The truth is anyone who has any assets needs a Will. If you own assets in multiple countries, or are an expat, you need a Will in every jurisdiction you have assets in. If you have family or someone who depends on you, you need a Will.
Why? If you die without a Will, you will die intestate. That means that the Law of the country you reside and have assets in will decide how your life’s work and wealth will be distributed, not you. That includes not only your house, investments, but also what happens to your children, business or even pets.
“If you own assets in multiple countries, or are an expat, you need a Will in every jurisdiction you have assets in.”
WILL IS THE ESSENTIAL FIRST STEP
IN ANY ESTATE PLAN
Having a Will, regardless of your age or marital status, is an integral part of any comprehensive financial plan (and Estate Plan). A Will is a legal document that consists of your wishes regarding the distribution of your property and the care of any minor children.
- EASIER PROBATE
A Will also makes the process of administering and distributing an estate after death (probate) far easier and faster, so your beneficiaries can access the estate without lengthy procedures and asserting their rights.
- GUARDIANSHIP NOMINATION
A Will is also used to appoint the guardians of your children (if you have children) In the event that you (and your spouse) were to die before your children become adults. The Guardianship Nomination ensures the children are taken care of by your nominee and becomes an important document for future Tax Planning for the bereaved minors.
- LASTING POWER OF ATTORNEY
A Lasting Power of Attorney (LPA) is a separate legal document from a Will and offers a comprehensive solution to anyone who wants to ensure they can remain in power in the period leading up to and then during their final time alive. It allows you to predetermine ‘end of life’ decisions about care and medical treatment, as well as appoint a person to manage your health and financial decisions for you. This comes into effect if you are unable to make decisions for yourself and remains in effect until you die.
Making a Will with Soteria Trusts
Creating a Will, which can include instructions on Guardianship of minors and a Power of Attorney, is especially important if you have children or other family members who depend on you financially, or if you want to leave something to people outside of your immediate family.
Soteria Trusts is an affiliate member of the UK Society of Will Writers. Your Wills and other fiduciary documents will be drafted by a member of our fiduciary team in line with the SWW Code of Conduct www.willwriters.com/about-us/code-of-practice/
WILL COST
Single Will | Mirror Wills(you + your spouse or partner) | Joint Wills |
| HK$ 6,000 (US$ 750) | HK$ 9,000 (US$ 1,150) | HK$ 10,000 (US$ 1,250) |
“All our Wills include optional Guardianship and separate Power of Attorney instructions for when they are needed most.”
Once you have made a Will, appointed Guardians as necessary and executed an LPA, you have taken care of your basic fiduciary and protection needs. Depending on your nationality and the complexity of your affairs, your next step in Estate Planning may include asset protection in the form of inheritance tax mitigation strategies, such as setting up a Trust, a Pension, or a Family Investment Company.
Learn more about Estate Planning
