Great or not so Great Wills of China !!

Apr 19, 2017

According to US Today,  the world’s most populous nation has the second-largest economy, one of the highest savings rates and mushrooming wealth. Yet virtually no one has a will to pass on an estate. And now it’s become a huge problem.

Thirty years after communist China embarked on a course that allowed individuals to accumulate wealth, members of the first generation to benefit are starting to die, creating a spike in inheritance disputes that are clogging up the courts and turning families against each other.

The problem has gotten so bad that even the ruling Communist Party — previously no fan of inherited wealth — is concerned.

“When people die without a will their children scramble for their property, damaging family ties and having a negative effect on society,” the state-run Xinhua News Agency has warned.

Only 1% of China’s 220 million seniors have drawn up inheritance plans, according to the best estimates. The reason is cultural: talking about death is taboo and writing a will is akin to putting a curse on yourself.

You can read the full article here https://www.usatoday.com/story/news/world/2017/01/02/chinese-wills-savings-beijing/95750124/

More fromLegal News

Solicitors Kilkenny Main banner

Landlords Beware when evicting Tenants

1st February, 2023 The Court of Appeal in England and Wales recently considered the validity of a notice to quit and decided that a notice addressed to the wrong recipient was invalid. Background...

Feb 1, 2023
solicitors kilkenny

New Minister and New A.G.

19th December, 2022 Rossa Fanning was appointed the Attorney General for the Republic of Ireland on Saturday. Mr Fanning, who is not a member of any political party, was nominated by new...

Dec 19, 2022