If you intend to have your estate handled according to your preference, you need to set up a will.
A will is the last wish of the deceased. Compared to not having a will, it has the following benefits:
Distributing your estate according to your instructions
If you have no will, your property will be distributed to your family according to the Intestates' Estates Ordinance. However, the circumstances for each family is different. Distribution of property according to the statutory terms may not suit everyone’s needs. By making a will, you can decide how your estate should be distributed to your family members. You can also allocate some of your assets to friends or charity organisations.
Appointing an executor for the distribution of your estate
You can specify the executor(s) of your will (no more than four persons, who could be your family, your solicitor or accountant). The executor is responsible to handle the probate matters with the court, and to manage and distribute your estate according to your will. This arrangement can prevent disputes arising from the management and distribution of your estate, which could end up in court. Besides, the executor must hold the estate for a minor beneficiary in trust until s/he reaches adulthood.
There are other benefits for making a will. For example, if you may have dependants who are unable to take care of themselves, you can include special trust terms, so that you could appoint a trustee or a guardian to manage the estates you set aside for those dependents on your behalf to protect the standard of their everyday living. If you do not wish your descendants to inherit your property at a young age, you can specify that they could only receive all your property when they reach a designated age, e.g. 25, in your will.