Wills
Wills: Ensuring Your Wishes Are Carried Out
A will is a legal document that outlines how you want your assets and property to be distributed after your death. It is an essential tool for estate planning, as it can help prevent disputes among your loved ones and ensure that your wishes are respected.
Why Create a Will?
There are many reasons why creating a will is important. Some of the key benefits include:
- Preventing Disputes: A valid will clearly outlines your intentions for your assets, reducing the likelihood of disagreements among family members or beneficiaries.
- Protecting Your Loved Ones: You can use your will to appoint guardians for minor children, ensuring their well-being and financial security in your absence.
- Naming Beneficiaries: You can specify who you want to receive your assets, ensuring that your property is distributed according to your wishes.
- Simplifying Probate: If you die without a will, your assets will be distributed according to Hong Kong’s intestacy laws, which may not align with your intentions. A will is also usually more straightforward in probate process.
When Should You Create a Will?
It is generally recommended to create a will as soon as you have any significant assets or dependents. This could be when you purchase a property, start a family, or enter into a business partnership.
How to Create a Will
Creating a will involves several steps:
- Choose a Will Type: Wills can be handwritten wills and typewritten. In any event, wills must be legally witnessed. Witnessed wills made by lawyers and witnessed by lawyers are generally considered more reliable and are recommended for most individuals.
- Identify Assets and Property: Create a list of all your assets, including property, bank accounts, investments, and personal belongings.
- Name Beneficiaries: Decide who you want to receive your assets and specify the percentage or share each beneficiary should receive.
- Appoint Guardians (If Applicable): If you have minor children, appoint guardians who will care for them and manage their assets in your absence.
- Choose an Executor: Select a trustworthy individual to act as the executor, who will be responsible for carrying out the instructions in your will.
- Sign and Witness the Will: Sign the will in the presence of two witnesses who are not beneficiaries.
- Store the Will Securely: Keep the original will in a safe place and inform your executor of its location.
Professional Assistance
While it is possible to create a simple will yourself, consulting with a lawyer is highly recommended. An experienced lawyer can ensure that your will is legally valid, comprehensive, and aligned with your specific circumstances.
Contact Us Today
If you have questions about estate administration or need assistance with drafting a will, our experienced lawyers at YTT are here to guide you. Contact us today to schedule a consultation.
