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Estate Planning in Kowloon, Hong Kong mainly involves creating a comprehensive plan to manage your wealth during your lifetime and how your end-of-life affairs, such as transferring of assets and payment of debts, will be handled after your demise. The law recognizes estate planning tools like wills, trusts, lifelong gifts, and insurance nominees that can be used effectively to avoid family disputes and avoid the long-drawn process of probate.
In most cases, the process of estate planning involves complex legal procedures, decisions, and paperwork. A lawyer can guide you through the process, assist in drafting a will that meets all the legal requirements, and ensure that it is interpreted correctly. A lawyer can recommend strategies to minimize tax liability, protect your assets from legal creditors, and help you navigate the probate process should the need arise.
For estate planning purposes in Kowloon, you need to have a clear understanding of the two most pertinent laws - the Wills Ordinance and the Intestates' Estates Ordinance. The Wills Ordinate guides the creation, interpretation, and change of wills, while the Intestates’ Estates Ordinance applies if you die without a will, dictating how your assets will be divided. An individual below 18 years cannot make a will, and a will must be in writing, signed by the testator, and witnessed by two individuals to be legally acceptable. In absence of a will, your property is divided equally among your spouse and children.
While it is possible to handle your estate plan independently, it isn't recommended due to the potential legal complexities involved. Mistakes could cause disputes, lead to unnecessary tax liability, or result in your will being contested.
If you die intestate, i.e., without a will, the Intestates' Estates Ordinance decides how your assets are divided among your legal heirs, which may not align with your wishes.
It is recommended to review your estate plan every 3-5 years or after significant life changes such as marriage, divorce, birth of a child, or acquisition of substantial property.
Yes, you can update your will at any time by executing a codicil or by making an entirely new will.
No, only assets solely in your name will be covered by your will. Jointly owned assets and those with designated beneficiaries will usually not be affected by your will.
You can turn to the Official Receiver's Office, which publishes guides on probate and administration procedures, and the Legal Aid Department, which can help you understand eligibility for legal assistance and processes for making a will. You can also use the Law Society of Hong Kong's directory to find a lawyer specializing in estate planning.
The first step is to gather information about all your assets, your potential beneficiaries, and your wishes regarding property division. Once done, it's advisable to consult an estate planning lawyer who can guide you through the process of drafting an appropriate estate plan in consonance with local laws and your interests.
