Wills and Estate Planning – Think Ahead

Covid-19 and employment issues in the Cayman Islands
March 16, 2020

Most people appreciate the importance of having a Will and estate plan, however according to statistics in the UK, 60% of the population never actually create a Will. No one enjoys thinking about issues of mortality but it is vitally important to plan ahead and ensure that those you leave behind are protected.

If you are concerned about who will look after your children should you die prematurely, your loved ones financial future, protecting inheritance from a possible divorce, your own future health and ability to make decisions or your ageing parents, we can assist.

In the current economic and political turbulence, the future is a very uncertain place and it is important to think and plan ahead as best you can to provide peace of mind to you and your dearest.

We know that this is not something that people wish to dwell on and so we have made the Will creation process as straightforward and affordable as possible. Please see our Wills checklist below which highlights some of the key points that you will need to consider. Of course everyone's circumstances are different but we can provide tailored advice on the plan that will work best for you.

Our team at KSG has extensive experience advising on Wills and Estate planning issues. If you are interested in speaking with one of our experienced attorneys, please contact us at info@ksglaw.ky

Will Checklist

If you are thinking of making a Will, the main things you need to consider are set out below:

  1. Previous Will - have you made a Will in the past? If so, where is it stored? This will need to be destroyed when your new Will is made.
  2. Personal Details – we will need name and address details for you and your beneficiaries.
  3. Executors and Trustees - you will need to consider who you wish to appoint as your executor(s) and provide us with their details. They will ensure that your wishes are carried out when you die.
  4. Children – if you have children under the age of 18 or with special needs, you should consider appointing guardians to look after your children in the event of your death.
  5. Funeral Arrangements – do you have any special wishes for your funeral?
  6. Specific Gifts – Do you wish to leave a specific gift of personal property (i.e. photographs, jewellery, family heirlooms etc.) or a sum of money to any friends, family or charities?
  7. General Residue – after payment of any debts, funeral expenses and valid taxes, who do you wish to leave the residue of your estate to? It may be to your spouse, children, grandchildren or someone else and can be in whatever shares you desire.
  8. Exclusion of persons – is there anyone in particular who you wish to specifically exclude from your Will?
  9. Tax - this may be an issue depending upon your citizenship/tax status and where your assets are located. Depending on your circumstances, you may need to seek tax advice in another jurisdiction.
  10. Lasting Power of Attorney ('LPA') – at the same time as making a Will you may wish to consider making a LPA which enables someone to manage your affairs in the future should you become physically or mentally incapable of handling them yourself.