Open Decision Ledger · Tax & international taxation
Beneficiary's right under a will-substitute trust as acquisition of trust property
Supreme Court, Sept. 25, 2025, 2025Du33790 (judgment)
Case name: 취득세등부과처분취소
Official text on the National Law Information Center
Question
Where a settlor dies after a real estate trust has been created, is the trust property still estate property under civil law, and does a beneficiary designated under a will-substitute trust under Article 59 of the Trust Act become the acquisition-tax taxpayer for the trust property before transfer registration is completed, as an acquisition by inheritance under Article 7(7) of the Local Tax Act, depending on the content of the beneficiary's right?
Holding
It depends on the content of the beneficiary's right. Where the right is one through which the beneficiary can acquire the trust property itself, such as a right to claim registration of transfer of the trust property against the trustee, the beneficiary is treated as having acquired the property in substance without charge when inheritance opens on the settlor's death, and is the acquisition-tax taxpayer, and the acquisition falls within 'inheritance' under Article 7(7) of the Local Tax Act. Where the right is no more than a right to demand payment of money, such as the proceeds of disposition of the trust property, the beneficiary has not acquired the trust property. And once registration of transfer is made to the trustee, the ownership passes to the trustee in full both internally and externally, so the property is not estate property under civil law.
Summary of the holding, verbatim
수익자가 수익권의 행사를 통해 신탁재산 원본인 부동산을 취득할 수 있는 내용이라면, 수익자는 취득세 과세대상 물건에 속하는 부동산에 대하여 소유권이전등기를 마치기 이전이라도 위탁자의 사망으로 상속이 개시된 때 그 부동산을 사실상 무상취득한 것으로 보아 취득세의 납세의무자에 해당하게 되고, 이는 지방세법 제7조 제7항에 따라 ‘상속’으로 인한 취득에 속하게 된다.
Unofficial English translation
If the content of the beneficial interest is such that the beneficiary may acquire the real estate forming the principal of the trust property through the exercise of the beneficial interest, then even before the registration of transfer of ownership is completed with respect to the real estate falling within the objects subject to acquisition tax, the beneficiary is deemed to have acquired the real estate without consideration in substance at the time inheritance commences upon the settlor's death and thus becomes a person liable to pay acquisition tax, and such acquisition falls under an acquisition due to 'inheritance' pursuant to Article 7 (7) of the Local Tax Act.
Disposition
Dismissed Stated in the decision
상고를 기각한다. 상고비용은 피고가 부담한다.
Unofficial English translation
The appeal is dismissed. The costs of the final appeal shall be borne by the defendant.
Form of the test
Elements stated Stated in the decision
만일 그 수익권이 수탁자에 대해 신탁재산인 부동산에 관한 소유권이전등기를 청구할 수 있는 권리와 같이 수익자가 수익권의 행사를 통해 신탁재산 원본인 부동산을 취득할 수 있는 내용이라면,
Unofficial English translation
If that beneficial interest is, like a right to claim against the trustee the registration of transfer of ownership with respect to the real estate forming the trust property, of such content that the beneficiary may acquire the real estate forming the principal of the trust property through the exercise of the beneficial interest,
Factors
- 위탁자가 신탁 설정 이후에 사망하여 상속이 개시되더라도 그 부동산이 민사법상 상속재산에 해당되는 것은 아니다
- 수탁자 앞으로 소유권이전등기를 마치게 되면 대내외적으로 소유권이 수탁자에게 완전히 이전되고
- 수익자가 수익권의 행사를 통해 신탁재산 원본인 부동산을 취득할 수 있는 내용이라면
- 소유권이전등기를 마치기 이전이라도 위탁자의 사망으로 상속이 개시된 때 그 부동산을 사실상 무상취득한 것으로 보아 취득세의 납세의무자에 해당하게 되고
- 수익자가 가진 수익권의 내용이 신탁재산의 처분대금 등과 같은 금전의 지급을 청구할 수 있는 권리에 불과하다면
Unofficial English translation
• Even where the settlor dies after the creation of the trust and inheritance commences, the real estate does not constitute property of the estate under civil law
• Once the registration of transfer of ownership is completed in the name of the trustee, ownership is transferred to the trustee in full, both inter partes and erga omnes, and
• If the content of the beneficial interest is such that the beneficiary may acquire the real estate forming the principal of the trust property through the exercise of the beneficial interest,
• Even before the registration of transfer of ownership is completed, the beneficiary is deemed to have acquired the real estate without consideration in substance at the time inheritance commences upon the settlor's death and thus becomes a person liable to pay acquisition tax, and
• If the content of the beneficial interest held by the beneficiary is merely a right to claim payment of money, such as the proceeds from the disposition of the trust property,
Relation to precedent
Follows earlier decisions Stated in the decision
대법원 2002. 4. 12. 선고 2000다70460 판결(공2002상, 1114)
Unofficial English translation
Supreme Court Decision 2000Da70460 decided April 12, 2002 (Gong 2002 Sang, 1114)
Decisions referred to
[1] 대법원 2002. 4. 12. 선고 2000다70460 판결(공2002상, 1114)
Burden of proof
Not addressed Not in the decision
Open question and revisit condition
Where the beneficiary's right is neither a claim to the trust property itself nor a claim for money, but only a non-monetary benefit tied to the trust property, such as a right to reside in or use it, does the beneficiary acquire the trust property when inheritance opens?
A later decision addressing a will-substitute trust whose beneficiary's right is only a non-monetary benefit tied to the trust property would call for this entry to be read again. So would an amendment to Article 59 of the Trust Act, to Article 7(7) of the Local Tax Act, or to the acquisition-date rule for gratuitous acquisition in the first sentence of Article 20(1) of the Enforcement Decree of the Local Tax Act.
Cross-family AI independent reading & axis check
7 of 8 axes matched GPT-6 Astra (OpenAI, codex CLI) · 2026-10-24
A reader from another model family (GPT-6 Astra), given the official text but not the primary reading, agreed on 7 of the 8 axes; the readings differed on axis 8 (open question and revisit condition).
Axis 8 (Open question and revisit condition): Primary “Where the beneficiary's right is neither a claim to the trust property itself nor a claim for money, but only a non-monetary benefit tied to the trust property, such as a right to reside in or use it, does the beneficiary acquire the trust property when inheritance opens?” vs Independent “When does acquisition tax arise if the beneficiary's right to receive the real estate depends on a condition that remains unfulfilled at the settlor's death?”
The primary reading asks whether nonmonetary use or residence rights constitute acquisition, while the independent reading asks when tax liability arises for a conditional right to acquire the real estate.
수익자가 수익권의 행사를 통해 신탁재산 원본인 부동산을 취득할 수 있는 내용이라면, 수익자는 취득세 과세대상 물건에 속하는 부동산에 대하여 소유권이전등기를 마치기 이전이라도 위탁자의 사망으로 상속이 개시된 때 그 부동산을 사실상 무상취득한 것으로 보아 취득세의 납세의무자에 해당하게 되고, 이는 지방세법 제7조 제7항에 따라 ‘상속’으로 인한 취득에 속하게 된다.Raw responses and comparison record: Protocol · Blind readings (JSONL) · Axis comparison (JSONL) · SHA-256 (JSON)
Lower-court contrast & scope of application
Lower-court reading vs. Supreme Court holding
Lower-court context: The Seoul High Court, in its judgment of 23 April 2025 (2024Nu68714), held that even if the plaintiff and their family had acquired, as post-death beneficiaries under the trust contract, a beneficial right to the disposition proceeds of the apartment over which trust registration had been made in the trustee's name, such a trust beneficial right is not an acquisition-tax taxable item within Article 7(1) of the Local Tax Act. It held further that they acquired neither ownership of the apartment nor a right to claim registration of transfer, and could not acquire ownership directly without registration upon the death of the deceased, so the apartment was not acquired in substance either, and the assessment premised on the plaintiff's acquisition of the apartment was unlawful.
Supreme Court standard: The Supreme Court found no error. Reading the reasons of the court below against the stated law and the record, it held that the judgment was not affected by any misapprehension of the law on 'inheritance of trust property' under Article 7(7) of the Local Tax Act raised in the grounds of appeal, and the Justices unanimously dismissed the appeal with its costs on the defendant.
Distinguishing conditions
- A beneficiary whose right under the trust contract is no more than a right to demand payment of money, such as the proceeds of disposition of the trust property.
- A case in which no inheritance opens on the settlor's death, since the Court ties the acquisition and its date to the opening of inheritance.
- Property over which no registration of transfer has been made to the trustee, since the Court's holding on estate property rests on the ownership having passed to the trustee in full.
Record verification notes
Set the trust contract's own wording against the two content types the Court named, and decide first whether the beneficiary's right is a claim for registration of transfer of the trust property or only a claim for money. Then confirm that the settlor's death opened the inheritance and that a beneficial right was gained under Article 59 of the Trust Act, and check the acquisition date fixed by the first sentence of Article 20(1) of the Enforcement Decree of the Local Tax Act, the date of the contract or the date the inheritance opened.
From the official text
Points at issue
[1] 신탁법상 신탁의 효력 및 위탁자가 부동산 신탁 설정 이후에 사망하여 상속이 개시된 경우, 그 부동산이 민사법상 상속재산에 해당되는지 여부(소극) [2] 신탁법 제59조에 따른 유언대용신탁에 따라 수익자가 가진 수익권의 내용이 수익권의 행사를 통해 신탁재산 원본인 부동산을 취득할 수 있는 경우, 수익자는 취득세 과세대상 물건에 속하는 부동산에 대하여 소유권이전등기를 마치기 이전이라도 위탁자의 사망으로 상속이 개시된 때 그 부동산을 사실상 무상취득한 것으로 보아 취득세의 납세의무자에 해당하는지 여부(적극) 및 이는 지방세법 제7조 제7항에 따라 ‘상속’으로 인한 취득에 속하게 되는지 여부(적극) / 수익권의 내용이 금전의 지급을 청구할 수 있는 권리인 경우, 수익자는 신탁재산인 부동산을 취득하였다고 볼 수 있는지 여부(소극)
Unofficial English translation
[1] Whether the effects of a trust under the Trust Act and, where the settlor dies after the creation of a trust in real estate and inheritance commences, whether the real estate constitutes property of the estate under civil law (negative) [2] Where, under a testamentary trust prescribed in Article 59 of the Trust Act, the content of the beneficiary's beneficial interest is such that the beneficiary may acquire the real estate forming the principal of the trust property through the exercise of the beneficial interest, whether, even before the registration of transfer of ownership is completed with respect to the real estate falling within the objects subject to acquisition tax, the beneficiary is deemed to have acquired the real estate without consideration in substance at the time inheritance commences upon the settlor's death and thus becomes a person liable to pay acquisition tax (affirmative), and whether such acquisition falls under an acquisition due to 'inheritance' pursuant to Article 7 (7) of the Local Tax Act (affirmative) / Where the content of the beneficial interest is a right to claim payment of money, whether the beneficiary may be regarded as having acquired the real estate forming the trust property (negative)
Summary of the holding
[1] 신탁법 제2조는 ‘신탁’이란 신탁을 설정하는 자(이하 ‘위탁자’라 한다)와 신탁을 인수하는 자(이하 ‘수탁자’라 한다) 간의 신임관계에 기하여 위탁자가 수탁자에게 특정의 재산을 이전하거나 담보권의 설정 또는 그 밖의 처분을 하고 수탁자로 하여금 일정한 자의 이익 또는 특정의 목적을 위하여 그 재산의 관리, 처분, 운용, 개발, 그 밖에 신탁 목적의 달성을 위하여 필요한 행위를 하게 하는 법률관계를 말한다고 규정하고 있다. 이에 따라 부동산 신탁의 경우, 수탁자 앞으로 소유권이전등기를 마치게 되면 대내외적으로 소유권이 수탁자에게 완전히 이전되고, 위탁자와의 내부관계에서 신탁재산의 소유권이 위탁자에게 유보되는 것이 아니다. 이와 같이 신탁되는 부동산의 소유권이 대내외적으로 수탁자에게 완전히 이전되는 이상, 위탁자가 신탁 설정 이후에 사망하여 상속이 개시되더라도 그 부동산이 민사법상 상속재산에 해당되는 것은 아니다. [2] 신탁법 제59조에 따른 유언대용신탁의 경우 위탁자가 사망하게 되면 수익자가 될 자로 지정된 자는 수익권을 가지게 된다. 만일 그 수익권이 수탁자에 대해 신탁재산인 부동산에 관한 소유권이전등기를 청구할 수 있는 권리와 같이 수익자가 수익권의 행사를 통해 신탁재산 원본인 부동산을 취득할 수 있는 내용이라면, 수익자는 취득세 과세대상 물건에 속하는 부동산에 대하여 소유권이전등기를 마치기 이전이라도 위탁자의 사망으로 상속이 개시된 때 그 부동산을 사실상 무상취득한 것으로 보아 취득세의 납세의무자에 해당하게 되고, 이는 지방세법 제7조 제7항에 따라 ‘상속’으로 인한 취득에 속하게 된다. 반면 수익자가 가진 수익권의 내용이 신탁재산의 처분대금 등과 같은 금전의 지급을 청구할 수 있는 권리에 불과하다면, 수익자가 위탁자의 사망으로 신탁재산인 부동산 자체를 사실상 이전받았다고 볼 수 없을 뿐 아니라 신탁재산의 대내외적 소유권자인 수탁자에게 해당 부동산에 관한 소유권이전등기를 청구할 권리를 가진다고도 할 수 없어, 수익자는 신탁재산인 부동산을 취득하였다고 볼 수 없다.
Order
상고를 기각한다. 상고비용은 피고가 부담한다.
Unofficial English translation
The appeal is dismissed. The costs of the final appeal shall be borne by the defendant.
Provisions referred to
[1] 신탁법 제2조 / [2] 신탁법 제59조, 상속세 및 증여세법 제2조, 제9조 제1항, 지방세기본법 제34조 제1항 제1호, 지방세법 제6조 제1호, 제7조, 제10조의7, 지방세법 시행령 제20조 제1항
Read 2026-10-24 · Cross-read 2026-10-24. All quotes matched against the official text. The Chinese-character placeholders the court used for anonymised parties are given in their Korean readings, and parenthetical Chinese-character glosses are omitted.
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