부양계약

Support Contract

As South Korea approaches a super-aged society, the need for stable post-retirement income streams has become increasingly important. Many elderly individuals rely more on their accumulated assets than on income, as the current pension and welfare systems are insufficient to support their living standards. This paper explores the concept of “support contracts” as a legal mechanism to address these concerns. A support contract allows an elderly person (the beneficiary) to transfer assets to a caregiver (the obligor) in exchange for lifelong care or financial support. This paper discusses two types of support contracts: immediate asset transfer and future transfer upon death, analyzing their legal characteristics and potential conflicts with inheritance laws. It also examines the legal recourse available to beneficiaries when the obligor fails to fulfill their obligations, especially in types of immediate asset transfer, as well as the legal measure to protect the obligor when beneficiaries fail to transfer the property despite the obligor has fulfilled their obligations, especially in types of future transfer upon death.