[hkpatv]

Anybody got any experience with drawing up a will? I am a British citizen living in HK. Is there a standard template I can download and do myself or should I go to a lawyer? Any recommendations?

[dropdedfwed]

if you do a google, u will find heaps.

there is a few pre-requisites, but i think there is no specific "format". i think even if u type a word document stating who u are, ur current address, also stating this is your last will, which overrides all preceeding wills, then state who u are leaving what, who u would like to execute the will, then sign it in the presence of a witness (they should not be a beneficiary of the will), i think that is all that is really "needed"...

i remember hearing that the shortest will ever was something like "all to mother", which was signed and witnessed. it was legal

[mrcheese321]

It really depends on the laws in your country/state/city.

Texas (where I'm from) legally recognizes certain types of wills and if you have something that isn't of that type (they are really broad and almost everything fits inside of them) then it is not a legal will and your estate goes through probate and whatever you own is sorted out by the standing laws.

I had mine drawn up by a lawyer. It cost $750 USD and I had a bunch of documents drawn up at the same time. A living will, power of attorney papers, medical power of attorney papers, long-term medical care orders, organ donation papers. So it could very well cost less than that.

Doing it with a lawyer saved me a lot of hassle and time though. I just named what I wanted to go where, threw in some letters that I had written to some very special people in my life, signed it and put it into my safe deposit in a huge envelope.

[Valencia1]

A living will drawn up at a lawyer's office in HK costs less than HK $500. You can find ads in the local Chinese newspapers.

[Sazzy]

If you have worldwide assets of over £275,000 then you are in the inheritance tax bracket. If you go and see a lawyer, there are ways to reduce any tax liability. If you dont have that much, then you can do it yourself. As long as it is signed, witnessed and dated, then it is fine.

[discobay]

Do you need a Will per country in which you hold assets?

[hkpatv]

Less than £275k at the moment unfortunately.
I have assets in NZ, HK and UK. If anyone has recommendation for either local lawyer to arrange, or a website where I can download forms let me know. Thanks for all the advise so far.

[mrcheese321]

I was told that I only needed a will for where your permanent residence is. And that if you die, everything is based on that. I have assets all over the world and I only have a will in TX and my lawyer said that was all that was needed.

c

[Sazzy]

For speediness, then it is best to have a Will for each country. If you have property in a different country then that property will pass under that country's laws so a Will for this country is definitely required.

Hkpatv - if you only have cash assets in NZ, HK then just get a UK Will. I will PM you a lawyer's details.

Remember that if you marry or divorce then your Will is void and you will need to make a new one.

[PDLM]

My understanding, having recently been through this with a lawyer for my mother, is that UK inheritance tax applies only to people who are domiciled in the UK, regardless of where their assets are. Domicile is, unfortunately, a rather grey term linked to where your permanent home is. It could probably be argued that if you have taken Permanent Residence in Hong Kong then that is your domicile and therefore that HK rather than UK inheritance rules apply. Fortunately, that now means no inheritance tax :-)