Last Will and Testament
If you want to ensure that your assets are distributed according to your wishes after your death, it’s essential to create a Last Will and Testament. Without a Will, the Court of Probate will make decisions on your behalf, which may not align with your desires and can lead to a lengthy and stressful process for your loved ones.
Creating a detailed and well-constructed Will can help guarantee that your personal belongings and assets pass on to the beneficiaries you designate, regardless of the amount of money you have. This is especially crucial if you have minor children and want to specify guardianship arrangements.
Moreover, if you own a business, a Will can help ensure a smooth legal transition of assets and business continuity. By providing clear instructions in your Will, you can speed up the process of distributing your assets to your loved ones, which also reduces the costs associated with the probate process.
At Carey Suen, our experts have a comprehensive understanding of the processes involved in creating a solid Will. Contact us today for more information and clarification on how to create a Last Will and Testament.
Twenty-nine countries worldwide perform and recognize same-sex marriages, with a further five recognizing only while you are alive.
Hong Kong only “recognizes” same-sex marriages while you are alive so that you can apply for a dependent spouse visa, have a joint bank account, joint investments etc. But should you die, the rules do not accept your same-sex marriage. Under HK Intestacy Laws, you should be a man and a woman.
Therefore, you must write a will to pass your assets to your spouse.
Intestacy Laws in the country of your assets would be imposed, and if your civil partnership is not recognized, your assets would be distributed according to the laws. Your spouse could be removed from the marital home.
A Will, at minimum, can ensure that assets are distributed according to your wishes, not the (old) laws of the land; and save financial heartbreak for your loved one.
Benefits of Having a Last Will and Testament
Having a Will has other benefits as well, including preventing Death/Estate taxes, as well as:
- Gaining ownership of your assets is costly if you die without a will. Probate can cost between 3%-7% of the value of your estate, even with a will.
- If you have assets in other countries, you will need separate (original) wills for the different probate rules per country.
- If you are in a civil partnership, many countries will not recognize this under their Intestacy Rules, and your partner will not inherit unless you have written a will.
- If you are in a blended family or have remarried, you must change your original will or write a clear, updated one.
- If you have minor children, you should write a will to determine at what age they inherit. The default age is 18 years of age.
- If you are a business owner or partner, writing a will can ensure the safe transfer of your shares.
Wills and Trusts are two different ways to protect and distribute your assets to your beneficiaries.
You can compare these two estate management tools and contact us for advice about setting up either.
We specialize in a diverse set of bespoke estate management solutions to protect you and your assets from the uncertainties and eventualities of life.
Our services include:
- We are 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 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.
- We provide 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 cannot do so.
All 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.