A common myth or misconception about Will is that it is only for married couples or parents with kids, or that you will only need it towards the end of your lifetime. That is not true.
What most people do not realize is the importance of having your Will ready at any time, as we all know anything could happen in next second. If you have been putting off doing it year after year, think twice.
Everyone deserves the right to have a Will prepared the minute you start owning any type of assets, regardless of what age and what relationship status you are in. You have the complete say on how your assets should be distributed. Take the opportunity now and have your Will drafted in the way you wish. Don’t let the laws make the decisions for you.
Whether you are married or in a de facto relationship, you want to make sure that the best things you have in your life will certainly be succeeded by your loved ones.
There is no way to be sure that this can happen unless you have a Will in place, especially for unmarried couples because the rights of de facto partners are not yet recognised by the intestacy laws in Hong Kong.
While you may think that a Will may seem unnecessary for married couple, as everything would definitely go to your spouse, this is not the case, because your spouse may end up be sharing your estate with your parents or your siblings. The only way to make sure that the important things in your life will pass onto the persons you wish is to create a Will during your life time.
What would happen to your minor children if one day, you are to leave the world without a chance to say goodbye? Who is going to take care of your children and try their best to make sure your children’s life goes on according to the plan you have in mind? You are the only one who knows the most suitable candidate to be your children’s guardians, but it would not happen unless you have made such an appointment – and you can do so through your Will.
Unfortunately, to date, under the Hong Kong law, civil partnership or same sex marriage is not recognised. It means that if you passed away without a Will, your partner will not be a beneficiary of your estate under the intestacy laws in Hong Kong. Further, you partner will not be the person administering your estate because same sex partner is not considered as your next of kin.
In order to provide protection to your same sex partner if something happens to you, you need to have a Will set up during your life time to ensure that your beloved partner is looked after when you are not around.
Often being forgotten, being a responsible pet owner, you should make sure that your pet is being taken care of by the most suitable person when you are no longer around. You would not want to see that your beloved pet, whom you see it as your best friend or even your child, ends up being neglected the minute you are not here, now it is the time to make sure that it will be taken care of by the right person, and you will have one less thing to worry about.
Thinking of leaving your valuable assets to your beloved family members but not sure where to start? Thinking that drawing up a Will is too much for elderly people? In fact, putting a Will in place is not as complicated as you might think.
We are happy to meet with you for a complimentary and obligation free information session, so that we may walk you through and explain to you what a Will does and how we may assist you. Remember, if you would like to leave your assets to your grandchildren, it is important for you to have a Will in place.
Others - Gifting to Friends / Church / Charities
The essence of a Will is that you have the complete control on how you wish to distribute your assets. What's even better is that, as opposed to intestacy law, the succession of your assets is not only limited to the members of your family if you have a Will. If you have close friends who you would like to share your assets with, or you wish to donate to your church or charities, you need to make sure that you have a Will in place.