SJP Estate planning services

Dying without a Will can make an already difficult time a lot harder for loved ones. This is particularly so if your assets are split across different countries and jurisdictions. When you die without a Will, the law decides who inherits what and in what proportions.

Often, these rules do not achieve what the person would actually have wanted at their death. Therefore, engaging estate planning and asset protection services can be invaluable to having a well-constructed Will in place. This helps ensure that the people you leave behind are provided for and that the people you know and trust are in control of the process.

Dying without a Will can make an already difficult time a lot harder for loved ones. This is particularly so if your assets are split across different countries and jurisdictions. When you die without a Will, the law decides who inherits what and in what proportions.

Often, these rules do not achieve what the person would actually have wanted at their death. Therefore, engaging estate planning and asset protection services can be invaluable to having a well-constructed Will in place. This helps ensure that the people you leave behind are provided for and that the people you know and trust are in control of the process.

The importance of a Will and temporary guardianship for expats in the UAE

Living as an expatriate in the UAE comes with a myriad of opportunities, but it also brings specific legal considerations that are crucial for the protection of your family and assets. Creating a Will and guardianship plans is essential for protecting your family and assets. 

By creating a Will, you not only ensure your assets are distributed according to your wishes but also guarantee the well-being of your children with a plan for guardianship, should something happen to you.

Estate planning and asset protection in Singapore

Sound planning is crucial to ensuring a secure financial future for yourself and your loved ones, especially if you have significant assets in Singapore. For one, estate planning involves arranging for the management and transfer of your assets after your passing, ensuring your wealth is distributed according to your wishes. This process includes drafting a Will, establishing trusts, and planning for probate. 

Meanwhile, asset protection focuses on safeguarding your wealth from potential creditors and unforeseen circumstances. By utilising estate planning and asset protection services, you can minimise taxes, safeguard your assets, and help ensure a smooth transition of wealth for future generations. 

With a comprehensive plan in place, you can enjoy a comfortable retirement with peace of mind from knowing your loved ones are taken care of.

Estate planning and asset protection in Hong Kong

Estate planning is a crucial aspect of financial planning, especially in Hong Kong, where efficient asset management and clear directives for inheritance are essential for protecting your wealth and ensuring your wishes are honoured. Estate planning helps with: 

  • Safeguarding assets: Estate planning helps safeguard your assets and ensures they are distributed according to your wishes. Without a proper plan, disputes may arise over property inheritance, leaving your assets vulnerable to lengthy legal battles.
  • Minimising disputes: A well-structured estate plan can minimise potential disagreements among family members by clearly outlining your wishes for asset distribution and guardianship of dependents. This can help avoid costly legal disputes and preserve family harmony, which can be jeopardised without clear directives.
  • Adhering to Hong Kong's legal framework: Estate planning in Hong Kong must adhere to specific legal requirements. A properly drafted Will or trust, in accordance with local laws, ensures that your assets are distributed correctly and minimises potential complications during probate. Failing to comply with these legal frameworks can lead to issues with asset distribution and guardianship designations.

Who needs estate planning?

While estate planning is often associated with older individuals, the reality is that it's a crucial consideration for a wide range of people at various stages of life. If you fall into one of the following categories, you might benefit from an estate planning service.

  • Individuals with significant assets or dependents: If you own substantial assets like property, investments, or a business in Singapore, estate planning helps ensure your wealth is distributed according to your wishes, providing for your loved ones and minimising potential disputes.
  • Business owners: For entrepreneurs, estate planning is vital for business continuity. It addresses ownership transfer, protects business assets, and helps ensure a smooth succession plan, minimising disruption to operations.
  • Expatriates: With assets potentially spread across different countries, expatriates in Singapore require specialised estate planning to navigate international laws and tax implications.
  • Retirees: Estate planning becomes increasingly important during retirement. It provides a framework for managing your assets, ensuring your financial security, and facilitating a smooth transfer of wealth to your beneficiaries.

Who needs estate planning in Hong Kong?

Estate planning is often associated with the wealthy, but in reality, it's a crucial service that many individuals and families in Hong Kong should consider, including: 

  • Individuals with local and international assets: If you own property, investments or other assets in Hong Kong or abroad, estate planning ensures they are distributed according to your wishes.
  • Families with cross-border considerations: Families with connections to multiple countries face complex legal systems and inheritance laws. Estate planning helps prevent potential conflicts and ensures your assets are distributed as you intend.
  • Business owners, expatriates, and individuals with dependents: Business owners, expats and those with dependents have unique needs. Estate planning helps with business continuity, navigating international laws and protecting the interest of loved ones.

How we can help

Many people recognise they need a Will but put it in the ‘I’ll do that later’ list. As a result, a significant number of individuals pass on without a Will in place.

Therefore, we aim to make the process of writing a Will a seamless and simple one through a full estate planning service.

Estate planning services

Comprehensive Will drafting

Under our comprehensive estate planning service, we provide guidance on creating a legally binding Will in Singapore, considering key aspects like allocating your assets, naming executors, and establishing guardianship for minors.  

Moreover, we understand the complexities faced by expatriates and offer expertise in multi-jurisdictional Wills, ensuring your assets are distributed correctly, regardless of where they are held. 

We also regularly review and update your Will to reflect changes in your circumstances, ensuring it remains aligned with your evolving needs.

Establishing and managing trusts

Trusts are valuable tools for asset protection and wealth management. They safeguard assets and can offer significant tax advantages. 

Trusts are particularly useful when minors or incapacitated beneficiaries are involved, as they allow for controlled distribution of assets and ensure their well-being.

Our estate planning services

Comprehensive Will writing

A well-drafted Will is the cornerstone of a sound estate plan. Our estate planning service includes assistance in drafting Wills that are fully compliant with Hong Kong law, while ensuring your assets are distributed according to your wishes, including: 

  • Key considerations: Our experts guide you through essential considerations, such as appointing executors to manage your estate, naming guardians for minor children and ensuring your Will covers assets located outside of Hong Kong.
  • Updating your Will: Life is full of changes — marriage, divorce, the birth of a child, or even acquiring new assets. We emphasise the importance of regularly reviewing and updating your Will to reflect these changes, and ensure it remains aligned with your current wishes.

Establishing and managing trusts

Trusts are powerful tools for protecting your assets and ensuring they are managed and distributed according to your wishes. They offer advantages such as providing for beneficiaries with specific needs, protecting assets from creditors and potentially minimising tax liabilities. 

  • Expertise in multiple trust planning: We offer expertise in various types of trusts. From discretionary trusts to income trust,  we will work with you to put in place an appropriate trust plan which offer you greater asset protection and tax benefits.

* Recommendation relating to a Will, matters of guardianship, trust, Lasting Power of Attorney involves referral to a service that is separate and distinct from those offered by St. James’s Place.

Asset protection and wealth preservation

Strategies for asset protection

We employ a range of approaches to safeguard your assets and help ensure your financial security.

Structuring wealth

We help you to structure your wealth, such as through trusts, companies, or other legal entities, to help ensure your assets are shielded from unforeseen circumstances.

Asset transfer planning

Effective asset protection often involves strategic asset transfer planning. We advise on gifting, trusts, and other methods to minimise tax liabilities while ensuring your wealth is preserved for future generations.

Business succession planning

For entrepreneurs, we offer comprehensive succession planning to protect your business interests. This includes strategies for ownership transfer and management transitions, helping you ensure the long-term viability of your business.

Asset protection and wealth preservation

Strategies for asset protection

Protecting your wealth from potential risks is a key aspect of financial planning. We offer comprehensive strategies and solutions to help you safeguard your assets and preserve your financial security, such as:

Structuring assets

Strategic asset structuring can minimise your exposure to legal risks, claims or creditors. This may involve utilising various legal entities such as trusts to hold your assets and protect them from potential liabilities.

Offshore and onshore trusts

Establishing offshore and onshore trusts can be an effective way to preserve your wealth and protect it from creditors or legal challenges. We can guide you through the process of setting up a trust in suitable jurisdictions and managing them effectively.

Tax-efficient wealth transfer

We provide guidance on transferring wealth tax-efficiently, both within Hong Kong and internationally. This includes understanding the tax implications of different transfer methods, such as gifting or inheritance, and utilising strategies to minimise potential tax liabilities.

Tax planning services

Our tax planning services are designed to help you minimise your estate and inheritance taxes. We help you leverage Singapore's tax-friendly estate planning plans and collaborate with global tax planners to optimise your tax position, ensuring your wealth is transferred to your beneficiaries with minimal tax implications.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.

Tax considerations for estate planning in Hong Kong

While Hong Kong does not impose estate duties, careful tax planning remains crucial for effective estate management, especially for individuals with assets or beneficiaries located outside of Hong Kong.

  • Avoiding estate tax issues: Even though Hong Kong doesn't have estate duty, it's important to be aware of potential tax implications in other jurisdictions. If you own assets in countries with estate taxes or have beneficiaries residing in such countries, your estate could be subject to those taxes. We can help you navigate these complexities and minimise potential liabilities through our comprehensive range of services.
  • International tax implications: For cross-border estates, understanding international tax implications is essential. This includes being aware of tax treaties between Hong Kong and other countries, as well as potential tax liabilities in the countries where your assets or beneficiaries are located. We can provide guidance on structuring your estate to minimise your overall tax burden.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.

Appointing guardians

Importance of appointing guardians

Appointing guardians is a crucial aspect of estate planning, especially for parents with minors in Singapore. A testamentary guardian, appointed in your Will, assumes legal responsibility for your children if you pass on before they reach adulthood. This is a crucial measure to ensure your children are cared for by individuals you trust and that their wellbeing is protected. As their guardian, the person you appoint will have the right to make decisions regarding your child's upbringing, education, and healthcare.


How we support you

Navigating the complexities of appointing guardians can be challenging. At St. James's Place, we provide comprehensive support to help ensure your wishes are fulfilled and your children's wellbeing is protected:

  • Selecting appropriate guardians: We provide guidance on choosing suitable guardians who align with your values and can provide the best care for your children.
  • Drafting clauses in Wills: Our experts ensure your Will includes legally sound guardianship clauses that clearly outline your wishes and comply with Singaporean and, if applicable, international regulations.
  • Support for guardianship applications: Where required, we offer support in navigating the legal processes involved in guardianship applications, ensuring a smooth transition for your children and appointed guardians.

Appointing guardians for your loved ones

Why is appointing guardians crucial

In Hong Kong, guardianship laws mandate the protection and care of minors under the age of 18. Appointing a guardian for your children ensures they are cared for according to your wishes in the event of your incapacity or death. 

This involves designating individuals you trust to make decisions regarding their upbringing, education and wellbeing. Naming guardians in your Will provides legal clarity and avoids potential disputes or delays in determining guardianship arrangements. It is a crucial step in providing peace of mind and ensuring the continued care and support of your loved ones.

How we assist with guardianship appointments

Appointing a guardian for your children is a crucial decision that requires careful consideration. Working closely with external legal professionals, we provide comprehensive support and guidance throughout the process, ensuring your children's wellbeing is protected.

Making a Lasting Power of Attorney (LPA)

What is a Lasting Power of Attorney?

A Lasting Power of Attorney (LPA) is a legal document in Singapore that allows you to appoint someone you trust to make decisions on your behalf if you lose mental capacity. Unlike a Will, which takes effect after death, an LPA is activated while you are still alive but unable to make decisions independently.

Recommendation relating to a Will, matters of guardianship, trust, Lasting Power of Attorney involves referral to a service that is separate and distinct from those offered by St. James’s Place.

Creating a Lasting Power of Attorney (LPA)

What is an LPA?

A Lasting Power of Attorney (LPA) is a legal document in Hong Kong that enables you to appoint trusted individuals to manage your property and financial affairs in the event you become mentally incapacitated. Unlike a Will, which takes effect after death, an LPA is activated while you are still alive but unable to make decisions independently.


How to create an LPA in Hong Kong

Creating a valid and enforceable Lasting Power of Attorney (LPA) in Hong Kong requires adherence to specific legal procedures. We provide expert guidance and support throughout the entire process, empowering you to make informed decisions and safeguard your interests. Our services include:

  • Meeting legal requirements in Hong Kong: We guide you through the precise legal requirements for creating an LPA in Hong Kong, including the proper completion of prescribed forms, appointing suitable attorneys, and understanding the necessary witnessing and certification procedures. The process includes the need of a registered medical practitioner to certify the mental capacity of the donor.
  • Registration with the High Court of Hong Kong: We assist with registering your LPA with the High Court of Hong Kong. This registration is critical for the LPA’s validity and enforceability, and we ensure all documentation is correctly prepared and submitted.
  • Understanding the scope of attorney powers in Hong Kong: We will make sure that the LPA document is tailored to your specific wishes, and that the attorneys that you have chosen understand their roles and responsibilities within the Hong Kong legal system.

* Recommendation relating to a Will, matters of guardianship, trust, Lasting Power of Attorney involves referral to a service that is separate and distinct from those offered by St. James’s Place.

Why choose St. James's Place?

When it comes to securing your legacy and protecting your assets, choosing the right adviser is paramount. As such, St. James's Place offers a winning blend of expertise, client-centric service, and global reach, making us an ideal choice for your estate planning and asset protection needs in Singapore.

Expertise

Our estate planning team comprises in-house and external qualified and experienced professionals with in-depth knowledge of Singaporean laws and regulations.

Client-centric service

We believe in building long-term relationships with our clients, understanding their unique needs and providing personalised advice so that every solution is truly yours.

Global reach with local understanding

As a financial advisory services firm with a global presence, we combine international experience with in-depth knowledge of Singaporean laws and regulations. This allows us to provide comprehensive and effective solutions for clients with assets across multiple jurisdictions.

Why choose St. James's Place?

When it comes to securing your financial future and protecting your legacy, choosing the right adviser is paramount. St. James's Place offers a winning combination of expertise, personalised service and global reach to help you achieve your estate planning goals.

Expertise

Our estate planning services are provided by carefully selected, highly qualified and experienced professionals with in-depth knowledge of legal and financial landscape in Hong Kong and abroad. We stay abreast of the latest regulations and best practices to provide you with sound advice and effective solutions.

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Client-centric service

We believe in building long-term relationships with our clients, and understanding their unique needs and aspirations. Our advice is always tailored to your specific circumstances, ensuring your estate plan reflects your wishes and protects your loved ones.

Global reach with local understanding

We combine international experience with a deep understanding of Hong Kong's laws and regulations. This allows us to provide comprehensive estate planning solutions for clients with assets and interests across borders. 

Frequently asked questions about estate planning services

What is the difference between a Will and a trust?
How often should I update my estate plan?
What types of assets can be included in an estate plan?
What happens if I don't have an estate plan in place?

Frequently asked questions

What is the difference between a Will and a trust?
How often should I update my estate plan?
What types of assets can be included in an estate plan?
What happens if I don't have an estate plan in place?
Guardianship
Appointing guardians

Do not let a court decide who will look after your children. Be responsible and ensure that both temporary and permanent guardians are appointed.

Guardianship
Estate planning and family protection

The creation of wealth is a goal many aspire to. However, when it comes to providing for successive generations, the protection of assets via wealth guardianship is non-negotiable.

Enduring Powers of Attorney

Create an Enduring Power of Attorney to make sure that the right people take care of your finances if you don’t have the capacity to.

Advice relating to a Will, guardianship and Power of Attorney, involves a service that is separate and distinctive to those offered by St. James’s Place. 

Why you need a Will as an expat in the UAE

Unlike many Western countries, the UAE does not have long standing established processes for guardianship of minors and asset distribution without a registered Will. While recent legislation aims to align with expat interests, its implementation remains slow due to bureaucratic challenges.

Without a Will, your children may be placed in local custody, and assets may be distributed according to local laws—often in ways that don't align with your preferences. This process can be lengthy, potentially reducing asset value and causing financial strain for loved ones. Drafting and registering a local Will is the best way to avoid these complications. 

Key reasons to consider drafting a Will as an expat in the UAE include:

  • Asset distribution

    Without a Will, the local courts will distribute your assets under the local laws applying to expats. This means your assets will go to your spouse, your children or closest living relative. Identifying and proving who the beneficiaries are is a long and burdensome process which takes around six months in the best-case scenario, followed by another 6 months for the court to distribute assets. 

  • Guardianship of children

    Establishing temporary guardianship is essential for parents. Without a guardianship plan, your children could be placed into state custody until permanent guardianship is decided, potentially causing emotional distress during an already difficult time.

  • Efficiency in probate

    A Will speeds up the legal process after death, significantly reducing the time and effort your loved ones will spend navigating UAE courts.

  • Avoiding unintended consequences

    Without a clear Will, complex inheritance laws and judicial interpretations may cause complications and unexpected surprises for your family, especially if they reside abroad.

Without a Will, the local courts will distribute your assets under the local laws applying to expats. This means your assets will go to your spouse, your children or closest living relative. Identifying and proving who the beneficiaries are is a long and burdensome process which takes around six months in the best-case scenario, followed by another 6 months for the court to distribute assets. 

Establishing temporary guardianship is essential for parents. Without a guardianship plan, your children could be placed into state custody until permanent guardianship is decided, potentially causing emotional distress during an already difficult time.

A Will speeds up the legal process after death, significantly reducing the time and effort your loved ones will spend navigating UAE courts.

Without a clear Will, complex inheritance laws and judicial interpretations may cause complications and unexpected surprises for your family, especially if they reside abroad.

Muslim Wills vs Non-Muslim Wills

One of the most important distinctions in estate planning in the UAE is the difference between Muslim and non-Muslim Wills.

One significant update under the new expats law is that Muslim expatriates, can now elect between applying Sharia law or the law applying to expats. This means that Muslims who are not citizens of the UAE can now elect out of the predefined shares and guardianship provisions mandated by Sharia law.

By drafting and registering a Will, non-Muslims who are UAE residents can outline their wishes: 

  • Free distribution: Choose beneficiaries freely, without adhering to predefined shares under Sharia law.
  • Foreign law application: They may request that the laws of their home country apply to their estate.
  • Guardianship flexibility: Non-Muslim Wills also allow for the designation of a guardian for children, providing greater certainty for parents living abroad.

ADGM and DIFC Will: tailored for expats

The UAE offers two main legal jurisdictions for the registration of Wills for non-Muslims: the Abu Dhabi Judicial Department (ADJD) and the Dubai International Financial Centre (DIFC). These jurisdictions provide expatriates with options for estate planning that cater specifically to their needs.

  • ADJD Wills

    The ADJD offers a robust framework for non-Muslims expats and Muslims who are not citizens of the UAE to register their wills, ensuring that their estate is managed in accordance with their wishes.

    • Comprehensive coverage: ADJD Wills allow you to cover assets not just in Abu Dhabi but across all seven emirates.
    • Guardianship provision: ADJD offers the possibility to nominate guardians for minor children, providing peace of mind for expat families.
    • Secure and recognised: ADJD wills are legally recognised across the UAE, offering a secure and streamlined process.
  • DIFC Wills

    The DIFC provides another option for non-Muslims to register their Wills. Non-Muslims only can avail themselves of the Wills services offered by the DIFC.

    • Flexible asset coverage: DIFC Wills allow you to cover assets in Dubai, as well as assets outside the UAE if specified.
    • Streamlined process: The DIFC Wills and Probate Registry is known for its user-friendly process and offers a fast, straightforward way to register your Will.
    • International recognition: DIFC Wills are also respected internationally, offering added assurance for expats with global assets.

The ADJD offers a robust framework for non-Muslims expats and Muslims who are not citizens of the UAE to register their wills, ensuring that their estate is managed in accordance with their wishes.

  • Comprehensive coverage: ADJD Wills allow you to cover assets not just in Abu Dhabi but across all seven emirates.
  • Guardianship provision: ADJD offers the possibility to nominate guardians for minor children, providing peace of mind for expat families.
  • Secure and recognised: ADJD wills are legally recognised across the UAE, offering a secure and streamlined process.

The DIFC provides another option for non-Muslims to register their Wills. Non-Muslims only can avail themselves of the Wills services offered by the DIFC.

  • Flexible asset coverage: DIFC Wills allow you to cover assets in Dubai, as well as assets outside the UAE if specified.
  • Streamlined process: The DIFC Wills and Probate Registry is known for its user-friendly process and offers a fast, straightforward way to register your Will.
  • International recognition: DIFC Wills are also respected internationally, offering added assurance for expats with global assets.

Both ADJD and DIFC offer non-Muslims in the UAE a way to ensure that their assets and loved ones are protected according to their wishes, with the ADJD offering the option of safeguarding the interests of Muslim citizens of other countries. Whether you are new to the UAE or have been here for years, registering your will with either of these entities can provide peace of mind and legal security.

Temporary guardianship: A must for expat parents

As an expat parent, temporary guardianship arrangements are a critical safeguard. In the event of an emergency, naming a temporary guardian ensures your children are looked after by a trusted individual until permanent arrangements can be made. In the UAE, where there may be no immediate family members present, this important legal document helps avoid potential delays and ensures your children’s care is seamless and secure.

Guardianship of minor children

As a parent, the well-being of your children is your top priority. If you have children under the age of 18, it's crucial to consider who will care for them if you and your partner are unable to do so. Appointing a guardian for your minor children is a vital aspect of estate planning, ensuring that your children are cared for by someone you trust and that their best interests are protected. This is particularly important for expatriates, as legal systems and cultural norms may differ significantly from your home country.

guardian

Appointing a guardian

Appointing a guardian for your minor children provides a clear legal framework for their care in your absence. This legally documented decision safeguards your children's well-being and provides instructions for their upbringing and education. Choose a guardian who shares your values and whom you trust to make decisions in your children's best interests.

Ensuring financial support

Wealth guardianship goes hand-in-hand with appointing a guardian. It's crucial to guarantee your children's financial security through mechanisms like trust funds or life insurance policies. These provisions cover your children's needs, such as education and healthcare, ensuring they are well-provided for even in your absence. Wealth planning is key to safeguarding their future.

Establishing an Enduring Power of Attorney

An Enduring Power of Attorney (EPA) is a powerful legal tool that allows you to plan for the future and ensure your wishes are respected, even if you become unable to make decisions for yourself due to unforeseen circumstances. It grants a trusted person the legal authority to manage your financial and personal affairs. This proactive step provides peace of mind, knowing your affairs will be handled responsibly.

Why you need an EPA

An enduring POA is essential for anyone who wants to maintain control over their affairs. Without an EPA, if you lose mental capacity, your loved ones may face lengthy legal procedures to gain control of your assets. An enduring power of attorney avoids this, ensuring a smooth transition and continuity in managing your financial matters and healthcare decisions.

Cross-border EPA considerations

For expatriates with assets in multiple countries, establishing a lasting and enduring power of attorney requires careful consideration. An EPA that is valid in one country may not be effective elsewhere, so expert legal advice is essential to guarantee its validity and protect your interests.

Protecting your family’s future with comprehensive estate planning

Estate planning helps secure your family's financial future, ensuring your legacy is protected, managed and distributed as you wish. This is especially crucial for expatriates, as it allows you to navigate the complexities of international laws and ensure your wishes are upheld regardless of where your loved ones reside.

Providing for spouses and children

A key element of estate planning is securing the future of your loved ones. This includes making thoughtful provisions for your spouse, children, and dependents. Strategies such as life insurance, trusts, and inheritance plans help protect their financial stability, ensuring that your assets are distributed securely and in a tax-efficient manner.

Charitable giving

Incorporating charitable giving into your estate plan is a powerful way to support causes you care about and leave a lasting positive impact on the world. By including charitable donations in your Will or establishing a charitable trust, you can contribute to organisations and initiatives that align with your values. Furthermore, charitable giving can offer potential tax benefits, allowing you to optimise your estate and maximise the value passed on to both your chosen charities and your beneficiaries.

The levels and bases of taxation and reliefs from taxation can change at any time.  The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.

Advice relating to a will, matters of guardianship, trust, and/or Power of Attorney involves the referral to a service that is separate and distinct to those offered by St. James’s Place.

Trust the experts

With a little bit of planning and some expert guidance, you can add some certainty to your future.

Contact us