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2. If the executor resides out of Hong Kong and refuses to assume the office, how can he renounce the right to probate?

The procedure is provided in s.29 of Probate and Administration Ordinance (Cap. 10).  He can either:

Renounce orally on the hearing of any petition or probate action by counsel on his behalf; or

in writing signed by him and attested by a solicitor or by any person before whom an affidavit may be sworn. (Renunciation of Probate should use Form No W2.1 and of Administration with the Will annexed, Form No W2.2; renunciation of letters of Administration should use Form L2.1)