Covid-19 pandemic started in early 2020 and has been around for more than 2 years. People are speculating when the virus will be gone and some are already prepared to live with it like catching flus. But one thing we all have in common is the uncertainty we face which can sometimes be scarier than the virus itself.
With the virus and its uncertainty hanging over us. It is reassuring to know that we could still retain some form of control by making plans for our loved ones if the unfortunate happens to us. Having a Will in place could help a person organise his estate better after his/her demise.
In the absence of a Will, issues such as whom to administer to the estate and whom the beneficiaries are and their entitlement thereto are will be determined in accordance with the Intestates’ Estates Ordinance (Cap. 73). But through executing a Will, one would have the liberty to appoint a friend/relative or a professional to act as the executor responsible for administering one’s estate and distributing the estate in accordance with one’s wishes as stated in the Will. Through a Will, one would also be able to appoint a guardian to look after minor children.
Another benefit of having a Will in place is that the authority of executor starts upon the testator’s demise while the administrator’s authority becomes effective only after the grant of Letters of Administration is issued. As such, an executor would be able to renew leases, collect rent and complete transactions as personal representative of a deceased person without having to wait for a Grant of Probate which application would take time.
Another instrument that is receiving more attention recently is the Enduring Powers of Attorney (“EPA”). Through execution of the EPA, the donor could appoint a trusted person as the attorney to manage his/her financial matters in Hong Kong in the event of mental incapacitation. The EPA has to be in a prescribed form and has to be executed before a doctor and a lawyer (within 28 days).
Apart from a good insurance plan, the above instruments, namely, a Will and an EPA, are the plans you may think worthwhile to pursue in such uncertain time. If you want to find out more, please contact us and our team of professional lawyers so that we could advise according to your specific circumstances.