Hong Kong government becomes heir to HK$62m worth of ownerless estates
HK$62 million worth of assets from private estates has gone to the government since 2007, pointing to need for owners to draw up a will
The government has pocketed more than HK$62 million worth of unclaimed private estates in the past five years because the owners died without leaving a valid will or had no next of kin.
According to an official source, the government is still seeking ways to identify the unclaimed estates, which include bank savings and items in safe-deposit boxes.
It is technically difficult for banks to ascertain whether clients with long-inactive accounts have died. Data of unclaimed assets in banks are also classified information.
Solicitor Billy Ma Wah-yan, who specialises in probate, says banks usually issue a public notice to look for their clients or their families in the case of unclaimed safe-deposit boxes.
As a last resort, they could open the boxes in the presence of an independent notary public and sell some items to settle outstanding charges, depending on the agreement between the bank and client, Ma said.
Under the Probate and Administration Ordinance and the common law, any unclaimed estate of a person without a will or traceable next of kin will be paid to the Treasury. This is known as bona vacantia, the legal name for ownerless property.
"That the common law does not like the concept that properties have no owners is an ancient principle. If you can't find the owners, the common law will give the property to the state," said Steven Gallagher, a law professor at Chinese University who specialises in equity and trusts.