Last Will & Testament

Posted by Wikikamoocow (482 days ago)

Has anybody got some advice on how to go about preparing a will. I was quoted $6000 today and find that to be ridiculous. I am an Australian and own property both here and in Oz. I also have young children and just want to make sure I'm covered on all angles without being ripped off. If I were to prepare my own and have it wittnessed by friends - would that be enough? Any advice much appreciated.

(I am based in Hong Kong)

Posted by Meiguoren (482 days ago)

What do you think it's worth, considering the time your lawyer has spent in training about how to protect your property on two different continents having two separate legal systems, the time it takes to research your situation, draft paperwork, pay a staff and office overhead, execute and file the documents, the degree of protection you need, and the potential malpractice risk if he doesn't get it right? If you're talking 6,000 HKD, I wonder how you got such a deal?

(I am based in Guangzhou)

Posted by jennyj (482 days ago)

Go to www.profwills.com Tel: 2803 0705 speak to Janet or Hugh - approx US$322

(I am based in Hong Kong)

Posted by sue2020 (481 days ago)

Actually I can recommend Janet and Hugh too. It did cost about the $6000HKD mentioned but it was for myself and my husband. I also own property in two different countries and have an interest in a business here. I figured the will should be good for the next ten years provided there are no major changes in my circumstances so the cost averages out ok. Also they had a lot of good advice about certain wordings in the will to make it less likely to be challenged. They made suggestions not just about the property but smaller, personal possessions, and also about funeral arrangements etc. I thought they did a great job and the cost was worth it.

(I am based in Hong Kong)

Posted by Daddy Long Legs (481 days ago)

There is nothing too complicated about leaving a will.
Of course young children do add a few extra problems, like what to do with your estate if they are still min ors and whether to leave in trust until certain age things like that.
If you want to be sure you are covered on every aspect it would be better to pay and see a pro.
I would advise that along with that you sort out inheitance tax and other liabilities you might incur when you pop off.

(I am based in Hong Kong)

Posted by Saikunga (477 days ago)

We had a will created in Australia for the same situation - properties in both places etc etc...it cost about $200 Australian dollars and they were very thorough. Maybe you need to look at getting it done in Australia and you can then what they call "lodge it or register" it here as your last will and testament.

I do think that professionals in HK cost too much way too much more for a similar service than at home. (Same training in most cases - just better at ripping off in HK me thinks)

(I am based in Hong Kong)