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Under 'One Country, Two Systems', no matter a Hong Kong resident or a Mainland resident; living in Hong Kong or Mainland, attention should be paid on asset management and succession in Hong Kong. According to the law in Hong Kong, individuals no longer can manage their financial matters by themselves after passing away, or when become mentally incapacitated (for example, suffering from dementia or other serious illness resulting in a loss of mind). Nevertheless, clients can plan ahead and appoint the trusted person(s) to take care of their assets and financial matters in Hong Kong when unfortunate incidents occur, and hence protecting themselves and their family members from apprehension.
Will – Come into effect after passing away
Generally speaking, no matter in Hong Kong or the Mainland, succession to "immovable property" (e.g. flat or land) shall be governed by the law of the place where the property is located; succession to "movable property" (e.g. cash, company shares) shall be governed by the law of the deceased's place of domicile as at the date of death. If clients want their estates in Hong Kong to be handled in accordance with their planning, they need to make a will.
The advantages of making a will:- Make gifts of estate to family members or loved ones
- Appoint your own executors and trustees of your estate
- Protect young or vulnerable beneficiaries; appoint guardians for them or administer the deceased estate until they are 18 or to the required age
- Reduce the risk of disputes arising from estate distribution and administration
- Drafting a will and providing relevant legal advice
- Amending a will and providing relevant legal advice
- Handling issues of estate administration
- Estate distribution and relevant legal procedures
- Handling disputes on right of succession and other relevant disputes and advice on estate distribution
- Setting up family or charitable trusts and relevant legal services
Enduring Power of Attorney (EPA) – Being effective when survive
Through the making of an Enduring Power of Attorney (EPA), a client can appoint one or more appropriate attorney(s) in advance when he/she is mentally capable so that the attorney(s) can take care of the client's financial matters in Hong Kong or pay the living and medical expenses for the client out of his/her assets in Hong Kong according to his/her advance instructions in the event that he/she subsequently becomes mentally incapacitated and cannot manage his/her own financial matters.
Unlike a Power of Attorney which will cease to have effect as soon as the client becomes mentally incapacitated, the EPA will continue to be effective. A prescribed form to be executed in the presence of a solicitor and a registered medical practitioner must be adopted for an EPA.
An EPA is a legal arrangement. Clients can appoint their trusted person(s) and make instructions in advance to take care of their financial matters in Hong Kong in the event that they become mentally incapacitated. Under this arrangement, their family members need not bother to make application to the court again, and therefore can reduce costs and worries.
【Enquiry hotline ( Telephone / WhatsApp / WeChat ): (852) 6874 7928】
Our Services |
- China Attesting Services
- Cross-Border Asset Management and Trust
- Wills, Probate and Enduring Power of Attorney
- Employees' Compensation and Personal Injuries
- Divorce, Family and Matrimonial
- Civil/Commercial Litigation, Arbitration and Mediation
- Criminal Litigation
- Insurance and Construction
- International Legal Advice and Commercial Dispute Resolution Services for the Greater Bay Area
- Real Estate, Town Planning and Development
- Corporate and M&A
- Data Security and Privacy Protection
News |