Special Needs Trusts: What Can We Learn from Hong Kong’s Experience 设立特殊需要信托：香港的经验和启发. 4 August 2023
111 Jiujiang Road, Shanghai
Dear STEP members,
You are cordially invited to attend the STEP member event to be held on August 4 at Shanghai Trust. This event is co-organised by STEP China and Shanghai Trust, focusing on Special Needs Trusts. We welcome STEP members and practitioners who are interested to participate.
我们诚挚地邀请您参加定于8月4日在上海信托举行的STEP会员活动。此次活动由STEP China和上海信托联合举办，话题聚焦特殊需要信托 (Special Needs Trusts)，欢迎感兴趣的STEP会员及相关信托从业人员报名参与。
The event will be held offline in Mandarin, please check in by presenting the confirmation letter on the day of the event. Seats are limited and we look forward to your participation!
Click here to sign up for the event.
In the United States, Singapore, Japan and other countries, special needs trusts have become an important supplement to meeting the special needs of groups including the mentally challenged and the elderly. The new regulations on "three classifications" of the trust industry, which came into effect on June 1 this year, singled out "special needs trusts", making this type of trust come into everyone's attention again. However, this kind of trust has just started in Mainland China, and there is much room for learning from developed countries and regions at the level of business practice, and the social awareness of special-needs trusts has yet to be improved.
However, from the demand side, the number of people with special needs in China continues to rise. According to incomplete statistics, there are approximately 12 million to 20 million people with mental disabilities in China due to various reasons. In the rapid development stage of aging, it is expected that the elderly population in China will exceed 300 million during the Fourteenth Five-Year Plan period, of which the proportion of elderly people with dementia and disability is expected to exceed 10%.
The Hong Kong SAR Government announced in October 2017 that it would take the lead in setting up a Special Needs Trust (SNT), and in February of the following year, it allocated HK$50 million to establish the Office of the Special Needs Trust (OSNT). Hong Kong is the first place in the world where the government serves as the trustee of a Special Needs Trust. It has been more than four years since the opening for application in 2019. How can the experience accumulated from practice in Hong Kong help and inspire Mainland China to develop the relevant business?
This seminar aims to share the experience of Hong Kong and explore the future direction of the industry in light of the reality in Mainland. Focusing on this theme, the guest speakers of the event will provide a comprehensive introduction to the existing special needs trusts in Hong Kong from the background of the legal framework to other elements involved in the process of project advancement, as well as discussing with industry experts in the mainland, and also welcoming questions and discussions from the attendees.
Topic highlights of the meeting include:
- Introduction to Special Needs Trust (SNT) in Hong Kong 香港地区特殊需要信托的简介
- Background to Legal framework of SNT in Hong Kong 香港地区特殊需要信托的法律架构背景
- Overview of EPA (Enduring Powers of Attorney), Wills and Trusts in Hong Kong 香港地区EPA（持久授权书）、遗嘱和信托的概述
- Differences of Guardianship Board and trustees of the estate 监护委员会及产业受托监管人的分別
- How special needs adult children are financially cared for in Mainland 探讨中国内地应如何在经济上照顾有特殊需要的成年子女
Ms. Sherlynn Chan, guest speaker of the event has extensive experience in trust practice and has acted as the Court appointed committee of the estate of mentally incapacitated persons on many occasions, responsible for the management of the property and affairs of such persons. She has also been a guest speaker at a seminar on Special Needs Trusts organized by the Hong Kong Social Welfare Department. This event is not only an opportunity to be inspired by the guest speakers' sharing and discussion, but also an excellent platform for practitioners from both sides to communicate and learn from each other. We welcome interested STEP members and relevant trust practitioners to sign up for this event.
14:45-15:00 Check-in 签到及入场
15:00-15:30 Guided tour: historic building of Shanghai Trust参观上海信托历史建筑
15:30-15:40 Opening Remarks活动开场致辞
Yu Shu, General Manager, Family Services Trust Dept, Shanghai Trust 束宇，上海信托家庭服务信托部总经理
15:40-16:00 Presentation 嘉宾分享
Sherlynn Chan, Partner, Deacons 陈连基，的近律师行合伙人
16:00-16:25 Panel discussion
Sherlynn Chan, Partner, Deacons 陈连基，的近律师行合伙人
Yang Sun, Chief Researcher, Wealth Management Centre, Zentrust Research 孙阳，智信研究财富管理中心首席研究员
16:25-16:45 Q&A 现场问答
16:45-17:30 Tea break and networking 自由交流（茶歇）
Event venue 会议场地：
The Shanghai Investment Building, where Shanghai Trust is located, was originally the Continental Bank, located at 111 Jiujiang Road, Shanghai. Built by the Continental Bank, construction began in May 1931 and was completed in November 1933. In 1991, the building was replaced by Shanghai Trust and renamed in 1994 as the "Shanghai Investment Building".