Ask a Law Question, Get an Answer ASAP!
1. Dear Tracy, there is no express need for your client to make a second Hong Kong will if his English will covers all his assets. However, if your client wishes to engage in tax planning for his estate, it is more prudent to have a will dealing with each jurisdiction separately to gain the maximum tax advantage. However, in making a second will, he has to be careful it doesn't revoke the earlier will in the other jurisdiction.
2. Accordingly, if your client makes a will in Hong Kong, he has to include a clause that this will only covers the assets which are situated in Hong Kong. It should also state that it doesn't revoke the earlier UK will. In this way, he can make a second will to deal with the Hong Kong assets without it revoking the earlier UK will which is currently in place.
3. Ultimately, if your client is tax resident in Hong Kong it is prudent that he makes a will for Hong Kong which deals with his assets in that jurisdiction. In that way he can engage in tax planning for his estate in hong Kong.
4. Please Rate the answer as unless you Rate the answer your Expert will receive no payment for answering your question.