Estate Duty Abolished
Estate duty (inheritance tax or death duty) has been abolished in Hong Kong. Succession planning nowadays has become simpler. Legacies are not subject to Government tax unless a transfer of beneficial interests not within the scope of the laws of succession.
Wills are not just for senior citizens. Wills are particularly important to parents who wish to provide their own children security. Children can be clear who will be taking their care should their parents or guardians come to an untimely death.
Some people do not have any obvious dependents. A Will can avoid the Government taking control of assets on his demise.
Simplest succession planning is by preparing a will. Our lawyers are in a position to carry out such a simple task. However, there many be some other related issues such as the dealing of assets in joint names, the freezing of assets before probate is granted. Our lawyers can provide you with up to date and timely advice on preparing your will and succession planning so that the assets are distributed according to the will.