China: A Trusts, Probate & Succession: The Bar Overview

Trusts play an indispensable role in Hong Kong, serving critical functions across asset management, family estate planning, commercial transactions, unit trust investments, and share ownership arrangements. They offer significant benefits such as asset protection, smooth wealth transfer, and business continuity. Corporate trusts are vital to the fund management industry, acting as custodians and administrators for a wide range of investment products, while private trusts cater to the growing number of high net worth individuals and families seeking tailored solutions for succession planning, wealth preservation, and family governance. Family offices are expanding rapidly across Hong Kong and the broader region. Many are structured through trust vehicles, while others oversee assets held within trust arrangements, reinforcing the central role of trusts in managing complex, cross-border wealth portfolios and supporting long-term family and legacy planning. Charitable trusts further encourage individuals to support social causes, providing tax advantages that facilitate philanthropic objectives while benefiting the broader community.

Hong Kong’s trust law is rooted in equity principles and statutory provisions, particularly the Trustee Ordinance (Cap 29). It is consistent with the principles of other common law jurisdictions and provides a clear framework that defines the roles and responsibilities of trustees and the entitlements of beneficiaries. This legal clarity enhances the effectiveness of Hong Kong’s trust services sector, solidifying its status as a global hub for asset management.

Dispute resolution and compliance with legal requirements are critical components of trust law practice. In Hong Kong, express trusts are primarily governed by established legal principles derived from case law. To establish an express trust, the three certainties – subject matter, object, and intention, must be clearly defined. We are now entering a new era marked by the rise of digital assets, which are introducing fresh opportunities and considerations for traditional wealth management, trust structures, and legal frameworks. Following the implementation of the regulatory regime for stablecoin issuers under the Stablecoins Ordinance on 1 August 2025, the issuance of fiat-referenced stablecoins is now a regulated activity in Hong Kong. These emerging assets call for renewed thinking around issues such as classification, custody, and succession, prompting trustees and advisers to adapt how digital wealth is integrated into trust arrangements. Notably, Hong Kong courts have affirmed that cryptocurrency qualifies as property and can be validly held on trust. Resulting and constructive trusts frequently arise in both commercial and domestic contexts, with case law evolving to reflect judicial interpretations that address the complexities of modern transactions.

While trusts are central to estate planning, probate involves the legal administration of a deceased person’s estate, ensuring assets are distributed according to the will or, in the absence of a valid will, under intestacy laws. The administration of estates in Hong Kong is governed by the Probate and Administration Ordinance (Cap 10), the Wills Ordinance (Cap 30), and the Intestates’ Estates Ordinance (Cap 73).

For a will to be valid in Hong Kong, it must meet specific legal requirements. An executor, appointed in the will, is responsible for managing the deceased’s estate, including handling probate applications, safeguarding assets, settling debts and taxes, and distributing the estate to beneficiaries. Probate is a court order authorising the executor(s) named in a will to manage the deceased’s estate. Executors owe fiduciary duties to act in the best interests of the estate and its beneficiaries. If a person dies without a valid will, their estate is distributed in accordance with the Intestates’ Estates Ordinance. In cases where no executor is appointed or able to act, the court may appoint one or more persons to perform similar duties. Letters of administration are granted by court authorising such persons to administer the deceased’s estate in accordance with the law as administrators. A grant of probate or letters of administration will be issued once all legal requirements and requisitions are met and answered satisfactorily.

Immediately after the issuance of the grant, estate administration should start, which involves gathering information, managing assets, and distributing them to beneficiaries while fulfilling all legal obligations. The probate jurisdiction of the Hong Kong court only covers the estate in Hong Kong:

• First, executors or administrators must compile a comprehensive inventory of the estate, which includes real estate, bank accounts, investments, and personal belongings. This process requires engaging with banks, insurance companies, and government departments to retrieve essential documents such as wills, trust agreements, and financial statements through thorough searches.
• Next, obtaining a grant of representation is essential to gain the legal authority to manage the estate. This involves submitting key documents, including the original will, death certificate, and probate application form, along with a detailed statement of the estate’s assets and liabilities. In certain cases, notices may need to be issued to inform potential creditors.
• Once the grant of representation is obtained, executors or administrators are responsible for collecting and securing all assets. Before distributing these assets, they must settle any outstanding debts, such as funeral expenses, medical bills, and taxes.
• The final step is the distribution of assets to beneficiaries in accordance with the deceased’s wishes outlined in the will, or in line with intestacy laws if no valid will exists.

Estate administration can often be contentious due to its complexity and the involvement of multiple interested parties. Disputes commonly arise over issues such as the validity of the will, the identification and valuation of assets, the identification of rightful beneficiaries, the settlement of debts, and claims from creditors or among beneficiaries. These conflicts are frequently driven by emotional factors, conflicting interests, and the significant stakes involved. As a result, legal practitioners and third-party professionals are often engaged to resolve disputes and ensure the administration process is carried out smoothly and lawfully.

Governed by the Probate and Administration Ordinance, the probate process ensures the efficient and legal management of a deceased’s estate. A probate judgment, being in rem, binds all rival claimants once adjudicated.

The Ordinance also provides a statutory mechanism for the court to exercise discretion in appointing a qualified person as the administrator of a deceased’s estate. During the estate administration process, the court may issue different types of grants, depending on the specific circumstances of probate practice.

• When the grantee has died without fully administering the estate, a further or new grant is required to appoint a personal representative in respect of the unadministered estate, which is commonly known as a grant de bonis non.
• Where an estate of a deceased is at risk due to delays in its administration, an ad colligenda bona grant may be ordered to preserve the estate.
• A grant pendente lite will be issued when there is a pending probate claim. It can also be issued for the limited purpose of prosecuting an action in respect of a particular asset of an estate before the resolution of a probate action.

Another significant aspect worth mentioning is caveat proceedings. Such proceedings are by nature contentious. Caveat can be understood as a notice entered at the Probate Registry against the issuance of a grant to the estate of a deceased without informing the person entering the caveat. When a person wishes to stop a grant from being sealed, he/she may enter a caveat as the caveator. Once a caveat is entered, if the applicant for a grant wishes to dispose of it, he/she may issue a warning (as the person warning), requiring the caveator to give particulars of any contrary interest. A caveator having a contrary interest may enter an appearance, and if the caveator does not have any contrary interest, he/she may still enter an appearance.

信托在香港发挥着不可或缺的作用。在资产管理、家族遗产规划、商业交易、单位信托基金投资及股份拥有权安排等，它们为客户资产提供保障，并在财富顺利转移、传承及延续中发挥关键作用。企业信托担任着多种投资产品的托管人和管理人，在基金管理行业中发挥重要作用，而私人信托则服务于日益增长的高净值人士及家庭，为其提供量身定制的继承规划、财富保值及家族治理方案。近年来，家族办公室在香港及周边地区呈现快速扩张态势。其中，许多家族办公室通过信托架构设立，另有部分则负责管理信托安排下的资产，进一步凸显信托在管理复杂跨境财富组合及支持长期家族与传承规划中的核心地位。此外，以税务优惠为诱因，慈善信托鼓励客户支持公益事业，实现慈善愿景，造福社群。

香港信托法基于衡平法原则和法定条文，例如《受托人条例》（第29章），与其他普通法司法管辖区的原则一脉相承。这一法律基础为受托人的角色、责任及受益人权益提供了明确的法律框架。清晰明确的法律不仅提升了香港信托服务业的运作效率，亦巩固了香港作为全球资产管理中心的地位。

解决争议与确保合规性是信托、遗嘱认证及继承这一领域的重要层面。在香港，明示信托通常遵循判例法确立的法律原则。设立明示信托须明确界定三项确定性，即信托财产标的、对象和意图。当前，我们正步入数字资产蓬勃发展的新时代，这一改变为传统财富管理模式、信托架构设计以及既有法律框架带来了新机遇与思考。在香港，随着监管稳定币发行人的《稳定币条例》于2025年8月1日正式实施，发行以法定货币为价值参照的稳定币活动已被纳入香港受监管范畴。这类新兴数字资产的分类、托管和继承等关键问题推动受托人和顾问调整数字财富在信托安排中的整合方式。值得关注的是，香港法庭已确认加密货币属于财产范畴，并认可其可合法地作为信托财产持有。归复信托和推定信托在商业和家庭事务中均屡见不鲜，相关判例法亦不断演变以应对当前市场交易的复杂性及持续变化。

信托在遗产规划中发挥重要作用，而遗嘱认证则涉及对已故者遗产进行法律管理的关键环节，确保资产依遗嘱或无遗嘱法律进行分配。香港的遗产管理主要受《遗嘱认证及管理条例》（第10章）、《遗嘱条例》（第30章）和《无遗嘱遗产条例》（第73章）的规管。

在香港，一份有效遗嘱须符合特定要求。遗嘱执行人是在遗嘱中被指定管理已故者遗产的人。如已故者在世时没有订立有效遗嘱，其遗产将根据《无遗嘱者遗产条例》进行分配。

遗嘱执行人负责处理遗嘱认证申请、管理已故者的资产、为其清偿债务和处理税款，并将遗产分配给受益人。遗嘱认证是法院颁发的命令，授权遗嘱中指定的执行人管理死者的遗产。他们负有受信责任，须以遗产及其受益人的最佳利益行事。如果没有遗嘱或遗嘱执行人无法履行职责，法庭有权任命一人或多人履行与遗嘱执行人类似的职责。法庭通过授予遗产管理书，授权该等人士依法作为遗产管理人管理死者的遗产。法庭将在所有法律要求和要件得到充分满足与妥善解答时，授予遗嘱认证或遗产管理书。

遗产批给一经发出，遗产管理程序随即启动，遗产管理的事务包括收集信息、管理资产，以及将资产分配给受益人，并履行所有的法律义务。需注意的是，香港法庭对遗嘱认证的司法管辖权仅限香港境内遗产。

• 遗嘱执行人或遗产管理人应当编制真切及完整的遗产清单，包括不动产、银行账户、投资和个人物品等。此外，他们应与银行、保险公司和政府部门进行沟通，并通过全面的搜寻检索，以找到遗嘱、信托协议、财务报表等重要文件。
• 为取得合法处理遗产的权利，遗嘱执行人或遗产管理人必须申请授予书。这需要提交遗嘱原件、死亡证明、遗嘱认证申请表等文件，以及详细的资产与负债表，并在必要时发出通知告知潜在的债权人。
• 一旦获得授予书，遗嘱执行人或遗产管理人可收集和保管所有资产。在分配资产之前，应结清未偿还的债务，包括丧葬费用、医疗账单和税款等。
• 最后，遗嘱执行人或遗产管理人应根据已故者在遗嘱中的意愿或遵循《无遗嘱者遗产条例》将资产分配给受益人。

遗产管理因其复杂性和涉及众多利益相关方的特性，常引发争议。这些争议通常涉及遗嘱的有效性、资产鉴定和估价、合法受益人、债务结算清偿、债权人申索或遗产受益人之间的申索等问题。鉴于这类冲突常涉情感因素、利益冲突和重大利害关系所驱动，因此解决这些问题更需要法律从业人士和第三方专业人士的协助。

遗嘱认证程序则遵循《遗嘱认证及遗产管理条例》的规定，以确保遗产得到高效、合法的管理。同时，遗嘱认证判决是“in rem”的判决，一经裁定，即对所有对立申索人具有约束力。

法庭亦可通过法定机制行使酌情决定权，指定一名合资格人士担任已故者的遗产管理人。在遗产管理过程中，法庭可根据遗嘱认证的具体情况颁发不同类型的授予书，例如：

• 当承办人在未完全管理遗产的情况下去世时，法庭可进一步签发授予书或签发新的授予书，委任遗产代理人管理尚未管理的遗产。通常称为 “未作管理遗产授予书”。
• 如已故者的遗产因管理延误而面临风险，法庭可下令 “为收存财产而授予遗产管理”以保全遗产。
• 在遗嘱认证申请尚处于待决状态时，法庭有权颁发“诉讼待决期间授予书”。在遗嘱认证诉讼尚未解决前，亦可仅针对遗产中的某项资产的诉讼需求，颁发相应的授予书。

香港遗嘱认证程序中另一个重要环节是知会备忘程序，其本质上具有争议性。知会备忘可理解为在遗产承办处进行登记的一种通知形式，目的是反对法庭在未通知知会备忘登记人前对遗产作出授予的决定。

• 任何人如欲确保授予书不会在他本人不知悉的情况下获盖章，可将知会备忘在承办处登记；
• 登记完成后，授予书申请人如欲办理授予手续，可向知会备忘登记人发出警告（称为提出警告的人），要求其说明可能存在的对立权益；
• 登记人如拥有与提出警告的人对立的权益，可就该警告呈交应诉书；即使登记人并无对立权益，但拟就授予书盖章提出反对，亦可呈交应诉书。