9 February, 2017
Not many people want to think about death – or more particularly, their own death. In a way this reluctance is understandable. Unfortunately, it often leads to people failing to make a will to provide for their loved ones after they have gone. Contrary to popular belief, at Broadhurst we consider a will to be for a living person and we encourage our clients to take the same view. Failure to make a will can leave your loved ones at risk, cause unnecessary stress and strife, and may lead to your wishes not being considered after your death.
The advantages of making a will are:
What is a Will?
A will is a document in writing that sets out your instructions as to how your estate (property, money, assets) are to be divided. In the Cayman Islands wills are governed by the Wills Law (2004 Revision). The person who makes a will is called a testator.
Formalities for a valid Will
Section 6 of the Wills Law sets out the manner in which a will must be executed. For a will to be valid:
Wills generally contain an attestation clause, which confirms that the document has been executed in the presence of at least 2 witnesses, and that all relevant requirements have been met.
Other requirements for a valid will include:
What should I be aware of when making a will?
It goes without saying that every individual has his or her own needs when it comes to estate planning. However, a few general comments and observations include:
If you need to provide for minor children:
At Broadhurst LLC we have 25 years experience of dealing with wills and probate in a confidential and sensitive manner. We would be pleased to assist in drafting your will, or otherwise help with estate planning.
This publication and the material on this website was prepared for general information purposes only to provide an overview of the subject matter. It is not a substitute for legal advice nor is it legal opinion and should not be taken as such. It deals in broad terms only and is subject to change without notice. If you require legal advice, please contact us and arrange a consultation.