There is never a good time for having that conversation. It’s the talk that we will all have to have eventually. And it’s the discussion nobody ever wants to have. It’s much easier to plan for what happens after during the period of calm before any storm.
Highly charged issues like money and property and inherited legacies passing from generation to generation are a natural part of the wills and trusts planning process and it is common for emotions to run high. Planning means building in time to leave the table for a break when conflicts arise and return more productive after a cooling off period.
With a clientele whose families historically operate businesses and inhabit residences around the world, we are reaching out to remind everyone to review all of the necessary paperwork during these complicated times. Borders, travel, immigration, and taxation may all be affected as nations in every part of the world face a once-in-a-century public health crisis.
The SARS-CoV-2 pandemic is changing the face of work, study, play, relaxation, and health with physical distancing placing tremendous limits on social environments. The cost of ignoring public hygiene guidelines is particularly high with large cross sections of the population at risk of serious illness due to underlying societal health issues. Fresh attention is paid to commonplace ailments like asthma, obesity, diabetes, heart disease, hypertension, and stress.
We can take this opportunity to get our affairs in order.
- Locate all of your documents and file a copy of each in one folder
- Update digital logins and passwords and store a hard copy together with your will
- Assign proxies to manage professional profiles and social media accounts
- Review and record all of your commercial and sentimental assets
- Gather your heirs and ask for their input into the distribution
- Budget for end of life care and after life costs
While many countries now allow for online will preparation, legal requirements vary across countries.
In Hong Kong, the Electronic Transactions Ordinance requires wet signatures on all trusts and deeds, although legislative proposals are underway to reduce paper use. Until then, people rely on law offices to organize paperwork in advance and reduce billable hours and other legal expenses for their clients.
Taking the time to prepare now can save time and money and heartache later.
- Appoint executor and trustee to administer the estate as set out in the will
- Give yourself time to review and make adjustments as your situation evolves
- Save on mediation costs by securing agreement among all parties in advance
- Appoint a guardian with duty to ensure the care and upbringing of minor children
- Enjoy your time with the knowledge that all of your affairs are in order
- Decide on the distribution of monetary and/or sentimental assets
- Make arrangements for the future care of animal companion
At Weir & Associates, we have poured decades of experience into our wills and estates kit designed to save clients time and money by providing step-by-step guidance through the process. Our aim is to mirror the online process as much as possible and ensure face time is reserved for collecting required document signatures. Our multi-lingual legal team offers bespoke services to secure agreements that will withstand legal tests across international jurisdictions over time.