sponsored feature
1 . What is a will and why do I need one ? A will is a legal document that states your wishes regarding who should manage your estate and the distribution of your assets after death . With a will , you can ensure that your estate will be managed by someone you trust and your loved ones will receive your intended gifts . Otherwise , your estate will be managed and distributed according to the Hong Kong statutory intestacy regime .
2 . What is the benefit of a will over a trust ? You will continue to have ownership and control of your assets even after setting up a will as a will only takes effect upon death . Whereas you will no longer have ownership or control of your assets after they are transferred into the trust .
3 . What happens if I don ’ t have a will in Hong Kong ? If you die in Hong Kong without a will , your beneficiaries and the extent to which such beneficiaries will receive gifts will be determined by the Hong Kong intestacy regime . For instance , if you have a lifetime partner and are not married , that person will not be entitled to receive any part of your estate in the event of death . Furthermore , the person who is entitled to manage your estate under law may not be a person who you trust or consider able to manage your estate .
4 . I live in Hong Kong but have property in another country ; does a Hong Kong will cover this ? Yes , a Hong Kong will can cover overseas assets . However , if assets are located in a jurisdiction where the inheritance regime is substantially different ( such as Switzerland where there is forced heirship ), it is recommended to prepare a separate will for such jurisdiction .
5 . Do I need a will even if I ’ m relatively young and in good health ? If you have loved ones whom you wish to benefit from your estate , you should start considering having a will even if you are relatively young and in good health . Life events happen unexpectedly and death does not wait for you to be ready .
6 . What does a will protect ? A properly drafted will can protect your loved ones and entitle them to receive your intended gifts . Further , it can in many cases minimise disputes regarding the distribution of your estate .
7 . Do partners / spouses need separate wills ? Should they collaborate on writing a will ? Partners / spouses should have separate wills and not a mutual will . Although a mutual will appears attractive , it is binding on both partners / spouses even after one partner / spouse becomes mentally incapacitated or passes away . In such cases , the mutual will cannot be amended by the remaining partner / spouse , even if that may be the intention of both partners / spouses .
8 . How does a will handle the health and well-being of my children ? You may appoint guardians and provide guidelines in relation to the caring and well-being of your children under your will .
9 . What is a Deed of Guardianship and is this part of a will ? If you wish the arrangements in your will to remain confidential , instead of providing guardianship provisions under your will , you may prepare a separate document known as a Deed of Guardianship to appoint such guardians of your children and provide guidelines in relation to the caring and well-being of your children .
10 . Do I really need to set up a temporary guardianship ? If the permanent guardians are not based in the same jurisdiction as your minor children , we would recommend setting up a temporary guardianship .
11 . What ’ s the difference if I am an expat vs . local HK resident ? If , in the not uncommon scenario where an expat does not have any close relatives in Hong Kong with whom the Social Welfare Department would feel comfortable leaving the care of such expat ’ s children , the Social Welfare Department may have no choice but to take custody of such children . Having a Deed of Guardianship would assist in these circumstances .
12 . Who should I appoint as the legal temporary guardian ? The temporary guardian should be someone who is based in the same jurisdiction as your minor children and is available to care for your children within a short timeframe if and when needed .
For more information or to speak to a lawyer please visit our website
www . tannerdewitt . com or call + 852 2573 5000 .
Spring 2021 57