There are many more reasons why a Will should be written:
A family can suffer acute financial hardship because of the delays in dealing with the estate of a person who has no Will. Probate (the release of assets) can take 6 - 8 months in Hong Kong with a Will, without one, it can often run into YEARS! Your Will can assist with clarity and time.
Your orphaned children could be under the care of the local Government for them to decide where to place your children should you not instruct otherwise! Your Will can ensure that your children are in the best care.
Millions of dollars are unnecessarily paid in inheritance tax (death duties) because a Will has not been drawn up or written sufficiently. Your Will can help mitigate the costs.
Banks and other financial institutions hold millions of dollars from people who are almost certainly dead - because their families are not aware these exists. Your Will can ensure that all of your assets are distributed to the right people.
Thousands of small heirlooms and treasures are lost to the auction rooms every year because no one can decide who should have them. Your Will protects your heritage.
Family arguments nearly always arise over who should get personal belongings and what type of service should be arranged. It is unfair to thrust these decisions upon a grieving family. Your Will can ensure that your family does not suffer these burdens.
Hospitals lose the opportunity to make use of valuable organs for transplant because no one is sure of the wishes of the deceased person. Your Will can ensure that your loved ones understand your wishes.
Most people would rather their assets went to a charity than to the Government, for lack of instruction, if they have no one to leave it to. Your Will can ensure your requirements.
If you write a Will you are effectively tidying up your affairs and showing clear consideration for those you will leave behind. Having a Will in place can make the pain of death financially easier for your loved ones.
In addition to your Will, Trusts can be a very useful way for your heirs to receive funds immediately. With the Trust is in place, you have already given instructions for distribution; which gives your loved ones clarity.
Trusts also avoid probate. Probate creates delays and extra costs on your estate (it can cost between 3% - 7% of the value of your estate .)
Trusts can be used for many benefits including tax minimization, asset protection and succession planning.
Trusts give you control over distribution to yourself and your loved ones. They are not ambiguous and are transparent to anyone reading.
Trusts allow you to control your wealth for the long-term and protect your loves ones from over-spending.
Wills are public. When your Will is read, this announced including who has inherited and what has been given.
Trusts are private. Only named beneficiaries will inherit and no one other than beneficiaries will know.
In partnership with Gladstone Morgan LTD.