I will answer that question this way.
Since March, 2020, we have experience directly or indirectly, many unexpected deaths. You can probably recall that on 11 March, 2020 the World Health Organisation (WHO) declared COVID-19 a pandemic.
You may also be aware that as of 21 February, 2021 a total of 2,455,131 million COVID-19 related deaths were reported to the WHO. Below is a short list of countries and the number of COVID-19 related deaths:
- Singapore – 29;
- Barbados – 30;
- The Bahamas – 179;
- Malaysia – 1,051;
- Kenya – 1,817;
- Switzerland – 9,148;
- Canada – 21,576;
- Mexico – 178,965; and
- The United Kingdom – 120,365.
The large number of unexpected COVID-19 related deaths have caused many people to think more about life, death and their love ones. An increased number of people have asked me about inheritance related issues.
Have you considered what will happen to your assets in the event of death? How will they be inherited if you die without a Will (if you die intestate)?
Here is an example of one of the scenarios under Inheritance laws in The Bahamas. Section 4(1)(b)(ii) of the Inheritance Act, 2002 states the following:
“(b) if the intestate –
…
(ii) leave children but no husband or wife the residuary estate shall be distributed equally
among the children and where there is only one child that child shall take the whole
residuary estate;”
Do you think this is fair or reasonable?
Well I believe that the law is clear and it gives family and interested parties certainty and mitigates the risk of costly litigation.
So who needs a Will anyway?
I highly recommend that you take a little time out of your busy day to consider how you would like for your affairs to be dealt with in the event of death because doing so should allow you to determine whether or not you need a Will.
All the best.
Please feel free to direct any questions or comments to Kean Smith at kean@smithkas.com