CARICOM Attorneys-At-Law, Johanan L. Lafeuillee

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The Differences Between Estate Planning in the US And Estate Planning in the Caribbean

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Estate planning is important to ensure that your wealth is distributed in accordance with your wishes to ensure your loved ones’ financial security. The benefit extends to ensuring that your family is taken care of and disputes are mitigated.

Generally speaking, US estate planning systems and practices are a different animal compared to estate planning practices in Caribbean States – which is a bit more of a direct oatmeal and milk approach.

 

Estate Planning in The United States / Globally

Generally, US estate planning utilizes the following tools / documents:

  1. Traditional Wills and Living Wills
  2. Trusts
  3. Powers of attorney
  4. Advance Care Planning Directives

 

Estate Planning in Caribbean Countries / States

Estate planning in the Caribbean utilizes a more direct and cost effective approach. This approach is informed by the legislative and judicial, as well as economic and other societal nuances, that are unique to each island.

On one end of the spectrum, estate planning could take the haphazard form of Jane Doe orally declaring to all and sundry who gets her house and land on her death. Or what is to happen to her cash savings. Or who within the family gets absolutely nothing for whatever reason, as the case might be.

Though such oral declarations often don’t hold their weight when the estate goes to administration, some beneficiaries respect the wishes of the dead enough to give full effect to it. Other beneficiaries don’t.

Traditionally speaking, formal estate planning in the Caribbean is often understood as  “having a will” done before you’re near dead or on your deathbed hardly able to sign (for added dramatic effect as there is an unspoken societal taboo in some circles about doing a will when you’re not yet ready to kick the bucket). The fun may not be yet over.

That “living will” may not be executed in the proper manner as prescribed by law. Or it may never be found after the decedent’s passing if it was not sealed at the local court’s registry. Speculations as to who might have hidden or destroyed or otherwise tampered with the will make for an entire series of Netflix worthy drama.

Anyhoo. Outside of sitting with a lawyer to draft a will or codicil, Caribbean estate planning generally utilizes the following:

  1. Powers of Attorney
  2. Trusts (if younger beneficiaries or a larger estate is involved as the case might be and if the practice is normative within the island concerne).
  3. Other instruments such as doing an immediate and outright Deed of Gift to or a Deed of Gift naming the grantor as Joint Tenant with the intended beneficiary(ies) may also aid in estate planning efficiency.

An Experienced Estate Planning Attorney in Grenada Can Help

Although the US estate planning culture and practice might be considered as being “light years ahead” when compared to the Caribbean region, we all generally desire the same thing. To ensure that our loved ones are taken care of when we transition out of our earth suits.

Always consult an attorney if you need help setting up an estate plan within the Caribbean.  Contact estate planning attorney Johanan Lafeuillee by clicking the link below.

How To Involve Your Family In Your Estate Plan

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When deciding your estate plan, there are many things you have to think about. Choosing the right plan, executing and organizing the documents, and meeting with your attorney are all part of the job of planning what will happen to your estate. But one thing that is integral to the process is often the one reason you want to plan in the first place: your family. Even though you’re in the director’s chair it can still be a difficult conversation to broach. At the same time knowing how to talk to your family about your estate plan can be an important step in creating the plan itself, so it has its benefits too.

Everyone has a different reality when it comes to planning their estate with their family. You may be thinking of doing what most do, leaving everything to your spouse and children, or your situation may be a little more nuanced and complex than that. Regardless of what you have in mind for your estate, involving your family in the decision making process can be a tricky thing. It’s important to really consider if, and how you want to involve your family when you are working with your estate planning attorney to plan for your future.

First, Do You WANT to Involve Your Family in Your Estate Plan?

First things first, ask yourself if you want your family to be involved. It is completely okay if you don’t, and a lot of people choose not to have their family involved in the decision making process. Ultimately, this is a process that only involves your assets: you have complete control over where they go and how they get there, and you have a right to hold that conversation how you would like to. If that means it remains a private conversation between you and your estate planning attorney, that is completely okay, regardless of your distribution decisions.

Sometimes, people may choose to avoid conversations with family members because of the choices they are making with their estate. Conversations regarding what you choose to leave behind, if anything, for your family members can be difficult. You have the ability to choose to keep your family uninformed of your decisions regarding your estate. If you decide that, the process and decisions made can remain completely confidential between you and your estate planning attorney until the time comes when your family members need to be notified.

Strategies for Involving Your Family in Your Estate Plan

If you want to involve your family, there are absolutely ways that you can do so. One way is to bring them right into the room and involve them in the conversation with your estate planning attorney. Doing this allows everyone to have a say, and to be able to give their opinion on what they think should be done with your estate. Hopefully, at the end of the day, you can make a decision that has all of your family members support. Even if not everyone is on board with the decision you make, it might be important for you to hear the opinions of your loved ones about what should be done with your estate.

When involving your family members’ input and opinions, it is vital to remember that, in decisions regarding your estate, you have the final say. You can listen and take as many ideas as you want from family members, but what happens to your assets is ultimately your decision. You can also decide just how involved you want your family to be. Whether you want your loved ones there for the entire process, or only there to hear out their opinions, you are in control of the situation. You decide who is there, for how long, and you choose what to listen to.

Wrapping Up

Family can be one of the most important things in our lives. Your family might even be the driving force in deciding to create an estate plan for your assets. If you choose to involve your family in your estate planning process, there are ways to ensure your family is able to give their input. You can decide together, and execute the plan as a team.

If you decide not to include your family, remember that you still have the guidance and advice of your attorney to help you. Even if you choose to make these decisions without familial input, you are not alone in this process. You have complete control over what you decide to do, and you have the final say on what happens to your assets.

The Differences Between A Will And A Trust

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There are many different ways to prepare for your future with your estate planning attorney. There are many different types of documents, plans, and decisions that you have to make when deciding how you want to distribute your estate. When looking at the options and deciding what estate plan is best for your situation, you may find yourself wondering: what is the difference between a will and a trust? How do I decide which is best for me?

There isn’t just one type of will or one type of trust. It depends upon your personal situation, so it could look different for everyone. However, there are a few key differences that you want to make sure you take note of when you are making your decision.

Wills, And Avoiding Probate

One of the biggest differences between a will and a trust is that a will in Grenada does not avoid probate. A will can settle a dispute as to how an estate will be distributed, but it will still have to go through the lengthy and often expensive probate process.

A trust, on the other hand, avoids the probate process, which can be especially beneficial if you choose to title your home, vehicles, or other assets into a trust.

Although a will itself cannot avoid probate, a will can help you avoid probate if a title company makes a mistake. For example, if you intended to title your house into your trust but the title company does not follow through renaming the house, a will can protect your assets and intentions and prevent you from having to go through probate because of the mistake.

Trusts, And Nomination of a Guardian

Another huge difference is how a person can nominate a guardian for any minor children they have. A trust cannot nominate a guardian in any way. If you have children of minor age, it is important that you use a will to name their guardian in the case of unexpected events.

A trust can rename your assets with a designation to your children, but your trust cannot establish a guardian for your children.

Wills And Trusts Working in Tandem

A person will almost always need both a will and a trust. These two documents work hand in hand in distributing your estate, nominating a guardian, and establishing control of your assets. Anyone who owns a home in Grenada will need to have a trust to title their home in. Very rarely will a person only need a will: unless they own a very modest estate, or do not own a house, you will almost always need both a trust and a will.

Wrapping Up

Everyone’s estate plan will be different, depending on their personal needs and circumstances. Although decision making regarding your estate plan can be confusing and daunting, remember that your estate planning attorney is there to help you remember the differences between each document, and help you decide the best solution for your situation. Schedule a callback by clicking the link below to talk more with me about what plan might be best for you!