- China Practice
- Corporate and Commercial Law
- Commercial Fraud and Asset Tracing
- Digital Business Practice Group
We recognise that individuals need to preserve and enhance their wealth in the long-term and investment strategy, overall strategy and structure are paramount in relation to such. We take into account the most appropriate structure and approach to reflecting clients' circumstances.
We do not believe that the "standard structure or trust" can ever be a genuine long-term solution and it is unlikely to be as effective as a carefully planned bespoke solution.
Cross-border asset management
Internationalisation of both Asian and non-Asian clients and a cross-jurisdictional spread of family assets means much more complex succession and tax issues. We at OLN take a broad and independent view and are better placed to understand the structure well before the investment strategy. Large returns on assets are academic if swallowed up by unforeseen taxes, legal liabilities or inadequate succession planning.
Although Estate Duty has been abolished in Hong Kong, does not mean that estate planning is no longer important.
The focus of Estate planning nowadays has shifted to the efficiency of cross-border asset management, and to alleviate the pain and trouble of the often cumbersome bureaucratic process, which in most cases will be dealt with by the most beloved one simultaneously with the grief of the loss.
Estate planning for an autonomous future
Society progresses as fast as technology, and social development liberalises options, especially in term of who you are, who you want to be with, and how you want to spend the rest of your life, especially at the terminal stage. Unfortunately, the law often fails to recognizing those options, especially the unorthodox one. Estate planning is accordingly quintessential to a complete autonomous future.
Estate planning is not just a consideration for high net worth individuals with a large asset portfolio. For example, most workers in Hong Kong will have been contributing their Mandatory Provident Fund (MPF) since 2001. After 40 or more years hard work, there should be a considerable amount in your MPF account, which will continue to grow with time. MPF belongs to part of the estate in the unfortunate event of fatality before reaching the age of 65.
Hence estate planning is relevant to everyone who accumulated any wealth in the course of his/her contribution to the society.
Estate planning itself is your intangible legacy
Estate planning is a means for you to:
Decide your post-mortem matters, and assign a competent candidate to execute the same
Take care of those family members who have special needs
Provide for those who cannot be benefited from your legacy under law without your proper directives
Maximize the benefits of your beloved one from your wealth, without compromising his/her other entitlements such as government subsidies.
OLN assists clients of diversity to achieve the above objectives by assessing their needs and concerns and providing practical legal solutions to meet the above objectives. With the mutual cooperation of the Globalaw® alliance members, OLN is empowered to provide assistance to clients on world-wide assets administration. We provide professional advice on estate planning for singles or for married couples, or estate planning for UK expats in Hong Kong.
Our services encompass the following areas of wealth planning in Hong Kong
Will preparation and drafting
Application for probate/letter of administration
Administration of estates (local or foreign probate)
Lasting powers of attorney
Safeguarding the finances in the event of incapacity