Margaret Wo and Alfred Ip discuss the essentials of estate planning and probate process in Hong Kong plus some common pitfalls and how to avoid them.
During the current coronavirus pandemic, it’s understandable that many people start thinking if they have properly taken care of their affairs: setting up or reviewing how to protect your assets and loved ones becomes paramount.
In divorce proceedings everything owned or controlled by the parties is to be considered as part of the matrimonial pool. However, there is a difference regarding the assets which have been inherited.
The fact that artists generally give very little consideration to proper estate planning can affect the value and the marketability of a single piece of art or an entire art collection thought their own lives
All family assets – including Trusts – held in Hong Kong and overseas are normally considered part of the ‘matrimonial pot’ in divorce proceedings
Hong Kong has been experiencing a boom of family offices, further incentivised by tax breaks or residency options. It is indeed a very efficient Wealth Planning tool for HNWI.
Transitioning ownership and control to the next generation is only one of the hurdles for many family business owners in succession planning
It is reassuring for settlors to know that the Hong Kong courts hold professional trustees to a very high standard when exercising their fiduciary duties. Strong protection from the courts may be another reason why professional trustees may be preferred.
If you would like to carry on your family business for successive generations and you feel that the retention of such shares is of utmost importance and that you do not want a third-party trustee to interfere with the management of the business, then a PTC or a VISTA Trust may be the solution for you.
The major hurdle is finding the right trustee since there is no standard answer as the wishes of the settlor, family circumstances and asset picture or holding structure can all affect the choice of trustee.
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