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Discuss the pros and cons of joint ownership

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1. Discuss the pros and cons (if any) of (i) joint ownership and (ii) trust for estate planning.  Name one financial institution in HK that provides trust services, then make a list of the trust-related services it provides.

2. Harry, aged 52, has two children, aged 18 and 16 respectively.  His wife died of cancer last year.  His annual salary is HK$800,000 as a Senior Manager in a bank.  He has an apartment with a current market value of $8,000,000, mortgage outstanding of $1,000,000 and has 8 years remaining term.  Since he spent substantial medical expenses for his deceased wife, he has around $1,500,000 liquid asset left.  However, he also got $800,000 death benefits from his wife life insurance policy and his employer provides a $1,000,000 life insurance policy coverage with his two children as the beneficiaries.

a) What is your advice to Harry in the short run, before his planned retirement at the age of 60 ? Try to focus on investment planning.

b) Do you think it is the right moment for him to consider estate planning ?  If yes, what kind(s) of estate planning method(s) you may suggest to him ?

3. Explain what a trust is, and the main reasons that people may use them to manage their estates.

*Please elaboration, thanks a lot!*

Reference no: EM133152209

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