The use of multiple Wills is an effective estate planning strategy to save money and, sometimes, completely avoid time wasting upon the death of a Testator (the person making the Will).
Multiple Wills usually become useful in situations where a Vincentian owns assets both in Saint Vincent and the Grenadines and another country, for example, in the United States. In these circumstances, the Testator is usually advised to make two separate Wills: one to include the assets he owns in Saint Vincent and the Grenadines and which conforms to the Wills Act, and another to include the assets he owns in the United States and which conforms to the laws of the United States. The Wills are then be probated separately.
Some of the requirements of the Wills Act are: the Testator should be at least 18 years old; the Will should be in writing; it should be signed at the foot or end by the Testator, or by some other person in his or her presence and by his or her direction; the signature should be made or acknowledged by the Testator in the presence of two or more witnesses present at the same time, and such witnesses should attest and subscribe the Will in the presence of the Testator.
The Wills Act also stipulates that any gift made in a Will to a person who attests to the execution of the Will, that is, witnesses the Will, or to the spouse of the witness, is null and void. It also provides for the Testator to affix his or her signature near to any alteration to the Will and for the witnesses to do the same as witnesses.
There are also some strategies that individuals can use to avoid probate. Where assets are owned jointly by the deceased and another person, or where an asset has a named beneficiary attached to it, such as, in many cases, life insurance, there is usually no requirement for probate. Other exceptions to probate arise with shares of privately held corporations or interests in privately held partnerships. In many cases, the transfer of private company shares on death of a shareholder is governed by the terms of a shareholders agreement and not by a shareholder’s Will. Even where no shareholders agreement is in place, most business owners and professionals have lawyers and/or accountants who are intimately familiar with the deceased’s business and his or her family members, and know of the deceased’s intentions for the business upon death. Unlike the financial institutions, your personal lawyer or accountant is unlikely to require formal proof or assurance of your death or to see that your Executor has been formally court-appointed through a probated Will. As a result, the multiple Wills strategy allows for the creation of a separate and distinct testamentary document (in other words a second Will), outlining your instructions with respect to your private company interests on death which would not be subject to the probate process, thereby saving time and costs.
Importantly, however, careful drafting is required to ensure that a second Will does not revoke the first Will or introduce additional legal issues after death. As with any estate planning strategy, it is important to retain a qualified estate lawyer to assist you with your goals.
Posted by Meisha S. Cruickshank. Meisha is a Barrister and Solicitor in St. Vincent and the Grenadines. She practices in the areas of Land and Property Law, Estate Planning and Family Law. You can reach her by phone at 784-451-5669 or email at meishacruickshank@gmail.com.