A Will is one of those things in life we know we have to do but don’t like to talk about. Simply put, it’s an important document we should all have (especially parents) for protection in case the inevitable happens (while in Hong Kong or traveling).
What is a Will?
A Will or your Last Will and Testament, is a document which outlines what you would like to happen to your assets after your death. Included in this should be property, money, investments, jewelry, pets etc. It is not just about where your assets should go, but it also communicates your wishes very clearly to make it easier on your family and it helps to avoid mishaps.
Why do you need it?
You need this to ensure that your wishes are met and the people you would like to be beneficiaries are confirmed. There are several tales where families have been torn apart because a Will had not been created. If you have young children, it’s important for them and the Guardians to know exactly what is required.
What should you consider?
You should also consider the following:
• Executors for your Will (2 or 3, preferably family members or beneficiaries).
• Guardians for your children.
• To whom would you like to leave your personal items (‘Chattels’).
• How to distribute the residue of your estate (family and friends, children, grandchildren, charities etc.).
• Disposal of your remains, burial or cremation, and any special instructions with regard to ceremony and place.
• Names of alternative beneficiaries if there are no survivors from an accident.
It's important to sort out your Will for your family.
Families who need protection.
They are relatively inexpensive but essential for a happy family.