> Clearly sets out your wishes > Meets legal requirements.
Key Roles in your Will
> Names and addresses of your proposed
Attorneys can also provide additional services such as the retention of your will. A will can be handwritten, typewritten, or prepared on a computer. If handwriting your own will, it is important that you ensure it meets appropriate legal requirements. As requirements for wills vary internationally depending on your location, it is necessary to seek legal advice when drafting your will.
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Letters of Wishes Often accompanying a will is a letter of wishes setting out additional, non-binding requests. Such letters can be a great comfort to family members who find themselves unsure about where to begin when dealing with their final wishes. Simple instructions include where your life insurance policies, annuities and pension plans are held. Also included are your bank account details; your electricity, water, internet account numbers; your computer password; a list of your fixed assets; your digital assets; the names of your attorney, accountant, doctor, and generally all of those items that only the individual may know. Setting this out in a letter of wishes will save your representative hours of digging through papers and making telephone calls trying to determine where your assets are held. Giving precise details can save your estate from potential losses due to unidentified assets. Your attorney will ask you to fill out an instruction sheet with the following information:
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executors: maybe a trusted friend as one and a trusted family member as the other. You need to explain your relationship to these people. Name and address of guardians to your children, although this is only relevant if your children are young.
also be able to help. Law Firms with Family Offices Collas Crill 2nd Floor, Willow House, Cricket Square, GT Tel: (345) 949 4544 Email: cayman.enquiries@collascrill.com www.collascrill.com Collas Crill is an offshore law firm with offices in Cayman, BVI, Guernsey and Jersey, advising
Gifts
both local and international clients in a full range
> Pecuniary bequests – These are legacies
of legal services.
> >
>
>
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of cash that you may want to leave to someone. Legacies of property – You will need to identify the specific item/property that you want to leave someone. Beneficiaries of the rest of your estate – This is whatever is remaining in your estate and can be given to one person, or it can be divided equally, or unequally, between several people. It is called the ‘residue’ of your estate. Substitute beneficiaries of your estate – In this section you need to name a substitute to inherit your estate should the named beneficiaries die before the estate can be given to them. Age of inheritance – You will be asked if you want to specify an age when your beneficiaries inherit the residue of your estate. This is only relevant if your beneficiaries are very young at the time of you writing your will. ‘Worst case scenario’ gift – You need to name a charity, family member or friend who will inherit your estate if everyone you have named in your will dies and cannot inherit it.
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Cayman Family Law Zephyr House, Ground Floor, 122 Mary Street, George Town Tel: (345) 746 5290 Email: info@caymanfamilylaw.com www.caymanfamilylaw.com Cayman Family Law is a boutique law firm specialising exclusively in Family Law including advice and assistance on wills and probate matters. They can also provide advice on the preparation of lasting powers of attorney and obtaining Guardianship orders. Hampson and Company Apollo House East, 4th Floor 87 Mary Street, George Town Tel: (345) 623 7788 Email: info@hampsonandco.com www.hampsonandco.com Led
by
Graham
and
Company
Hampson,
offers
Hampson
experienced
and
comprehensive advice on family law including advice on wills and probate, both local and international. SE E AD PAG E 119 HSM
Family Information
Assets & Liabilities List
68 Fort Street, George Town
> What is your full name, date of birth
The final portion of the will requires you to list your assets, liabilities (mortgages and outstanding debts), as well as any life insurance policies you may have and the details of your pension plan. Various law firms in the Cayman Islands can assist you in writing a will and your Letter of Wishes, or advise you on probate. Please also refer to the Running a Business chapter for a larger list of law firms that will
Tel: (345) 949 4766
and home address? What is the full name of your spouse, their date of birth and address? What are the full names, dates of birth and current ages of your children? Were there any previous marriages? If so, were there any children from that previous marriage? What are their names and ages?
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Email: info@hsmoffice.com www.hsmoffice.com HSM lawyers can provide guidance and advice on local wills and international wills to be administered in the Cayman Islands by way of re-sealing the foreign will and probate matters for both residents, and non-residents of the Cayman Islands. They offer assistance drafting wills and obtaining grants of probate. They also
