Securing Future


The cost of raising a child is expensive, and according to a recent survey, the cost of raising a child in Hong Kong from birth to age 22 (including tertiary education) can reach up to HKD 5.5 million and the number does not include inflation. But with proper planning and savings this could be tackled effectively.

Many parents spend time planning and saving for their child’s future. But even the most prudent fail to plan for their children in the event of the death of one of the parents particularly the bread winner. It is essential to plan ahead and consider life assurance and critical illness cover as well as drafting a will to secure the future of your children. Here are a few facts that might help you consider drawing up a will.

Your children could be made ward of state if you have not appointed a legal guardian
You may need several (permanent and temporary) guardians for your children, especially if you are an expatriate residing away from your relatives.
Your child may not inherit all of your assets in the event of your demise
A joint account bank account holder cannot access the bank account if the primary account holder dies
Insurance coverage provide by the employer is often not sufficient.

If you ensure you have sufficient life assurance and a will in place coupled with appropriate inheritance tax planning you can be comfortable in the knowledge that your children will receive your money at the right time.

There are lots of good financial reasons for making a will. Contact a member of Dino Zavagno’s team on +852 2868 5958 to learn more on this topic.

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It should be noted the services available from Gladstone Morgan Limited would vary from country to country. Nothing in the comments above should be taken as offering investment advice or making an offer of any kind with regard to financial products or services. It is therefore important to reinforce that all comments above are designed to be general in nature and should not be relied upon for considering investment decisions without talking to licensed advisers in the country you reside or where your assets may located.