That statement serves as a reminder that a regular review of one’s own financial affairs and proper estate planning are crucial for the personal and financial stability of the family.

In particular, you should consider appropriate updates to your Will if any of the following events have occurred:

Changes in legislation and government policy.

It will be important to keep abreast of tax changes in Bermuda and to review estate planning techniques such as lifetime gifts and reservation of benefit, to ensure that any planning achieves the desired end. Dual nationals should also consider changes in legislation and tax reform in the countries in which they hold citizenship. For example, in the United States, annual inflation adjustments are often made to estate, gift and generation skipping transfer taxes. The 2016 exemption amount applying to estates and gifts recently increased to $5.45 million for US persons only, prompting consideration of lifetime gifts and review of Wills where a marital deduction provision or other similar strategy is used.

Changes in family circumstances

The birth or adoption of children and the marriage or divorce of your heirs and descendants may all warrant changes to your Will, particularly if it is necessary to include (or exclude) any of these individuals from receiving any benefit from your estate. Marriage revokes a Will, so if you have married since signing your Will and there are no words to the contrary, it will be necessary for you to sign a new Will to ensure that your wishes are followed after your death. The situation is different where you have named your spouse in your Will and your marriage is later dissolved. Divorce does not revoke an entire Will, but only the provisions that relate to your divorced spouse. However, if you are only separated from your spouse and do not want your estranged spouse to benefit from your estate on your death you will need to sign a new Will.

Read More

Type

Insight

Locations

Bermuda

Share
Twitter LinkedIn Email Save as PDF
More Publications
8 Aug 2019 |

Summary of Economic Substance Requirements in Bermuda, the British Virgin Islands and the Cayman Islands

Economic Substance Requirements in Bermuda, the British Virgin Islands and the Cayman Islands

Contributors: Shana Simmonds
5 Aug 2019 |

Probationary Periods – Importance of Dates when Considering Extensions

New employment is not always a smooth process. The employer and employee both need to adjust to new ...

24 Jul 2019 |

Legal Frontiers in Bermuda

The Asia-Pacific region has seen a surge of fintech start-ups, service providers, suppliers, investo...

Contributors: Fiona Chan
19 Jul 2019 |

Landscape of Bermuda financial sanctions

In the ever-changing world of politics and their related global financial sanctions, it is imperativ...

18 Jul 2019 |

Bermuda ILS overhaul welcomed but will new vehicles take off?

The ILS market has broadly welcomed moves by the Bermuda Monetary Authority (BMA) to create a new co...

8 Jul 2019 |

Bermuda to introduce new classes of insurers

Bermuda’s commitment to providing innovative solutions in the ever-evolving insurance marketplace ...

3 Jul 2019 |

Directors Unexpected Payroll Tax Liability

Payroll tax is levied against every employer, employee, self-employed person and deemed employee. Wh...

1 Jul 2019 |

Latest Developments in Bermuda’s Economic Substance Regime

The Economic Substance Amendment Act 2019 (Amendment Act) became operative on 28 June 2019. Bermuda ...

Contributors: Sally Penrose
26 Jun 2019 |

Regulatory Headwinds

Faced with increased scrutiny from regulators on both global and jurisdictional levels, businesses m...

Contributors: David Dorgan
24 Jun 2019 |

Appleby’s Adderley: Bermuda Eases Path to Collateralised ReInsurance

Partner Brad Adderley speaks to A.M. Best at the recent Bermuda Captive Conference. Brad says “Ber...