Reforming Enduring Powers and Launching a Special Needs Trust in Hong Kong

Abstract

Individuals with cognitive impairment, whether inborn or acquired as a result of illness or accident, depend on others to manage the financial assets available for their benefit. This chapter examines the latest developments in enduring powers of attorney and special needs trusts (SNT) in Hong Kong as vehicles for financial planning for such individuals. It first examines whether the proposed reform of the enduring power of attorney will bring Hong Kong law in line with other developed jurisdictions, before outlining the advocacy efforts that led to the Hong Kong Government’s decision to launch a territory-wide special needs trust for the benefit of individuals with cognitive impairment. Finally, it examines the challenges in designing the operational framework of such a trust.