Wills & Probate

Protection and Critical Illness coverage. Sagicor is the only authorized company in Cayman by the Superintendent of Pensions to allow individuals to purchase an Annuity plan using their Pension Fund at retirement age. Speak to an Advisor about the best ways to protect yourself and your family.

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Immigration Considerations The Cayman Islands welcomes wealthy retirees with open arms as long as they have enough money to buy a house and support themselves in old age. Without a regular tax base, the Cayman Islands Government does not have the resources to support an aging population.

If you are the dependent/spouse of a Permanent Resident and they die before you do, the right of the surviving spouse to reside in the Islands may be revoked at the discretion of the Director of Workforce Opportunities & Residency Cayman (WORC). The surviving spouse may, within three months, apply for the Grant of Residency Certificate for Persons of Independent Means upon satisfying the requirements.

Senior & Retirement Homes Cayman does not currently have any particularly sophisticated options for retirement homes. We do, however, have The Pines Retirement Home, which is open to all and The Golden Age Residential Home in West Bay.

The Pines Retirement Home 60 Pines Drive, George Town Tel: (345) 949 5650 Email: info@thepinescayman.com www.thepinescayman.com The Pines Retirement Home is a non-profit, charitable organisation established to provide residential accommodation primarily to meet the needs of elderly citizens during their retirement. Over time the emphasis has moved to the provision of care provided by Registered Nurses in response to the needs of the community and the high care requirements of many of its residents. There are 48 beds split between private, doubles and wards. The cost is CI$3,100 per month for a shared room or ward, and CI$3,600 for a private room. These rates include three meals per day and snacks, as well as varying levels of assistance with daily living activities, housekeeping, weekly outings and more. There are also seven villas on the property that are rented to independent seniors for between CI$950-CI$1,850 per month (meals not included). Daycare is provided Monday through Friday from 8.30am-5pm for a rate of CI$45 per day for seniors wanting to spend the day at The Pines. The home is open to all citizens of the Cayman Islands.

Poor Relief Payments For those too elderly to work, who are over the age of 60 and are in great need, the Needs Assessment Unit (NAU) currently offer a monthly stipend of CI$750. A full assessment needs to be undertaken and then the level of assistance required is investigated. This is only open to Caymanians. The NAU is located at 55 South Church Street, George Town. Tel: (345) 946 0024.

In-Home Carers

Caring Hands Cayman Tel: (345) 943 1177 Email: support@caringhandscayman.com www.caringhandscayman.com Caring Hands Cayman is a professional in-home healthcare provider, dedicated to enhancing the quality of life, dignity and independence of Cayman’s elderly residents, the sick, or those incapacitated and in need of nursing care at home, whether they are residents or visitors.

Hospice & Palliative Care For many years, residents have been in the very fortunate position to have free hospice and palliative care. Jasmine, formerly known as Cayman Hospice Care, provides professional nursing and comfort care to those living with a life limiting or end of life illness. Care is provided in the home or in the Villa, depending on the needs and wishes of patients and their families. The new Jasmine Villa is a purposebuilt facility which can accommodate four patients and their family members. The ‘Villa’ includes a meditation room, family room, kitchen and a multi-purpose community room providing space to offer support services for family members and caregivers. Services are aimed at treating pain and managing symptoms as well as improving the overall wellbeing of patients and their families. Anyone can refer a patient to Jasmine. Email: info@jasmine. ky or see below to find out more.

Jasmine (previously Cayman HospiceCare) 31 Jasmine Blossom Way, West Bay Road Tel: (345) 945 7447 Email: info@jasmine.ky www.jasmine.ky Jasmine is a not-for-profit organisation committed to improving the lives of those affected by terminal illness and death, assuring long-term emotional, spiritual and general well-being to patients, their families and the bereaved. Jasmine employs specialist nurses and caregivers, and has a team of trained patient-care volunteers who offer support to patients and their families. Supported by holistic care, additional services include counselling, therapeutic massage, fellowship opportunities, and bereavement support. Jasmine costs more than CI$2,000 per day to operate and is 90% funded by donations. Support from the community and volunteers are always needed and very welcome.

Wills & Probate There is no inheritance tax in the Cayman Islands. Cayman Islands law allows for complete freedom of disposition, meaning that you can dispose of your Cayman assets on your death as you please, subject only to the law of your domicile. It is extremely difficult to contest an otherwise valid Cayman Islands will, and so it is recommended that you have an understanding of the probate process and an up-to-date will.

Post-death, the law requires a grant of probate or letters of administration be obtained from the Grand Court of the Cayman Islands to enable personal representatives (usually those persons

nominated as executors in the will) to administer the deceased’s Cayman Islands estate. Court fees of around CI$250 are payable to the Cayman Court, excluding legal fees (if applicable) to prepare the application. The application for probate must be filed within six months of the date of death, otherwise an additional application has to be made to the Grand Court for special leave. When probate or letters of administration are granted it empowers the personal representatives to deal with the deceased’s Cayman Islands assets. It is advisable to obtain multiple copies of the grant of probate or letters of administration if there are multiple assets to administer. It can take several weeks to several months to obtain a grant of probate or letters of administration from the Grand Court.

It is important to note that under the Succession Act (2021 Revision), executors are only entitled to very modest remuneration. However, the will may allow more generous remuneration.

The Formal Validity of Wills (Persons Dying Abroad) Act (2018) prescribes that a Cayman Islands will is considered valid if it conforms with foreign or Cayman Islands execution formalities. This law also applies to wills created before this law came into force in 2018.

The Succession Act and the Wills Act (2021 Revision) has introduced provisions for civil partners to be considered equal to married persons as a matter of Cayman Islands law.

Foreign probates or letters of administration (with certificated translations, if necessary) can be resealed by the Cayman Probate Court at which point such re-sealed foreign legal documents will be effective to administer any Cayman Islands assets.

Dying intestate (i.e. without making a will) can sometimes make matters more complicated. If a Cayman-domiciled person dies intestate, a closely connected person, such as a surviving spouse or surviving adult child, must apply to the Grand Court for letters of administration. Once obtained, this legal document empowers them to deal with the deceased’s assets in accordance with the Succession Act. Many people attempt to take on the responsibility of acting as a representative of an intestate estate, and then immediately find themselves overwhelmed. In order to navigate this complicated process, it is advisable to seek advice from a duly qualified attorney-at-law. The benefit of having a local representative who is familiar with the Cayman Islands legal system cannot be overstated. Their familiarity with the rules could save your estate from significant expense, not to mention alleviate the stress placed on bereaved loved ones who may otherwise find themselves having to negotiate the requirements of a country and legal system they may not be familiar with.

Drafting a Will Although anyone can draft their own will, there are certain legal requirements that must be met in order for it to be valid. Take advice from an attorney to make sure your will: > Is unambiguous

As a full-service law firm we draft trusts and wills as well as set up foundation companies and family offices for both residents and non-residents of the Cayman Islands. We are able to assist those who have assets in the Islands whether real estate, shares in a Cayman company or bank accounts. We represent clients in connection with trust and estate disputes as well as provide guidance and advice on legal issues arising from trust and estate administration matters.

• Wills

• Trusts

• Probate

• Family Offices

• Estate Administration

• Foundation Companies

• Dispute Resolution

For further information, please contact:

Linda DaCosta

Partner HSM Chambers +1 345 815 7404 ldacosta@hsmoffice.com

Choose the Experts. Choose HSM. +1 345 949 4766

68 Fort Street George Town PO Box 31726 Grand Cayman KY1-1207 Cayman Islands www.hsmoffice.com

> Clearly sets out your wishes > Meets legal requirements. 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.

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:

Family Information > What is your full name, date of birth 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?

Key Roles in your Will > Names and addresses of your proposed 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.

Gifts > Pecuniary bequests – These are legacies 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.

Assets & Liabilities List 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 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 both local and international clients in a full range of legal services.

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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 Hampson, Hampson and Company offers experienced and comprehensive advice on family law including advice on wills and probate, both local and

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HSM 68 Fort Street, George Town Tel: (345) 949 4766 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