A will lets you decide what happens to your money, property and possessions after your death. Hong Kong has already abolished inheritance tax. If you make a will so you need not worry about paying inheritance tax no matter what scale of your wealth.
A will needs to meet the legal requirements. A will is usually not straightforward and therefore you need advice from a lawyer experienced in will drafting and succession laws. You need to get your will formally witnessed and signed to make it legally valid. Your lawyer may be pleased to witness your will to ensure its impartiality and trustworthiness.
If you want to update your will, you need to make an official alteration (called a ‘codicil’) or make a new will. If you die without a will, the law decides who gets what. It is called the Intestates Estates Ordinance.
"Legal fees on drafting and witnessing a will: $1000-$1500 (simple clauses with one executor and one beneficiary, passing the entire asset profile without specifically described)"