Wills and the Single
Person
By Janet Cribb
I am often asked why a single person should make a
Will. In some cases it probably is not worth the effort
and expense, agreed. BUT if you have a good job, a comfortable
home, and even worse if you are a long way from your
family then you should think carefully about what this
would mean to your surviving next of kin.
We will go in chronological order.
1. Late 20’s, early 30s. Well educated, good
job, bright prospects for the future. Salary in the
bank at the end of each month, expenses paid for some
things, and plenty of disposable income.
2. Hobbies: Windsurfing, mountain climbing, skydiving,
Scuba diving. Risk factor? Off the scale for some insurerers!
3. Family situation. Girl/boy friend – sort of,
but nothing serious. Parents? Very proud of you, but
don’t know Hong Kong having been out for a holiday
once, and that was enough. They get on with their lives
at home and wouldn’t know one end of an ID card
from the other.
Under these circumstances, it is your parents who will
have to get on a plane to Hong Kong (and let’s
hope it is not in the hot or rainy season) retrieve
your personal effects if they are allowed to, deal with
the probate office and the IRD. They will have to pay
for travel and accommodation themselves. If they want
to take you home for a funeral (which they probably
will) they must find the money for the cost of transporting
your body. Ultimately your estate will become their
property, unless you have begotten a child in which
case it would all go into trust for him/her, but your
parents as next of kin will have to do the paperwork.
The alternative is that they will have to employ one
of the law firms here to do the work for them, and pay
them, quite possibly before the money, if there is any,
is released to them. Your company might help if they
are feeling generous, but don’t count on it.
For the cost of a Will, $2000 HK, you can arrange things
properly and take the burden off their shoulders. Appoint
one of your friends here who knows the place as your
executor, and do the same for him or her. Make sure
your health insurance covers repatriation of a body
in the event of death. Arrange for your personal items
(‘Chattels’) to be shipped home so that
they can be sorted out there. And do remember that most
children expect their parents to predecease them. To
lose a child at whatever stage of your life is one of
the worst experiences that can happen to anyone. Your
parents will already be in a state of shock and depression,
would you wish this on them as well?
Enough said, I think.
1. Middle age: 35-55. Divorced, or never married. Maybe
a child or two in their teens. Parents at home aging.
Maybe grown up children at University, or trekking round
the world doing their ‘gap’year. No Will?
Children under 18 made Wards of Court and not allowed
out of the country until a Guardian is appointed.
2. No children? Then you are likely to be better off
than most and the prospect of Estate Duty looms. Easily
fixed if you do the right thing at the right time, but
a nightmare if you don’t. Parents, one or both,
may depend on you for their home comforts, and those
will stop until your money is released. We are probably
contemplating years rather than months. No parents?
Then there will be money spent on tracking down the
next of kin in the right order. Anyone who enjoys financial
support here will have to manage without it.
3. Over 50? Your parents are still next of kin if you
have no children! By this time they are in their late
70’s, early 80’s or even more. If you have
children they will have to take charge of the legal
processes or pay for someone else to do it.
I hope all this has made you think a little about
the consequences of doing nothing. Wills only have to
be done once in a while, and we take our responsibility
for keeping them up to date very seriously at SAR. You
are never longer than 12 months away from making changes
when appropriate.
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Janet Cribb
Channel: Wills & Living Trusts |
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