If you think Wills are only for the rich, you are absolutely wrong. A Will is an essential part of any estate plan (even if you only own a bank account, and some personal valuables, you have an estate.)
It is the primary document for transferring your assets upon your death.
· You should decide who inherits which assets and when they should receive them.
· You should decide who will manage your estate as executor and/or trustee.
· You should select a guardian for your minor child/ren/dependents
· You should provide for the orderly continuance or sale of a family business.
Should you die Intestate (without a Will) in Hong Kong, the Government has a standard Will for you! Your surviving spouse is only entitled to 100% of your estate if you have no children, parents or siblings. Your estate will be shared unless you write other instructions. They would also decide who would look after your child/ren and other dependents. AND would give all of your assets due to your child/ren at 18 years of age.
In certain circumstances, the Hong Kong Government can inherit your estate!
Your instructions should be set out as if no one knows you or your assets. How would anyone understand what you have and what you want? Millions of dollars are left in financial institutes as we don’t leave a clear list of what we own.
Estate planning and writing your Will does not have to be complex, but has to be done.
For a no-obligation discussion, please contact us at firstname.lastname@example.org or call 852 9160 7855