Without a Will, 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. A lengthy probate is simply not ideal, especially if it also includes decisions as to 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 to ensure the smooth legal transition of these assets and continuity of the company.
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 any aspect of making a will.
Twenty-nine countries worldwide perform and recognize same-sex marriages, with a further five that recognize 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 can have a joint bank account, BUT should you die, the rules do not accept your same-sex marriage. Under HK Intestacy Laws, you should be a man and woman.
Therefore, you need to write a will to pass your assets onto 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, as a 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 to Having a Will
There are other benefits to having a Will, including tax efficiency by helping to avoid Death/ Estate taxes as well as:
- If you die without a will, it is a costly exercise to gain ownership of your assets. 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.
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.