One Will or More?
Professional Wills Ltd and their team of 4 qualified Will writers specialize in multi-jurisdictional Wills and have been writing Wills in Hong Kong and around the region for the last 12 years. This introductory article provides an insight into some of the many issues encountered with Wills and estate planning for international workers.
A Will is one of the most important legal documents which an individual can execute. Often, it embraces assets, which may have taken a lifetime of effort to amass. These assets may be small or large but either way they are yours to hand down to those that you love. It may also deal with properties that are not only of monetary value, but also (and perhaps more importantly) incalculable sentimental or emotional attachment for both the testator and beneficiaries.
Common practice is to have a single Will drawn up to cover someone’s worldwide assets. In practice this results in delays and additional expense during the probate process. The industry standard recommendation is to have a separate country specific Will written to cover each jurisdiction where assets are located.
It is perfectly possible to have more than one Will. Each Will must be restricted to the country and type of property it is intended to cover and the drafting of such Wills needs to be done very carefully. It is important that one Will must not accidentally revoke another.
It is essential that this work is done properly and in consideration of the applicable laws. The understanding of ones’ nationality, residency, domicile and different succession laws are all important when writing Wills.
So, if you are a resident of one country with assets only there or if you are of different nationalities and with assets spread in 2-3-4 or more countries around the world, the team at Professional Wills is skilled at tackling your needs.
Longer term considerations often then include tax advice with regard to inheritance and estate taxes which might apply on death as well as business succession planning and ensuring life insurances and pension benefits are correctly structured. Professional Wills work with other industry professionals who can assist in more specific advice in these areas. Their storage service and annual reminders help to encourage clients that once Wills have been written that they are maintained and kept current.
For more information contact any of the 4 Will writers at Professional Wills Ltd on 2561 9031 or email enquiry@profwills.com
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