This week we are focusing on estate planning – specifically, creating a will. In the BVI, many persons die intestate (i.e. without a will), leaving their loved ones embroiled in legal battles in order to acquire their assets. These legal battles prove to be costly, both financially and emotionally, and often times, much of the estate remains in limbo for a number of years because of unresolved issues among survivors. Disputes surrounding intestacy have been commonplace in the BVI for decades now and could be significantly reduced if persons would create wills.

Having a will is – or should be – an important and prudent part of taking care of your finances. When you create a will, you ensure that your assets are distributed according to your wishes once you pass away. You ensure that the loved ones that you want to inherit your assets, do. Those loved ones may include illegitimate children, adopted children and close friends, who are, according to BVI law, ineligible to inherit your possessions. It is important to note that under BVI law, illegitimate children born out of wedlock have no inheritance rights.

If you do not create a will and die intestate, the law decides what happens to your assets. According to BVI law, your assets would be generally disposed in the following order of descent:

If you have a legal surviving spouse, to:

• Your spouse and legitimate children first; then
• Your parents; then
• Your brothers and sisters having the same parents; then
• Your brothers and sisters with one common parent; then
• Grandparents in equal share; then
• Uncles and aunts of both maternal grandparents and/or both paternal grandparents; then
• Uncles and aunts of one maternal grandparent or of one paternal grandparent; then
• Government.                                         

If you have no surviving spouse, to:

• Your legitimate children first; then
• Your parents; then
• Brothers and sisters; then
• Grandparents; then
• Uncles and aunts; then
• Government.

Your Prescription for Week 11

This week, we are encouraging you to review your will (or create a will if you do not have one). To prepare for reviewing or creating your will, you need to do the following:

• Make a list of all the significant assets that you alone own and a list of valuables that you own jointly with others.
• Make a list of persons and organisations you wish to receive your assets. Be specific about who gets what. (Keep in mind that jointly owned valuables go immediately to the surviving partners. However, it is wise to name a beneficiary just in case all the owners were to die at the same time.)
• Select an Executor. Select someone that you can trust completely to carry out your wishes.

If you already have a will:

• Compare your will to your inventory and beneficiaries lists and determine if your will is up-to-date. If you need to make any changes, you may wish to consider creating a new will or adding a supplement to your will, called a codicil.

If you don’t have a will:

• Do some research to learn more about creating a will.
• Speak with an attorney about creating a will today.