Wills, Probate & Estate Administration
A staggering proportion of people die each year without having written a Will, resulting with incorrect succession, unnecessary tax liabilities and an inevitably lengthy and complicated probate and estate administration process.
Writing a Will is one of the most important tasks an individual should undertake in his or her lifetime but too often it is overlooked.
We seek to:
– Educate our clients on the law of domicile and succession,
– Listen to our clients wishes and objectives,
– Advise on the different options, and
– Implement the most suitable solution given the clients individual circumstances, plans, the extent and nature of the estate and the circumstances of the intended beneficiaries, endeavoring at all times to keep things as simple and economical as possible.
Estate and death duty or inheritance tax planning is often a vital part of the process of drafting of a Will and through our qualified team of professionals we are able to provide relevant advice resulting in an educated client with the most appropriate planning in place and a tax efficient Will.
Lutea can administer deceased Estates and manage international Probates, accounting for the assets, following the distribution under the Will and undertaking the necessary tax reporting.
We can also provide advice to beneficiaries on the Tax consequences of their inheritance.
We generally charge in the region of HK$5,000 for a Will and HK$6,500-$8,000 for a pair for husband and wife, on the basis that they are fairly straight forward.
This includes a separate Deed of Guardianship to cover local custodians of infants in Hong Kong (if the Guardians live outside of Hong Kong) until they can get here to take up custody.
However, in certain circumstances where one’s affairs and wishes are more complex further time is warranted and the costs can vary, but we would give an estimate before proceeding.
To administer an Estate and obtain probate can be a lengthy and time consuming exercise. We charge for these services on a time/cost basis and provide the Executors with a written quotation once the extent and nature of the Estate and the amount of work required is clear.
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