We recognise that individuals need to preserve and enhance their wealth in the long-term and believe that a clear customised strategy and structure are paramount to achieve this. Each individual may have different concerns, needs and objectives. We take into account these factors to provide the most appropriate structure and approach.
We pride ourselves in providing carefully planned effective bespoke solution to clients’ needs.
Whilst there is no estate duty in Hong Kong, most individuals in Hong Kong have assets in different parts of the world; it is therefore an integral part of succession planning to have a tax review. Here at OLN, we have a strong tax advisory team with lawyers dually qualified in the field of tax and accounting to best tailor solutions to our clients.
Cross-border Asset Management
The increasing internationalization of clients and the associated prevalence of cross jurisdictional spreading of family assets and diversification of investment portfolios results in much more complex succession and tax issues. Sizeable returns on assets become academic if they are later swallowed up by unforeseen taxes, legal liabilities or inadequate succession planning. At OLN, we are equipped with a tax department to enable us to take a broad and independent view to prepare the structure well before the investment strategy is put in place.
Estate Planning for an Autonomous Future
Society progresses as fast as technology, and social development liberalizes options, especially in terms of who you are, who you want to be with, and how you want to spend the rest of your life, including the terminal stage. Unfortunately, the law often fails to recognize these diverse interests and options, especially those that may appear to be more unorthodox. Thorough and comprehensive estate planning is an essential part of ensuring a completely 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 17 or more years of hard work and MPF contributions, there should be a considerable amount in your MPF account, which will continue to grow with time. MPF forms part of the estate in the unfortunate event of death before reaching the age of 65.
Hence estate planning is relevant to everyone who accumulates any wealth in the course of his/her contribution to the society.
Estate Planning is the Client’s Legacy
Estate planning is a means for the client to:
- Decide matters after death, and assign a competent person to execute the same
- Take care of those family members who have special needs
- Provide for those who cannot benefit from the client’s legacy under law without the client’s proper directives
- Maximize the benefit of the client’s wealth for the client’s loved ones, without compromising other entitlements
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, and estate planning for expats in Hong Kong.
Probate and Administration
The issues and legal matters involved following a loved one’s death can be overwhelming. Our team at OLN can guide clients through the complexities in the probate and administration process, providing necessary assistance and recommendations in the procedures that will lighten clients’ burden and allow the process to be as efficient and smooth as possible. From giving general initial advice to clients who are beneficiaries or acting as executors or administrators, to applying for grants on behalf of clients in their own right and administering an entire estate, we pride ourselves in guiding our clients every step of the way.
At OLN, we recognise the complexity and sensitivity in the probate and administration process. Our experienced lawyers work closely with individuals and families to understand their expectations and concerns, and address each case with discrete care and confidence to ensure a successful conclusion.
The size and international reach of OLN enable us to manage large and complex estates. Our lawyers are experienced in dealing with cross border inheritance and have handled estates of all sizes, from small estates which may be administered summarily to large notable family legacies with generations of beneficiaries.
With team members specialised not only in probate and administration but also in estate planning, and corporate and tax matters, client are allowed access to a complete service covering every aspect of the private client practice.
There is no complete certainty to a smooth and problem-free probate or administration process. Much effort may have been put into the planning of an estate, but unexpected circumstances may still arise.
When disputes arise in relation to estates and trusts, clients can benefit from advice of our lawyers who are not only knowledgeable in the law of the relevant areas, but also understand the importance of family relationships and dynamics in contentious probate matters. Our team of experienced litigators are here to deliver practical legal advice tailored to our clients’ needs and circumstances, and to make sure that their interests and futures are best protected.
Our full range of services provided by our Private Client team include:-
• Cross-border asset management
• Estate planning
• Advising on inheritance law in Hong Kong
• Establishing trusts in Hong Kong
• Preparing wills and codicils
• Preparing power of attorney and enduring power of attorney
• Applications for grants of probate and letters of administration
• Resealing foreign grants in Hong Kong
• Preparing Deeds of Family Arrangement
• Administration and distribution of estates in Hong Kong and worldwide
• Beddoe applications
• Providing trustee service and advising independent trustees and protectors
• Handling trust, probate and administration disputes
If you would like to know more about our services and understand how we may assist you, please feel free to contact us.