Forums  •  Classifieds  •  Events  •  Directory

 
Page 2 of 6 FirstFirst 1234 ... LastLast

Expats making a will in HK

  1. #9
    LeahH is offline Registered User
    Join Date
    Apr 2007
    Location
    Hong Kong, Mid Levels
    Posts
    579
    I hear you on the cost, we are about to do a will here and I was surprised at the price.

    For us it is really only to name temporary guardians (our helpers) so the kids are not taken into care should something happen to us both.

    For now we have a signed letter kept in our home explicitly stating we wish our children to stay in our home with our helpers until our family members get here from NZ and that under no circumstances are they to be taken into care.

    Although this probably wouldn't hold much water, we thought it was at least something until we get the will sorted.

  2. #10
    Sazzy is offline Registered User
    Join Date
    Feb 2009
    Location
    Hong Kong
    Posts
    298
    Generally speaking you should have a Will for each country where you hold assets. This will make life easier for your Executors and will liquidate the assets quicker. You should also have a HK Will to deal with guardianship of your children (if you are living here).

  3. #11
    lisa88 is offline Registered User
    Join Date
    May 2009
    Location
    Singapore
    Posts
    203
    Lots of different issues related to making a will in HK. Is it mainly to appoint a guardian for your child? if so, this is really important. If not, and depending on your family relationships, there could be nasty family disputes over custody of your son. Worse case scenario is abduction of the child by one side of the family against the other, which is distressing esp if already trying to cope with bereavement.

    I heard that HK has not only HK law governing wills but also allow setting up will provisions for assets owned in other countries. However I don't really know how it works in practice.

    There are some arrangements you can make to deal with assets that fall outside the will, eg pension funds and insurance policies where the beneficiaries are already named. Having joint ownership of real estate and motor vehicles will also help sometimes.

    However this still leaves bank accounts and singly-owned real estate, motor vehicles and personal property that still needs to be addressed in a will

    Aside from a country-by-country approach suggested earlier, it is possible to offshore ownership to a trust company that is set up. A good idea to put everything under one roof and for tax efficiency reasons, however this requires proper financial and tax advice.

    All said, it depends on the complexity of your asset ownership and in inheritance plans. May be necessary in the end to pay a certain amount for prof advice to suit your circumstances.

  4. #12
    Obiwan is offline Registered User
    Join Date
    Jul 2009
    Location
    Hong Kong
    Posts
    640
    It can be very simple (all my assets given to xxx absolutely upon my death) or very complicated depending on how you wish to settle your assets.

    The salient points however are:

    - Your proper names and all aliases and identification numbers like HKID or Passport numbers.
    - Your address
    - Full name(s) of executor (who can be a beneficiary) and ID numbers
    - Full name(s) of beneficiaries (who can be the executor but not the witness) and ID numbers
    - Any burial instructions
    - Instructions on the division of your assets and any specific direction/discretion given to the executor…..

    The will we are drawing up will include:

    1. How assets will be handled in the event (i) one spouse were to pass away, (ii) both spouses were to pass away, (iii) the entire family were to pass away.

    2. Who will act as guardian to our children in the event both the parents were to pass away.

    3. Who will act as trustee for our assets (for the children) - need 2 executors for children below 18 year old.

    4. How/When assets will be transferred to the children.

    5. How assets are to be managed under the trust.

    etc etc.

    The will can include all assets/cash (i.e. cash, investments, insurance payout). But if you have substantial assets outside HK, it is advised to also have a similar will drawn in the respective countries.

  5. #13
    southside852 is offline Registered User
    Join Date
    Dec 2008
    Location
    Singapore
    Posts
    1,117
    we had a will drawn up in the US for our son which names guardians in Asia should something happen to us here. We wanted it from our home country because we will eventually settled back in New York and logistically it's easier.

  6. #14
    Sazzy is offline Registered User
    Join Date
    Feb 2009
    Location
    Hong Kong
    Posts
    298
    The reason why you need a Will in each country is so that you can obtain Probate. This is simply a piece of paper which allows your Executors to cash in on assets. Eg; a bank will require it + if you are selling property etc etc. Without probate, everything will take a little bit longer and is a little more complicated.

    It is also about communication - tell your Executors that they are Executors. Plus tell your Guardians etc and discuss how you would like the money to be spent for your kids - eg; private schools? uni? cars? and at what age they can have access to the cash.

    I think that a Will is required in HK to deal with guardians so that your Guardian has the right to take the child out of the country.

  7. #15
    starbucks2 is offline Registered User
    Join Date
    May 2009
    Location
    Hong Kong
    Posts
    712
    Agree with sazzy that it will be harder without a will in HK but not impossible - I have received legal advice to confirm this in the past. Our wills would go to court and obtain probate in our home country and then be brought to HK for enforcement in HK. May need to get the HK courts involved but between my home country and HK, it would likely be a rubber stamp exercise. As long as the will is endorsed in HK then I have been told there is no need to have a HK will to solely deal with taking the child out of HK. This may not be the case with some other countries where relations are not as good between that country and HK. Best to take advice on your own situation as each persons situation will vary.

  8. #16
    Obiwan is offline Registered User
    Join Date
    Jul 2009
    Location
    Hong Kong
    Posts
    640
    It's also good practice, to keep record of our assets in a excel spreadsheet, and update that on a regular basis.

    When my child is older, I'll also tell her that if something happens to us (touch wood), this is who you go to (name, telephone etc), and this is the sheet where you can find all our assets.

    Morbid subject, but necessary :) Also looking into insurance etc.

Page 2 of 6 FirstFirst 1234 ... LastLast

Similar Threads

  1. Making Up Formula on Plane
    By Dink in forum Feeding Baby
    Replies: 20
    Last Post: 08-05-2009, 12:03 PM
  2. Expats & Personal Insurance
    By 0ze_Kid in forum Everything Else
    Replies: 1
    Last Post: 11-22-2008, 09:47 AM
  3. Any Expats at Sheung Wan ESF?
    By margirls in forum Education
    Replies: 1
    Last Post: 04-13-2008, 12:16 PM
  4. any other expats with kids in local schools?
    By ctrbabe1 in forum Education
    Replies: 11
    Last Post: 06-29-2007, 12:41 AM
  5. Can expats choose which Gov. Hos?
    By godfear in forum Preparing for the Arrival
    Replies: 11
    Last Post: 11-22-2006, 10:05 AM
Scroll to top