The third edition of the Herbert Smith Freehills Guide to Private Wealth in Asia provides concise information on trusts, estates, probate and mental capacity issues across 12 jurisdictions in the region (China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam).
The guide has been updated to reflect key legal developments since the last version, including:
- Vietnam's new Civil Code which becomes effective from 1 January 2017. The new Civil Code will affect many areas of law in Vietnam, including Wills and Probate. Thailand's revision of its inheritance tax law. Whereas inheritance tax used to not be levied in Thailand, the new position levies inheritance tax on property having a net value in excess of THB 100m. All property in excess of the threshold held by Thai nationals or Thai residents will be subject to the new regime.
- South Korea's new Public Trust Act, effective since 19 March 2015. Under the new legislation, it is easier to set up a special vehicle for charitable purposes by way of trust. A public trust can now be established by signing a public trust contract to be approved by the Minster of Justice within 3 months.
As well as updating the original questions, the third edition of the Guide includes two new questions which have been particularly relevant on a number of recent high value cross border matters:
- On what basis may lifetime gifts be set aside?
- Is there a regime to allow someone to appoint an attorney who can continue to act after the donor loses capacity?
The Guide has been printed in both in English and, for the first time, simplified Chinese.
For a full copy of the guide, please email firstname.lastname@example.org.
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills 2021