Will and Last Testament
Without a Will (also called your Last Testament), the Court of Probate (authorization for the distribution of your assets) makes decisions on your behalf – this is often not what we would choose and leaves your loved ones to go through a lengthy and often stressful process.
Lengthy probate is not ideal, mainly if it also includes decisions about the guardianship of your minor children.
You can rest assured that whatever personal belongings and
assets you have will pass to the beneficiaries you designate, regardless of how much money you have, if you leave behind a detailed will that is solidly put together.
If you own a business, a will can also help ensure the smooth legal transition of these assets and the company’s continuity.
The clearer the instructions in your will, the faster it is to pass your assets to your loved ones, and the less costly the process will be to your estate, keeping in mind that your loved ones must pay bills pre-distribution of assets.
The experts at Carey Suen have a clear understanding of all the processes involved. Get in touch with us for clarification or more information on making a will.
Civil Partnerships
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 Will
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.
Other Services
Estate Planning
Everyone has possessions they will leave behind when they die and should make provisions for how they want these to be distributed.
Set Up A Consultation
Reach out to the experts at Carey Suen today and begin putting plans in place to secure the future of your legacy.
Trusts
Your property passes immediately and directly to your named beneficiaries whenever needed with the right type of trust.
Power of Attorney
You choose who makes decisions, in keeping with your preferences, for handling your medical care, assets, and investments.
Guardianship
Ideally, guardians should be appointed in a Will and a separate Deed, giving them immediate access to care for children.
Digital Wills
Cross-Border Planning
It is essential to consider your overall tax status when you marry, move to another country, or invest in an asset away from home.
Company Protection
The company should consider how it would financially replace its key person if this person were to die or become incapacitated.
UK Citizens
Special rules apply to the inheritance tax calculation on the global assets of UK passport holders who live outside the UK.
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.