Private Client, Probate & Trust

Cross-border Asset Management

Internationalisation of both Asian and non-Asian clients and a cross-jurisdictional spread of family assets means much more complex succession and tax issues. We take a broad and independent view and are better placed to understand the structure well before the investment strategy. Large returns on assets are immaterial if swallowed up by unforeseen taxes, legal liabilities or inadequate succession planning.

Although Estate Duty has been abolished in Hong Kong, it does not mean that estate planning is no longer important.

The focus of estate planning nowadays has shifted to the efficiency of cross-border asset management, and to alleviate the pain and trouble of the often cumbersome bureaucratic process, which in most cases will be dealt with by the most beloved one simultaneously with the grief of the loss.

Estate Planning for an Autonomous Future

Society progresses as fast as technology, and social development liberalises options, especially in terms of who you are, who you want to be with, and how you want to spend the rest of your life, especially at the terminal stage. Unfortunately, the law often fails to recognise those options, especially the unorthodox ones. Estate planning is accordingly quintessential to a complete autonomous future.

We assist clients of diversity to achieve the above objectives by assessing their needs and concerns and providing practical legal solutions to meet the above objectives. We provide professional advice on estate planning for singles or for married couples, as well as for expats in Hong Kong or for individuals who hold assets in a foreign jurisdiction (including pre-migration planning).

Estate Planning Itself is Your Intangible Legacy

This is a way for you to:

• Decide your post-mortem matters, and assign a competent candidate to execute the same
• Take care of those family members who have special needs
• Provide for those who cannot benefit from your legacy under the law without your proper directives
• Maximize the benefits of your loved one from your wealth, without compromising his/her other entitlements such as government subsidies
• Avoid being physically present in Hong Kong when dealing with the local succession process

Estate Administration

When a person passes away, all possessions – including landed properties, bank accounts, pension funds, insurance, stocks, investments and personal belongings – become a part of the estate. Estate administration refers to the process of collecting and managing the estate, paying any debts and taxes, and distributing the remaining property to the beneficiaries. These are determined by the Will, and if there isn’t one, by the intestacy laws of the jurisdiction.

The executor or administrator of the estate may be an individual or a company, such as a law firm or a bank. The representative may have been nominated in the Will by the deceased. If there is no Will, the Court will usually appoint one or more administrators.

When complications arise – often related to foreign grants, assets in other jurisdictions, validity of the will or inheritance provision for dependents, shares in the family businesses, tax or domicile issues – our team guides clients in tracing and reporting on assets, and complying with regulatory requirements in Hong Kong and internationally. We also work closely with other professional advisors to achieve successful estate outcomes.