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

More fromLegal News

Property Legal Advice

How to speed up the sale of a property

1st July, 2024 Last week, a guide, which is primarily aimed at sellers but will also be of interest to buyers, has been published by the Society of Chartered Surveyors Ireland and the Law Society...

Jul 1, 2024