IPWS annual sponsor, St. James’s Place Wealth Management is welcoming all newcomers to Shanghai this season by offering some valuable advice to international parents about raising children in China.
*This is a sponsored article by St. James’s Place Wealth Management, an IPWS sponsor.
How does Parenting as an Expat in China Differ from Parenting Back Home?
Raising your children abroad provides many benefits, such as opening their minds to additional experiences and adapting to new environments. However, there are of course a number of challenges in raising children in a foreign country compared to what you are used to back home.
If you are planning to relocate to China soon or have already settled here, the Raising Children in China guide from St. James’s Place Wealth Management will come in handy. It covers the most important topics, such as:
• Global education trends • University costs • Family protection • Health insurance • Income protection • Emergency plan • Guardian for your children • Having a will
Why is it Important to Have a Temporary Guardian for Your Children Whilst Living in China?
Living abroad with your family isn’t just a chance for you to further your career, but it’s also a chance for the entire family to learn and grow in a new environment. While many expats do extensive planning in preparation for living abroad, taking care of housing, finances, schooling, etc., there is one realistic part of the expat experience that is frequently overlooked.
Regardless of where you are living, but especially while abroad, it is of high importance that every family have a plan in place in case of an emergency or unexpected event. Having appointed a temporary guardian for children should be included in such a plan.
Who is a temporary guardian? A temporary guardian is someone located within China who in case of emergency with the parents can step in immediately and look after the children until the permanent guardians arrive from back home.
What happens if there are no guardians appointed?
If there is no evidence of guardians being appointed, the local government takes responsibility until a guardian is found. If no suitable person is available or willing to do it, then the State remains in charge of the orphaned child or children for the rest of their minority.
The law in most Common Law countries (such as China) makes the child or children Wards of Court. The court will then supervise arrangements for their immediate care, which could mean a state-run institution, a charitable home, or foster parents.
The court will then ask for applications from people who may be interested in taking on the legal guardianship of the children or seek to place the children with those relatives. It will consider applications, probably interview the applicants, and then award one of them the right to the children.
This process obviously takes time and the children may well be in the care of their close families if they are nearby. But if there is no family, the State has the legal right – and indeed obligation – to keep the children in a place of safety.
Thus, appointing a guardian is undoubtedly important to have peace of any parent’s mind.
Get the full guide for more information. To download the complete guide, scan the QR code on the image below or click here, and fill out the form to request the complimentary brochure.
Advice relating to a will and guardianship involves the referral to a service that is separate and distinct to those offered by St. James’s Place Wealth Management.
About St. James’s Place Wealth Management
The St. James’s Place Wealth Management Group is a FTSE 100 company with £109.3 Billion of client funds under management. The group was established in the UK in 1991 and expanded to Asia in 2014. Now, St. James’s Place is one of the largest wealth management companies serving the local and expatriate communities in Asia. With offices in Shanghai, Beijing, Shenzhen, Hong Kong and Singapore, our Partners have many years of experience delivering face-to-face wealth management advice to individuals, trustees and businesses to help them achieve their financial goals.
As well as addressing simple and straightforward issues such as insurance, we can help resolve more complex problems for clients, such as investing for growth, or income, or retirement planning.
Putting clients firmly at the center of everything we do is core to the St. James’s Place culture and enables us to run a genuinely client-focused business. The strength of our business is underpinned by satisfied clients, their referrals and the dedication of our unrivalled team of St. James’s Place Partners. We are personally committed to providing quality, bespoke advice and the very best client service to meet the ever-changing needs of our diverse client base.
