Yoon Ki-jung, the father of President Yoon Suk Yeol, died Tuesday at the age of 92, the presidential office said.
The late Yoon, an honorary professor at Yonsei University, had been admitted to the Seoul National University Hospital in Seoul.
Yoon rushed to the hospital after attending a Liberation Day ceremony earlier in the day, and was able to be by his father's side during his final moments.
"In order to leave no vacuum in state affairs, President Yoon decided to hold a family funeral," presidential spokeswoman Kim Eun-hye said, adding that no condolence visits or flowers will be accepted.
A three-day funeral will be held at Seoul's Severance Hospital, officials said.
The ruling and opposition parties expressed condolences.
The ruling People Power Party said those holding the party's top four positions plan to make condolence visits later in the day, while the main opposition Democratic Party is discussing whether to make such visits.
Prime Minister Han Duk-soo will be making a condolence visit as well, according to his office.
Former President Moon Jae-in also sent a flower and expressed his condolences in a phone call with Yoon's chief of staff, Kim Dae-ki, according to Moon's aides.
Meanwhile, Yoon is still expected to hold a trilateral summit with his counterparts from the United States and Japan at the U.S. presidential retreat, Camp David, near Washington, on Friday (local time) as scheduled.
However, Yoon's departure time might be subject to change based on the funeral proceedings.
It marks the first time that a sitting president's father has died. The mother of former President Moon Jae-in died during his term.
The late Yoon, an economics graduate of Yonsei University, dedicated his career to teaching applied statistics from 1973 to 1997. He was renowned as an expert in studying economic inequality using statistical methods.
President Yoon said in a media interview during the election campaign that his father was the "No. 1 mentor" for him.
It was at the recommendation of his father that Yoon decided to major in law at Seoul National University. Yoon also picked Milton Friedman's "Free to Choose" as the book that had the most influence on him, and the book was a gift given by his father when he entered the university.
Source: Yonhap News Agency