A Will aka Testament

[Morrison]

I just wonder how it works in HK.

- I guess I have to hand write it
- can I exclude a parent ?
- is it only good for assets that are in HK?
- what happens if there is not any testament ?

[audiot]

nobody answered my question on this either.. mind if we club together?

I did find a lady in Quarrybay offering "professional wills" service. in fact thats the name of the company!

she quoted me that it would be about 3,000 HK$

it'll stand up in court! and internationally..

[Morrison]

well, thanks for your input.
I think many people are too concerned making money and neglecting this financial aspect.

What are the lady's qualifications ? Is she a lawyer ?

My case is quite complex and I would appreciate to draw from the community's experience.

[audiot]

Professional Wills Limited

[shri]

>> - is it only good for assets that are in HK?

From what I've been told you need a will for each jurisdiction / country as laws may differ.

[Morrison]

I have read that some countries accept the foreign law (HK ) even if the deceased holds the citizenship of that country.

[hongkongperson]

I wouldn't write your own will, esp. if your case is complex.

You do need more than one will if you have assets in several locations. Generally though if a will holds up in the UK it will hold up in HK (for brits with assets only in these two countries).

it gets more complex if we are dealing with assets in France, US, Thailand, etc. You will need different wills for these and you will need different lawyers/will writers/tax advisers for each.

Please note though, that my understanding is that a lawyer or will writer does not need to concern himself with the tax aspects at all...i.e. the will may not be tax efficient and the lawyer/will writer is not responsible for this- they simply draft the will. This may only be in HK though. If you have substantial assets I would therefore suggest seeing a tax adviser and will writer (in the respective jurisdictions). Or alternatively, ensure your lawyer covers the tax aspects very clearly!

Before you potter along to write your will...you need to know what assets you have and where, the value of your net assets, whether some assets are held jointly, who you would like to be executor of your will (someone responsible who you trust) and your second choice for this should your first choice executor die before you, beneficiaries of the will and suitability to inherit based on age (e.g. you may not want an 18 year old inheriting substantial wealth, so you may wish to ensure a trust is set up via your will e.g. in the UK there is something known as an 18-25 trust), any specific legacies (e.g. a wedding ring to a daughter or niece, a rolex watch to a son etc). You also, if you have minor children, need to list the guardians. If you are not married to your partner and you have kids with them, and you want your partner to get the kids- you need to also state this in your will. Your 'domicile' is also of relevance, particularly if you have UK assets, as is your wife's (if you are married). If you are married, you might want to consider mirror wills- these are often cheaper. (Remember if you die- give everything to wife- your wife can then choose who she gives these assets to when she dies or in her lifetime and you may not like her choice(s). Some people therefore deliberately ensure their spouse doesn't receive capital, but a 'lifetime trust' is set up for them upon death).

Anyway, just some pointers!

[drumbrake]

Depends how complicated your affairs are. You can write your own will. See Making a will : Directgov - Government, citizens and rights for some advice.

[Morrison]

Just wanted to add this: "In the long run it is not how much you make but how much you keep and how many generations you keep it."

[Morrison]

Just found this on wiki

"At common law, there is no legitime; the Statute of Wills, 32 Hen. VIII c. 1, provided for the unfettered distribution of a decedent's entire estate; a testator is entitled to disinherit any and all of his children, for any reason and for no reason. Most jurisdictions in the United States have enacted statutes that prohibit a testator from disinheriting a spouse, or provided that in the event of such a will the spouse may elect to "take against the will" and claim a statutory share of a decedent's estate. This is done as a substitute for the common law rights of dower and curtesy."

Great news !