The Overview of Will Writing Services in Hong Kong
Will writing services in Hong Kong are important as they help to ensure that a person’s personal assets and wealth are inherited by desired loved ones. A will is a legal instrument that determines how personal assets and wealth are distributed after a person’s death.
Benefits of a Will
A well-constructed will can help to reduce the confusion and stress brought about during the distribution process while also reducing the likelihood of conflict between family members.
Additionally, will allow a person to make suitable decisions on how assets and wealth should be managed, especially when said assets are split across different jurisdictions.
This is particularly important as the assets of a person who has died without a will is distributed according to Hong Kong’s Intestates’ Estates Ordinance. This means that the law will decide who inherits an intestate’s assets and in what proportions, hence there is little control over the suitability of each inheritor.
Wills can also help to determine arrangements for practical issues such as who becomes the guardian of your children and/or pets, taking care of elderly parents, funeral arrangements, and also who makes decisions if you are ever put on life support. It is hence extremely beneficial to make use of will writing services in Hong Kong in order to mitigate the stress of these various life events.
Writing a Will
For will writing services in Hong Kong, it is recommended that a will is written with the help of a professional executor who is most often a lawyer, a trusted friend, or even both. Wills should include the specific details of each asset and wealth that are important, how they are going to be distributed (usually by percentage), and who they will be distributed to.
The person making it must have drafted the will in good condition and voluntarily sign it in the presence of two witnesses who are not beneficiaries. The Hong Kong Probate Office will also confirm that it is the most recently updated will and no additional, newer copies exist.
It is hence important to update wills in accordance with various life events such as:
- Changes in family relationships
This includes events such as a marriage or a divorce and also if any named beneficiaries pass away. It is important to consult and update your professional executor or will-writer with such events in order to determine how to revise the will.
- Changes in location
If a person’s location changes and they have acquired residency or citizenship in another area to their initial one, it is important to understand how the new location will affect the distribution of your assets. This is especially true as different countries have different taxation systems that may change the way assets might be distributed.
- Changes in taxation laws
It is important to periodically check how taxation laws have changed and will affect how inheritance is distributed.