Guardianship Hong Kong
Hong Kong does not have orphanages – there are around 1,200 volunteer foster parents. When your minor children become orphans, you will need to appoint someone to take care of them under 18 years old, or a foster family would be appointed to care for them until guardian/s is selected.
It is horrible to imagine, but you would need someone to look after minor children in Hong Kong if the permanent guardian/s are coming from overseas, therefore appointing a temporary guardian with the HK Appointment of Guardianship form. A permanent name through a Deed of Guardianship.
Ideally, guardians should be appointed in a will and a Deed, which gives guardians immediate access to the children. In contrast, a Will alone usually takes more time to present to the courts.
During these Covid-19 times, it is also advisable to have a temporary guardian to substitute you if you are quarantined, hospitalized, stranded (in a different country) for a lot of reasons for parents to be separated from their children.
An Enduring Guardianship form should also be completed to ensure that your children are continually looked after, no matter the event.
These documents can be written and become valid within a short time and add peace of mind to your daily life.
Advantages of (nominated) Guardianship
Following are the advantages of guardianship proceedings:
- Can Give Control to a Trusted Third Party.When a guardian is appointed, the court will appoint a family member, friend, or corporate guardian who can be trusted to make decisions for the ward.
- Comes with Court Oversight
In case a guardian is appointed by the court, the guardian has a fiduciary duty to act in the best interests of the ward. The court will monitor how the decisions are made and assets are managed to certify that a guardian is fulfilling his duty.
Disadvantages of (government) Guardianship
Following are the Disadvantages of guardianship proceedings:
- Complicated and Costly The court process can be time-consuming and expensive.
- The Individual Doesn’t Get the Chance to Select Their Guardian
Enduring Guardianship form should also be completed to ensure that your children are continually looked after, no matter the event.
These documents can be written and become valid within a short time and add peace of mind to your daily life.
Other Services
Estate Planning
Wills
Without a Will, the Court of Probate makes decisions on your behalf – the risk being your possessions will not be distributed as you would like.
Trusts
Your property passes immediately and directly to your named beneficiaries whenever needed with the right type of trust in place.
Power of Attorney
You choose who makes decisions, in keeping with your preferences, for the handling of your medical care, assets, and investments.
Set Up A Consultation
Digital Wills
Cross-Border Planning
Company Protection
UK Citizens
Special rules apply to the calculation of inheritance tax on the global assets of UK passport holders who live outside the UK.
We specialize in a diverse set of bespoke wealth management solutions meant to protect you and your assets from both the uncertainties and eventualities of life. Our services include:
- Helping you stay in charge of what happens to your possession when you die.
- Ensuring your beneficiaries (especially those most vulnerable) are taken care of.
- Catering to the tax concerns of UK citizens who live abroad as well as those with international family ties or investments
- Helping you secure your digital property in an increasingly digital world.
- Providing advice and solutions for leader replacement in cases of retirement or death.
- Ensuring someone is assigned to carry out your wishes in the event you are unable to do so.
All of our processes require an in-depth knowledge of the laws and taxes applicable locally and globally.
They also require the flexibility to create unique solutions that cater to the specific situations and scenarios our clients bring to us.