Well-thought out estate planning will give you and your loved ones peace of mind. Ms. Gonsalves-Sabola can help you create an estate plan that ensures everything you have worked hard for is protected and will benefit your loved ones after you’re gone. She can walk you through all aspects of estate planning covered by law in The Bahamas, including:
Wills. A will is a legal document in which you provide instructions to be carried out after your death regarding your assets and their distribution. A will can be changed at any time before your death as your circumstances change or you acquire more dependents, assets and/or wealth, but it cannot be changed after you die.
In The Bahamas, the personal assets covered by a will include money, government bonds, shares, securities, leasehold estates, jewelry, cars, boats, debts, goods, etc. Land can also be disposed of in a will. If you are at least 18 years old, it’s wise to have a will.
Trusts. A trust is a legal arrangement that allows a third party (called a trustee), to manage assets on your behalf or on behalf of a charity or someone else that you want to benefit. A trust is often set up to provide for people who may not be able to manage assets themselves because of age or disability. There are different types of trust to suit your situation. Our firm can see you through the process.
Power of Attorney. A power of attorney is a document which gives a person power to carry out certain actions on your behalf while you are alive. You can give a person a power of attorney to deal with a specific thing or to deal with all your business. This may be useful for example if you expect to be away from The Bahamas for an extended period or in hospital.
Probate and Administration. After a person has died, you must apply to the Supreme Court of The Bahamas before you can deal with any money or property they have left. Probate refers to where the person has left a valid will. Administration applies for everything else.
Don’t wait to plan your estate. Call today.