Why do you Need to Have a Will?
It is hard to believe that so many people are still undervaluing the importance of a will in the current day and age. What is a will? Essentially this is a legal document that states your wishes in relation to distribution of your assets and other important factors, such as who will become the legal guardian of your child should you pass away. Many would agree that this is the most important legal document there is. Don’t you want to be secure in the knowledge that your loved ones are going to be protected once you are no longer with them?
Why do you need a will? This is probably one of the easiest questions to answer in the world of finance and financial security. All you need to do is ask yourself the following… Do you care who gets your money once you have passed away? Do you care about who gets your property once you die? Do you care about who is appointed as the guardian of your minor children once you are no longer with them? If you have answered ‘yes’ to any of these questions – which I am sure you have – then it is quite simple; you need a will.
However, determining that you need a will is the easy part. Next you need to tackle the most important aspect: What should you include in your Hong Kong will? Let’s delve a little bit deeper into the main areas of consideration…
- Minor children – If you have any children under the age of 16 then you will need to consider who you want to appoint as their legal guardian once you have passed away.
- Executors – You also need to determine who is going to be responsible for implementing your wishes and dealing with your affairs once the will needs to be put into place. Evidently this needs to be someone you trust 100 per cent.
- Inheritance tax – Taking taxes into account is rather difficult. This is why professional will financial planning is important. Experts can help you to understand the taxes in place. Not only this, but they will present you with different ways of getting around them.
- Assets – Essentially you need to decide who gets what. Who are you going to leave your property to for example? The division of your assets is something you understandably need to consider extremely carefully.
- Revisions – Don’t forget to revise your will. A lot of people make the mistake of drawing up the document and then putting it to the back of their mind indefinitely. However, you need to make sure you review your will regularly. This is especially the case if your circumstances change, for example you go through a divorce.
- Charities – Last but not least, if you wish to make a charitable donation with the money you have left, then make sure you include this in your will as well.
Last but not least, you need to find the best professionals to ensure you draw up this document correctly and that you register it the right way as well. If you wondering where to find the best help for a Hong Kong will then you need not look any further. Taylor Brunswick is the solution you require. They have years of experience in this field and their independent nature and client focused stance ensures they stand out from the crowd.
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Category: Financial Planning
