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 where you have assets. 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 where you reside and have assets will decide how your life’s work and wealth will be distributed, not you. That includes your house investments and what happens to your children, business and even your pets.
“If you own assets in multiple countries or are an expat, you need a Will in every jurisdiction where you have assets.”
A WILL IS THE ESSENTIAL FIRST STEP OF
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 administering and distributing an estate after death (probate) far easier and faster, so your beneficiaries can access the estate without lengthy procedures or having to assert their rights.
- GUARDIANSHIP NOMINATION
A Will is also used to appoint guardians for your children (if you have children). If you (and your spouse) were to die before your children become adults. The Guardianship Nomination ensures your nominee takes care of the children 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. It offers a comprehensive solution to anyone who wants to ensure they can remain in power in the period leading up to and during their final time alive. It allows you to predetermine ‘end of life’ decisions about care and medical treatment and appoint a person to manage your health and financial decisions. This comes into effect if you cannot make decisions for yourself and remains in place 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 want to leave something to people outside your immediate family.
Soteria Trusts is an affiliate member of the UK Society of Will Writers. A member of our fiduciary team will draft your Wills and other fiduciary documents 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 through inheritance tax mitigation strategies, such as setting up a Trust, a Pension, or a Family Investment Company.
Learn more about Estate Planning
