Check how to apply based on the information you need.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eService\u003c/th\u003e\n\u003cth\u003eMain information covered\u003c/th\u003e\n\u003cth\u003eWhere to check\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Service\"\u003eFinancial Transaction Inquiry Service for Heirs\u003c/td\u003e\n\u003ctd data-label=\"Main information covered\"\u003eFinancial transactions including deposits, loans, insurance, and securities\u003c/td\u003e\n\u003ctd data-label=\"Where to check\"\u003eFinancial Supervisory Service and financial institutions accepting applications\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Service\"\u003eOne-Stop Inheritance Service\u003c/td\u003e\n\u003ctd data-label=\"Main information covered\"\u003eFinancial transactions, land, buildings, vehicles, taxes, and more\u003c/td\u003e\n\u003ctd data-label=\"Where to check\"\u003eGovernment24, city and district offices, and administrative welfare centers\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eFor the One-Stop Inheritance Service, check eligibility based on the order of inheritance and other factors. According to Government24, online applications are available to first- and second-priority heirs. For an in-person application, all applicants need to bring identification. Check the \u003ca href=\"https://www.gov.kr/portal/service/serviceInfo/174000000013\"\u003eGovernment24 application guide\u003c/a\u003e for additional documents, including proof of relationship.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#comparing-the-deadlines-for-asset-inquiries-and-renouncing-an-inheritance\" class=\"anchor\" id=\"comparing-the-deadlines-for-asset-inquiries-and-renouncing-an-inheritance\"\u003e\u003c/a\u003eComparing the Deadlines for Asset Inquiries and Renouncing an Inheritance\u003c/h2\u003e\n\u003cp\u003eDo not delay deciding whether to renounce an inheritance just because there is still time to apply for an asset inquiry. The two procedures have different purposes and different rules for calculating their deadlines. Check the decision deadline while looking into assets and debts.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eCategory\u003c/th\u003e\n\u003cth\u003eDeadline\u003c/th\u003e\n\u003cth\u003eMeaning\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eApplying for a One-Stop Inheritance asset inquiry\u003c/td\u003e\n\u003ctd data-label=\"Deadline\"\u003eWithin 1 year from the last day of the month in which the death occurred\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003ePeriod for applying for an integrated inquiry\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eAccepting, accepting with limited liability, or renouncing an inheritance\u003c/td\u003e\n\u003ctd data-label=\"Deadline\"\u003eIn principle, within 3 months of learning that the inheritance has begun\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003ePeriod for deciding how to handle the inheritance\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThe One-Stop Inheritance deadline is based on Government24 guidance updated on July 29, 2026. The period for deciding on an inheritance is the general rule under Article 1019 of the Civil Act. You can check the specific starting point and exceptions at \u003ca href=\"https://www.easylaw.go.kr/CSP/CnpClsMain.laf?ccfNo=4\u0026amp;cciNo=1\u0026amp;cnpClsNo=1\u0026amp;csmSeq=255\"\u003eEasy-to-Find Practical Legal Information\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eBlocking transactions does not replace an application to renounce an inheritance or accept it with limited liability. If the amount of debt is unclear, check the deadline while waiting for the inquiry results. It is best to seek legal advice on decisions involving family relationships or debt circumstances.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-shared-information-about-deceased-persons-may-be-used\" class=\"anchor\" id=\"how-shared-information-about-deceased-persons-may-be-used\"\u003e\u003c/a\u003eHow Shared Information About Deceased Persons May Be Used\u003c/h2\u003e\n\u003cp\u003eThe use of information about deceased persons is restricted to the purpose of blocking financial transactions. Korea Credit Information Services revised its rules to prohibit use for other purposes and disclosure to third parties. The Financial Services Commission’s \u003ca href=\"https://www.fsc.go.kr/no040101?cnId=3418\"\u003eSeptember 2026 information cards\u003c/a\u003e also explain these stronger internal controls.\u003c/p\u003e\n","tags":["Personal data protection","Everyday Finance","Inheritance"],"faqs":[{"question":"Are financial transactions blocked the very next day after someone dies?","answer":"The rapid blocking system uses the day after the death report is received as its starting point. The date of death and the date the death is reported must be distinguished."},{"question":"Do bereaved family members need to request a block from each financial institution?","answer":"No separate request to block transactions is needed. The death report information is shared with the Korea Credit Information Services and financial institutions."},{"question":"Does it apply only to bank accounts?","answer":"In addition to banks, it covers insurance companies, card companies, securities firms, savings banks, and mutual financial institutions. According to the September 2026 announcement, it applies to 4,890 companies across the financial sector."},{"question":"Can money be deposited into the deceased person's account after it has been blocked?","answer":"Deposits are permitted as essential transactions. However, you must separately check the inheritance procedures or the requirements for exceptional withdrawals before withdrawing the deposited money."},{"question":"Can funeral expenses be paid from the deceased person's deposits?","answer":"You can ask about an exceptional withdrawal for urgent and unavoidable funeral expenses. The financial institution checks the supporting documents and then transfers the money directly to the funeral home or a similar provider."},{"question":"What documents are needed for an exceptional withdrawal?","answer":"The Financial Services Commission's announcement lists relevant documents, including a family relationship certificate. Check with the financial institution holding the deposit for the specific requirements for proof of expenses and payment details."},{"question":"What happens to automatic payments of utility bills and insurance premiums from the deceased person's account?","answer":"Automatic payments may stop. Ask the billing organizations about changing the payment account or paying another way. You should also check that payments go through normally after the change."},{"question":"Does reporting a death automatically trigger an inquiry into inherited assets?","answer":"Blocking financial transactions and checking inherited assets are separate procedures. Check how to apply for the Financial Transaction Inquiry Service for Heirs or the One-Stop Inheritance Service."},{"question":"Can I wait until the deadline to apply for the One-Stop Inheritance Service before deciding whether to renounce an inheritance?","answer":"The two deadlines are different. You must apply for the One-Stop Inheritance Service within one year of the last day of the month in which the death occurred. Decisions such as whether to renounce an inheritance must, in principle, be made within three months of learning that the inheritance has begun."},{"question":"If transactions are blocked, can heirs no longer receive the deposits?","answer":"Even after transactions are blocked, heirs can receive the deposits through the proper inheritance procedures. Check with the financial institution concerned about the documents needed for payment."}],"sources":[{"url":"https://www.fsc.go.kr/no010101/87657","title":"Financial Services Commission to Immediately Block Illegal Financial Transactions in Deceased Persons’ Names Starting the ‘Next Day’ After a Death Is Reported, September 7, 2026","type":"source"},{"url":"https://www.fsc.go.kr/no040101?cnId=3418","title":"Financial Services Commission to Block Financial Transactions Starting the Day After a Death Is Reported, September 7, 2026","type":"source"},{"url":"https://www.gov.kr/portal/service/serviceInfo/174000000013","title":"Government24, Application for Integrated Processing of Property Searches for Deceased Persons and Persons Under Guardianship, revised July 29, 2026","type":"source"},{"url":"https://www.easylaw.go.kr/CSP/CnpClsMain.laf?ccfNo=4\u0026cciNo=1\u0026cnpClsNo=1\u0026csmSeq=255","title":"Easy-to-Find Practical Law Information, Simple Acceptance, Qualified Acceptance, and Renunciation of Inheritance, as of September 15, 2026","type":"source"},{"url":"https://www.law.go.kr/LSW/LsiJoLinkP.do?docType=JO\u0026joNo=101900000\u0026languageType=KO\u0026lsNm=%EB%AF%BC%EB%B2%95\u0026paras=1","title":"National Law Information Center, Article 1019 of the Civil Act: Period for Acceptance or Renunciation","type":"source"}],"images":[{"id":1625,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MjQ1MzcsInB1ciI6ImJsb2JfaWQifX0=--788aaecfca4390f279b7dbff29be97d896470df2/ai-f40e8a37.webp","is_representative":true,"generation_method":"ai_photo","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"장례식장 빈소에서 검은 재킷을 입은 남성이 서 있고, 뒤로 흰 조화와 직원이 보인다.","caption":"장례비는 증빙 확인 후 고인 계좌에서 예외적으로 인출할 수 있습니다.","description":null},"en":{"alt":"A man in a dark jacket stands in a funeral home, with white flowers and an attendant behind him.","caption":"Funeral expenses may be withdrawn from the deceased’s account after supporting documents are checked.","description":null},"ja":{"alt":"葬儀場で黒い上着の男性が立ち、背後に白い供花と係員が見える。","caption":"葬儀費用は証明書類の確認後、故人の口座から例外的に引き出せます。","description":null},"es":{"alt":"Un hombre con chaqueta oscura está en una funeraria, con flores blancas y una empleada al fondo.","caption":"Los gastos funerarios pueden retirarse de la cuenta del fallecido tras verificar los justificantes.","description":null},"id":{"alt":"Seorang pria berjaket gelap berdiri di rumah duka, dengan bunga putih dan petugas di belakangnya.","caption":"Biaya pemakaman dapat ditarik dari rekening almarhum setelah bukti pendukung diperiksa.","description":null},"pt":{"alt":"Um homem de casaco escuro está numa casa funerária, com flores brancas e uma funcionária ao fundo.","caption":"As despesas funerárias podem ser retiradas da conta da pessoa falecida após a verificação dos comprovativos.","description":null},"zh-hant":{"alt":"一名穿深色外套的男子站在殯儀館內，後方可見白色花卉和工作人員。","caption":"喪葬費用經證明文件核實後，可例外從逝者帳戶提領。","description":null},"de":{"alt":"Ein Mann in dunkler Jacke steht in einem Bestattungsraum; hinter ihm sind weiße Blumen und eine Mitarbeiterin.","caption":"Bestattungskosten können nach Prüfung der Belege aus dem Konto der verstorbenen Person abgehoben werden.","description":null}}},{"id":1626,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MjQ1NDMsInB1ciI6ImJsb2JfaWQifX0=--71eb8162d42add555a81d5eaa23a3222505252ba/ai-0831859f.webp","is_representative":false,"generation_method":"ai_semi","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"파란색 카디건을 입은 여성이 난방기 옆 식탁에 놓인 공과금 고지서를 살펴본다.","caption":"고인 계좌의 자동이체가 중단될 수 있으므로 공과금 납부방법을 확인해야 합니다.","description":null},"en":{"alt":"A woman in a blue cardigan reviews utility bills on a table beside a radiator.","caption":"Automatic payments from the deceased person’s account may stop, so check how utility bills will be paid.","description":null},"ja":{"alt":"青いカーディガンの女性が暖房器具のそばの食卓で公共料金の請求書を確認している。","caption":"故人の口座からの自動引き落としが止まる可能性があるため、公共料金の支払い方法を確認する必要があります。","description":null},"es":{"alt":"Una mujer con un cárdigan azul revisa facturas de servicios junto a un radiador.","caption":"Los pagos automáticos desde la cuenta de la persona fallecida pueden detenerse; conviene verificar cómo pagar los servicios.","description":null},"id":{"alt":"Seorang perempuan berkardigan biru memeriksa tagihan utilitas di meja dekat radiator.","caption":"Pembayaran otomatis dari rekening almarhum dapat terhenti, jadi periksa cara membayar tagihan utilitas.","description":null},"pt":{"alt":"Uma mulher de cardigã azul confere contas de serviços à mesa, ao lado de um radiador.","caption":"Os pagamentos automáticos pela conta da pessoa falecida podem parar; é preciso conferir como pagar as contas.","description":null},"zh-hant":{"alt":"穿藍色開襟毛衣的女子在暖氣旁查看桌上的水電費帳單。","caption":"逝者帳戶的自動扣款可能中斷，應確認水電費的繳納方式。","description":null},"de":{"alt":"Eine Frau in blauer Strickjacke prüft Rechnungen am Tisch neben einem Heizkörper.","caption":"Daueraufträge vom Konto der verstorbenen Person können ausfallen; die Zahlung der Nebenkosten sollte geprüft werden.","description":null}}}],"published_at":"2026-10-04T15:29:20+09:00","updated_at":"2026-10-04T15:29:20+09:00","license":"cc_by","translation_status":"reviewed","available_locales":["ko","en","ja","es"],"data_locales":["ko","en","ja","es","id","pt","zh-hant","de"],"url":"https://injoys.com/en/articles/death-report-financial-transaction-blocking-2026"}