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.