The Financial Times has reported that the coronavirus pandemic has caused a surge in demand for urgent estate planning advice and Will drafting, especially among the wealthy and elderly. COVID-19 does not discriminate based on wealth and, increasingly, fatalities are being reported for those much younger than 65.
While death remains a taboo subject in Hong Kong, for many COVID-19 has brought the issue to the foreground making people think, perhaps for the first time, about what can be done in advance to ensure that loved ones are protected and provided for if the worst happens.
The core to any estate planning tends to be drafting a Will – or, if you already have one – reviewing the existing Will to ensure that it reflects significant events that may have happened, for example, marriage, the birth of a child, divorce or purchasing a property.
The starting point for most people is contacting their lawyer to arrange a meeting, explain their needs and desires and, a few days later, execute the final document. However, in the current climate, such straightforward measures have become much more complicated. In an effort to reduce the spread of the virus, lawyers are no longer working in their offices and clients might be quarantined meaning they cannot leave their homes – many different questions are being asked…..
You can read the full article on the website of our member law firm Hugill IP Solicitors here