Legal Tales | To will or not to will: beyond the myths of will-making in Hong Kong
People should go beyond the taboos and misconceptions of will-making and consider afterlife arrangements as a matter of proper financial planning
Few will argue against the wisdom of proper financial planning. But when it comes to planning for how one’s assets should be applied after one’s death, many will swiftly put an end to the conversation. Why is the concept of making a will taboo?
Will-making is certainly not a new concept to man. It has a very long history. In China, will-making was recognised and regulated since the Western Han dynasty (202BC – AD9). In the United Kingdom, the Statute of Wills (33 Hen. 8. c. 1) was enacted in 1540 to provide for devising land by will.
So any objection to wills cannot be based on lack of familiarity. However, a recent survey suggests that only about 20 per cent of Hong Kong residents have made wills.
It may be helpful to start by identifying what a will is. A will is a written instrument by which a person, called the “testator”, makes a disposition of his or her assets to take effect after his or her death. In other words, you set out a plan on how you would like your own assets to be used or distributed after you pass away.
One can immediately see the similarity in rationale between financial planning during your life and making a will that deals with those same assets you have hitherto carefully planned for when you are no longer here.
After all, having planned to provide for yourself and those you care about during your life, why would you not want to continue to provide for the people or causes that you care for, after you are gone?