A Will is one of the most important legal documents an individual can execute, and 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 you love. Your Will may also deal with properties that are not only of monetary value, but also, and perhaps more importantly, incalculable sentimental or emotional attachment for you and your beneficiaries. The experts at Professional Wills tell us more.
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, but each one must be restricted to the country and type of property it is intended to cover. The drafting of such Wills needs to be done very carefully, and 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 someone’s Wills.
So, if you are a resident of one country with assets only there, or if you are of different nationalities and have assets spread in two, three, four, or more countries around the world, the team at Professional Wills are skilled at tackling your needs.
The company’s team of four qualified Will writers specialise in multi-jurisdictional Wills and have been writing them in Hong Kong and around the region for the last 13 years. They are therefore experts in all areas of the process and the factors which come into play.
One such factor they can advise clients on, for example, is 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 with more specific advice in these areas. Its storage service and annual reminders help to reassure clients that once Wills have been written, they will be maintained and kept current.