TYPES OF WILLS AND GUARDIANSHIP EXPLAINED

Mark Kirkham of Soteria Trusts outlines everything you need to know to safeguard your family’s future

Imagine living the dream in Hong Kong, your hard-earned success reflected by owning multiple high value assets and properties. Next, imagine the unthinkable happens and that it’s too late to do anything about it. Dying without having a valid Will in place will plunge the wellbeing and security of your family into uncertainty.

The peace of mind and long-term benefits gained by acting now and making sure both your financial and non-financial affairs are all in order, are beyond measure. So, join us in this enlightening exploration and take the first step toward safeguarding your family’s future.

Your Assets And Jurisdictions

Take into account the complexities and nuances of different jurisdictions, and you’ll soon realise you need to have a Will in place for each country you hold assets.

The benefits of having a Will in each jurisdiction you hold assets in are:

• Easier, faster and cheaper probate.

• Your Wills won’t be revoked due to contrary rules in different jurisdictions.

• A local Will does not need to disclose assets in another country.

• A local Will is written under the laws of that country.

The Best Will For Your Circumstances

If you are single, then a Single Will is the one and best option for you. However, if you are married, you can choose to have either a Joint Will or Mirror Wills with your spouse.

• A Joint Will covers the estates of two people in a single, legally binding document. When a partner passes away, their estate is automatically left to the surviving person and cannot be updated.

• Mirror Wills are two separate documents: two people create almost identical separate Wills and leave everything to each other (or their chosen beneficiaries). This allows the Wills to be updated at any time (unlike a Joint Will).

Guardianship

If you are an expat parent, it is crucial to have not only an ironclad Will but to ensure you’ve formally nominated a temporary guardian for your minor children. Failure to do so could result in your children being taken into care while awaiting the arrival of any permanently appointed guardian from overseas, such as a family member – a distressing and easily avoidable scenario.

Time For A Will Review

Making a Will is more than a once-in-a-lifetime activity; it should be reviewed regularly. Whether there’s been a new family member, marriage, divorce or relocation, making sure your Will is legally binding and updated is essential for protecting those closest to you.

When creating a Will, you can trust Soteria Trusts to protect your family’s interests. Careful thought and planning go into their services so that it’s easy for you to plan for the unexpected as well as provide clear direction for those you leave behind.

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LIMITED TIME OFFER 50% OFF WILLS

Preparing a Will is one of the most important things you can do for your loved ones, and with our 50% off promotion, there's no excuse not to have one.

Single Will HK$ 3,000 (Valued at 6,000)

Mirror Will HK$ 4,500 (Valued at 9,000)

Joint Will HK$ 5,000 (Valued at 10,000)

Learn more at www.soteriatrusts.com/will-promotion or contact us directly at wills@soteriatrusts.com

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