What are Executors and Trustees?

Every Will must have in it the appointment of an Executor and Trustee. Often these are the same people and can be more than one. They must be able to understand the contents and intentions of the Will so fully that they can administer the Estate.  

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Why Do Children Need a Guardian?

Legally, any child under the age of eighteen must have an adult who is responsible for him/her. What happens, then, if both parents die in an accident? If there is a Will then we hope that the appointment of Legal Guardians were made as part of the process. If there is no Will or if it is out of date because it has not been re-written since the birth of children then there is a problem.  

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Intestacy

In common law countries a limited amount (known as the Statutory Legacy) is allowed to pass from one spouse to another and anything over that is divided between the spouse and the children and put into trust for safe-keeping, so that the capital sum is not available. The statutory legacy is horrifyingly low in Hong Kong. There is little consistency internationally and for you much depends on where you think of as home (also known as your 'domicile of choice'), for it is the rules of that country which will dictate how your assets are distributed.  

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Inheritance Tax and Estate Duty

Your Wills can help put your part of affairs in order. When completed they provide great peace of mind for you and your whole family. It is very satisfying to know your wishes have been documented, you have appointed guardians for your children, your prize possessions have been bequeathed to your loved ones, and you may have even made provision for your pets. In addition, for many people the most important part of the Will making process is the opportunity to plan ahead and consider future tax liabilities.  

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Keyman Insurance

Keyman life insurance is insurance purchased by a business on the life of an owner or employee whose services contribute substantially to the success of the business. The company is the owner, the premium payer and the beneficiary of the policy. The objective of Keyman Insurance is to indemnify an organization against the monetary loss resulting from the death of a key employee.  

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Enduring Power of Attorney

More people than over are taking the trouble to make a Will, to ensure that their affairs are settled according to their wishes, and with minimum upset, fuss and cost after their death.
It is important that they make similar provisions to organise their affairs in case they should become unable to do so during their lifetime, through illness, accident or old age - an ever increasing possibility given advances in medicine.  

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Bona Vacantia

'Bona Vacantia' literally means vacant goods and is the legal term given to ownerless property that passes to the Crown.This most often occurs when someone dies intestate and with no living or traceable family.  

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