Issues arising on the death of Mainland Chinese owning Hong Kong Assets
What happens when a person domiciled in Mainland China passes away owning assets in Hong Kong? These could include bank accounts, shares in listed and private companies and real estate. From an estate administration viewpoint, it is necessary to apply for grants of probate or letters of administration from the Hong Kong Probate Registry. This seminar will explain the practical issues that arise in making such applications to the Registry in the context of Mainland Chinese estates. Issues that will be addressed include the necessary procedures to prove the death, proving a will and its validity, appointing executors under a will, the PRC legal opinions that need to be produced to the Registry, as well as other issues. Where the deceased did not leave a will, other issues arise with respect to determining who should be appointed as administrator of the estate. And of course, what are the issues that arise in terms of identifying creditors of the estate both inside and outside Mainland China, and dealing with dependants who might have a claim against the estate?
Both our speakers - Wong Tak Shing TEP (partner Wong Shum & Co) and Wong Sing Tuen, Stephen (partner China Commercial Lam Lee Lai. Qianhhai) are lawyers who have had a lot of experience dealing with these cross-border issues and who will share their expertise with us.
This event is presented by the China Development Sub-Committee, a joint committee of the STEP HK branch and the HK Trustees' Association.