From Ogier

The
new Cayman Islands' Formal Validity of Wills (Persons Dying Abroad)
Law 2018, which came into effect on 1 February 2019, offers far
greater flexibility for international clients who wish to invest in
and do business in the Cayman Islands, according to a leading private
client lawyer in the jurisdiction.

Ogier's private client specialist in Cayman, Anthony Partridge, believes the law is important to people who own shares in Cayman Islands companies or have interests in Cayman Islands investment funds for example. He said:Anthony Partridge Ogier's private client specialist in Cayman, Anthony Partridge, believes the law is important to people who own shares in Cayman Islands companies or have interests in Cayman Islands investment funds for example. He said:

"This
is a welcome piece of legislation that expands the ways in which
someone can validly execute a will governed by Cayman Islands law."

Previous
rules, based on common law, placed restrictions on how a will dealing
with any asset other than land or buildings would be recognised in
the Cayman Islands.

With
restrictions on where it was signed, where the person making the will
was domiciled or habitually resident, and the law of the nationality
of the person making the will (in the latter two cases, either when
the will was signed or at the date of his or her death), the effect
previously was to severely limit who would be able to validly execute
a Cayman Islands will. 

"Now,
the law allows persons domiciled outside of the Cayman Islands to
validly execute wills according to Cayman Islands law. Wills
have to be signed at the end of the document and in the presence of
two witnesses, which is often different to the rules of other
countries," said Anthony.

The
law does not change the rules in relation to wills dealing with real
estate in the Cayman Islands, which can only be validly executed
under Cayman Islands law.

ENDS

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Ogier

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