Who should make a will?
If you care about what happens to your property after you die, you should make a will. Without one, the State directs who inherits, so your friends, favourite charities and relatives may get nothing.It is particularly important to make a will if you are not married and live with a cohabitant who you would like to be cared for should you pass away. This is because the law of The Bahamas does not automatically recognize cohabitants (partners who live together) as having the same rights as husbands or wives. As a result, even if you've lived together for many years, your cohabitant would be left with nothing if you have not made a will.
A will is also vital if you have children or dependants who may not be able to care for themselves. Without a will there could be uncertainty about who will look after or provide for them if you die.
You should consider taking legal advice about making a will if:
- several people could make a claim on your estate when you die;
- you want to include a trust in your will (perhaps to provide for young children or a disabled person, or simply protect your assets in some way after you die);
- you own all or part of a business.
Using an attorney
Although it is possible to write a will without an attorney's help, this is generally not advisable as there are various legal formalities you need to follow to make sure that your will is valid. Without the help of an expert, there's a real risk you could make a mistake, which could cause problems for your family and friends after your death.What your attorney will need to know
Once you have appointed a Bahamian attorney, they will need the following details from you.What you own
Details of everything you own, including property, cars, personal valuables, stocks and shares, bank accounts, insurance policies, any businesses you own, and pensions.Who gets what?
Who do you want to leave these assets to? How do you want to divide your property between your loved ones, friends or charities? Are there any conditions you want to attach to these gifts (for example, that young people must reach a particular age before they are paid money you have left them)? Do you want to leave money to charity?Family and other beneficiaries
Details of your family and status. Are you married? Do you have any children or any other dependants? If you give your Bahamian attorney relevant details, they can tell you about any legal pitfalls.Guardians
If you have any children that may still be under 18 when you die, you may need to name someone as their legal guardian.Other wishes
Do you have any particular wishes for your funeral? Do you want to be buried or cremated? Are there any other instructions? For example, if you want to be an organ donor this can be included in your will.Executors of your will
You must also name the people you want to appoint as 'executors' of your will - the people who carry out the administration of your will after your death. These could be friends or family members, or a professional such as your attorney. A good combination would be a friend or family member and a professional. Ideally, you should choose someone who is familiar with financial matters. Make sure you ask your executors whether they are happy to take on this duty as there are long-term responsibilities involved, particularly if you include a trust in your will. It is a good idea to ask someone younger than you are.Signing the will
Once the will has been drawn up it is not effective until it has been signed. There are several rules affecting the signature process which, if not followed correctly, will make your will invalid. For example, witnesses and their husbands or wives cannot benefit under the will. Many people use staff at their attorney's office to act as their witnesses to avoid this problem.Where to keep the will
It is important to keep your will in a safe place and tell your executors or a close friend or relative where it is. People often ask their attorney to store their wills for them. Most attorneys will do this for free, but sometimes there is a small fee.Keeping your will up to date
You should review your will at least every five years and after any major life change such as getting separated, married or divorced, having a child or moving house. It is best to deal with any major changes by getting a new will drawn up. But it is also possible to make minor changes (or 'codicils') to your existing will. In both cases it is best to consult an attorney.Costs
Charges for drawing up a will can vary between attorneys. They also depend on:- the experience and knowledge of the Bahamian attorney; and
- how complicated your will may be.
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