To appreciate the importance of appropriate estate and succession planning, consider some of the bitter disputes that emerge in Hong Kong's court system.
Close relatives argue over their share of the family wealth, often when the patriarch has passed away.
Wives do legal battle with mistresses claiming their share of an estate. Children born outside of marriage can claim they are entitled to part of an estate, and there are many examples where siblings feel unfairly treated in the division of wealth and look for a legal remedy.
Many such cases, with the huge cost and embarrassment they involve, could have avoided if families arranged for wealth division and transfer well in advance of an elder's death.
Fortunately, awareness of the need for estate planning is increasing in Asia. Wealthy people from diverse backgrounds are realising it makes sense to have a plan in order to protect their assets and pass them on in an orderly manner.
A reason for estate planning is to legally minimise the liability of taxes payable on a deceased person's assets. Estate duties and inheritance taxes range from 15 to 18 per cent on assets in Hong Kong to 40 to 55 per cent in Britain and the United States.
