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
26 Jan 2022 |

Developments For HR Practitioners To Watch Out For This Year

Last year was a busy one in the world of labour and immigration law. A raft of changes were made to ...

20 Dec 2021 |

A Time Of Regeneration: Bermuda Can Bounce Back Better

Bermuda’s economy is a mixed bag of emerging opportunities and specific challenges. But if all sec...

17 Dec 2021 |

A Rising Tide: And Ships Are Choosing Bermuda

Bermuda must remain innovative, nimble and wary of too much regulation to stay ahead of the game, ac...

17 Dec 2021 |

A Silicon Valley For ILS

As the ILS market continues to innovate and evolve, driven by external forces including ESG, it will...

3 Dec 2021 |

Americas Restructuring Review 2022

This chapter discusses the defining features of Bermuda’s insolvency landscape and the primary ins...

2 Dec 2021 |

A growing hub for the life sector

Bermuda has become a flourishing focal point for long-term insurance and reinsurance, offering the I...

2 Dec 2021 |

Provisional liquidation in Bermuda and the selection of provisional liquidators

In the absence of a formal equivalent to English administration proceedings or U.S. Chapter 11 proce...

Contributors: Sam Riihiluoma
30 Nov 2021 |

Cryptocurrencies and estate planning

When a person dies having made a will, their personal estate is transferred to their personal repres...

26 Nov 2021 |

Whistleblowing issues for employers

In recent years there have been a number of high-profile scandals brought to light by the actions of...

24 Nov 2021 |

Hong Kong Harbours Long-Term ILS Ambitions

The launch of Hong Kong’s first catastrophe bond signals the start of a new era for Asia’s insur...