Finance Living In Hong Kong

3 key tips for getting your will done

Looking to sort out a will but have no idea where to start? Having a will is essential, especially if you’re an expat and have assets in more than one country, or you have small children. Professional Wills specialises in writing wills, and the team of writers are on hand to advise you on all aspects of estate planning, guardianship and more. Here are three key pieces of advice when it comes to getting your will done.

Having a will is essential, especially as an expat
Having a will is essential, especially as an expat

#1 Don’t procrastinate

It’s fair to say that by the time most people consider getting a will written, it’s already well beyond the time it should have been done – and in some cases only after someone has been affected by it! The longer such matters are left, the more complex and expensive it becomes. Start planning early in life.

#2 Don’t base decisions on the lowest cost option

The saying goes, “You get what you pay for”. Everyone wants value for money, but when it comes to wills, quality should not be compromised. A will is one of the most important legal documents that an individual can execute, embracing assets of incalculable sentimental or emotional value that may have taken a lifetime of effort to amass. Work with a company you know will do a good job rather than focusing purely on the cost of the service.

#3 Avoid companies that use hourly rates

Hourly rates are seductive at their low starting point, but they have no upper limit – instead, you should choose a firm that offers fixed fees for the work to be done.

Client testimonial

Derek Crampton moved to Hong Kong from the United Kingdom in 1998. He recently started running a golf simulator business and giving golf lessons at Golf Hideaway. A friend referred him to Professional Wills.

“I was looking to write a will to cover my worldwide assets as I have connections to various countries. I was also concerned over possible taxes that might apply if I died. I was so impressed with them right from the very first phone call. They made me feel comfortable with their in-depth knowledge and insight into things I would have never even considered. The legal firms I had previously visited failed to mention any of these factors. I hadn’t considered the need for a specific country will to cover the places where I own property and investments. They also alerted me to potential tax issues on my death and other wider estate planning points. Their attention to detail and supplementary services like will storage and follow-up reminders are truly second to none.”

Find out more at profwills.com

This article first appeared in the Aug/Sep 2017 edition of Expat Living magazine. Subscribe now so you never miss an issue.

Navigating the medical system? Check out our article on healthcare in Hong Kong

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