Why you should get a Will: A crucial step for protecting your loved ones in the Cayman Islands

The succession laws in the Cayman Islands are based on the principle of testamentary freedom which means a person who is not incapacitated can leave his or her estate to anyone that he or she wishes. A Will is a legal document that allows you to specify who will inherit your property and assets, who will care for any minor children, and how your estate should be managed after your death. Without a Will, your estate will be distributed according to the laws of intestacy, the Succession Act, which may not align with your personal wishes. In the Cayman Islands, this means that the Act and intestacy rules will decide how your assets are divided.

1. Control over your estate: A Will gives you control over who inherits your assets. Without one, a person dies ‘intestate’ and their assets will be distributed in accordance with any applicable intestacy rules and in set proportions, which may result in your assets being distributed in a way you did not intend.
2. Protection for your loved ones: If you have dependents, a Will allows you to appoint a guardian for any minor children, ensuring they are cared for by someone you trust. It also provides financial security by allowing you to allocate resources specifically for their upbringing.
3. Avoiding disputes: A well-drafted Will can prevent family disputes by clearly outlining your wishes. This reduces the risk of conflicts over your estate, which can be both emotionally and financially draining.
4. Minimising legal delays: Having a Will simplifies the legal process after your death. Your loved ones can avoid the lengthy delays associated with intestate succession, allowing them to access your assets more quickly.
5. Flexibility and updates: Life changes - marriage, the birth of a child, or the acquisition of new assets - may necessitate updates to your Will. Having a Will in place allows for flexibility, ensuring your estate plan evolves with your circumstances.

For a Will to be valid in the Cayman Islands, it must meet certain legal requirements:

1. Written document: The Will must be in writing.
2. Testamentary capacity: The person making the Will (the testator) must be at least 18 years old and of sound mind.
3. Signature and witnesses: The Will must be signed by the testator in the presence of two witnesses, who must also sign the Will in the presence of the testator.

1. Consult a lawyer: It’s advisable to consult with a lawyer experienced in Cayman Islands estate law (our Private Client team!). They can guide you through the process and ensure that your Will meets all legal requirements.
2. List your assets: Compile a comprehensive list of your assets, including real estate, bank accounts, investments, and personal possessions.
3. Choose your beneficiaries: Decide who will inherit your assets and in what proportions. Consider including alternate beneficiaries in case your primary choices are unable to inherit.
4. Appoint executors and guardians: Choose a trusted person to act as the executor of your Will, responsible for carrying out your instructions. If you have minor children, appoint a guardian.
5. Review and update regularly: Regularly review and update your Will to reflect any life changes, such as the birth of a child, marriage, or acquisition of new assets.

Creating a Will is an act of care for your loved ones, ensuring that they are provided for and your wishes are respected. In the Cayman Islands, a Will is not just a legal formality - it’s a vital tool for protecting your legacy and offering peace of mind to those you care about most. Don’t leave your future to chance; take the necessary steps to create a Will today.

For more information or to begin the process, consult with our Private Wealth team who can provide personalised advice and guide you through the intricacies of estate planning in the Cayman Islands.

Ask us now and sleep well at night knowing your plans are secure.