Our team has considerable expertise in advising on and drafting wills, advising on incapacity issues, obtaining grants of probate and letters of administration, resealing foreign grants for estates with shares or other assets in the BVI and Cayman Islands, and administering estates.
We have in-depth practical experience in working with local regulators, in particular the local Probate Registry in the BVI and Cayman.
5 things to know about BVI and Cayman wills, probate and estate administration
A BVI/Cayman grant of probate or letters of administration or reseal of foreign grant must be obtained before any BVI/Cayman assets of a deceased can be dealt with, otherwise the assets are effectively frozen. This is necessary even if assets are held via a nominee.
Obtaining a BVI/Cayman grant of probate or letters of administration or reseal of a foreign grant requires the filing of extensive documents to and getting approval from the authorities. The list of documents and the precise form depends on the facts and circumstances of each case.
It is not necessary for the heirs to go to BVI or Cayman in order to obtain a BVI/Cayman grant of probate or letters of administration (or to reseal a foreign grant in BVI/Cayman), but it is necessary to appoint a suitably experienced agent to make the application.
Having a separate and well-drafted BVI law or Cayman law will to deal with your BVI or Cayman assets can make the BVI/Cayman probate application process simpler, quicker and more cost effective.
A BVI/Cayman grant of probate or letters of administration is not required in respect of assets which are held by a trustee on discretionary trust. Accordingly, a discretionary trust can be an effective succession planning tool with a number of advantages including avoiding the probate process.
5 things to know about Ogier's BVI and Cayman wills, probate and estate administration services
We offer estate administration services to ensure that shares in the companies and other assets in BVI and the Cayman Islands can be transferred to successors as quickly as possible to allow the continued smooth operation of the companies.
We advise on the procedure, draft the required documents and liaise with the authorities in order to obtain grants of probate, letters of administration and reseals of foreign grants in the BVI and the Cayman Islands.
Ogier has the necessary experience and expertise to be appointed as an agent to make applications for a BVI/Cayman grant of probate or letters of administration (or to reseal a foreign grant in BVI/Cayman).
We draft wills governed by the laws of the BVI or the Cayman Islands to deal with shares and/or other assets located in those jurisdictions, ensuring that those assets pass to the specific persons in the specific ways and proportions that you want.
We advise on and provide alternative solutions for shareholders of BVI/Cayman companies who want smooth transfer of shares to successors in a timely and cost-effective manner. We also advise on and offer solutions for situations involving the incapacity of directors of BVI/Cayman companies.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.