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Introduction
No matter what your age, having a legally binding expat Will in your country of residence is vital if you want your final estate to be distributed as per your wishes – instead of the local law – when you die. It is also how you formally appoint guardians to look after your children if something happens to both parents. If you die without a will in place your estate will be passed on according to the rules of intestacy, which differ in all countries.
Things to consider
– If you are an expat family with no relatives in Hong Kong, appointing guardians and temporary guardians for your children is the number one reason to arrange drafting of your Wills.
– If you die intestate, in Hong Kong for instance, a limited amount is allowed to pass from husband to wife, anything over that is divided between the spouse and the children and put into trust; in other words, the capital is not available.
– You can draw up a will yourself; however as an expat this is not advised as it is likely to be difficult to have the required local knowledge.
Summary
If parents pass away with no evidence of guardians being appointed, a local court in the country where the children are at the time when the parents pass away is convened as soon as possible, and the children are made wards of court in that country. At that point the State takes responsibility until a guardian is found. Equally if only one parent passes away with no will in place it can be a very difficult and arduous process to obtain ownership over assets, meaning at the point when money is most required, it can be very difficult to liquidate assets to cover imperative expenses. Contact us today so we can help you with writing a will.
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