On May 17th MayCham Hong Kong hosted an event about Wills & Guardianship. This excellent event was presented by Alex Liu, Partner at Boase Cohen & Collins, and Saniza Othman, head of inter Chamber and Partnerships at MayCham.
During this event, Alex presented three main questions that he answered:
- To will or not to will?
- How to protect your children’s future?
- What does guardianship of an elderly parent mean?
He asked the participants if anyone is planning to write a will and most of them will certainly and most likely do it.
He mentioned that there are three ways to give something to someone:
- Trust – “Living gifts” – Give an asset as a gift (E.g., a watch) – At this point, you cannot take it back. It has been given.
- Will – “Testamentary gifts” – Write in advance what you want to give something to someone after the moment of your passing – It can be amended and replaced at any time.
- Wait – Do nothing – Without being too sinister, this might be dangerous as you might lose your mental health or even die at any time.
In order to make a will, he recommends consulting a Legal Professional and to not do it by yourself. They will be the one to make sure that all your wishes will be carried out and your assets given to the right people or organisations.
He discussed two case studies:
- “I want to buy an apartment for my daughter, but I am worried she & her husband will divorce.”
- “My son is insisting on marrying his girlfriend, but I have doubts about her.”
If you are looking for protection of your children’s future, parents should assign a guardian, which could be a close friend or a relative. At the parents’ death, the guardian will become responsible for the child.
Our takeaway from this webinar is that it is certainly recommended to make a will and manage your belongings for the day that we hope never comes.