Life insurance works well as part of an estate plan because it is fairly easy to obtain and will provide support to a chosen beneficiary. Most estate plans, however, include other estate planning structures to compensate for some of life insurance's downfalls, discussed below. Why Purchase Life ...
Blog Posts
Business Planning and Insolvency: Thinking Ahead to Save Your Business
Without careful business planning, your company could be at risk for insolvency. Learn the warning signs of an insolvent business and think ahead to keep the company running. What Is Insolvency? Insolvency means that your company cannot pay its debts on time or has liabilities that exceed its a...
Declarations of Trust and Trust Deeds in Estate Planning
Declarations of trust and trust deeds are the documents used to set forth basic information about the formation of trusts. They explain who is forming the trust, who will manage the trust property, and who will benefit from the trust. The terms “declaration of trust”, “trust deed”, and “trust in...
Why to Memorialize Your Agreement in Writing
People can form binding legal contracts both orally and in writing. Since talking through an agreement can take much less time and effort than writing out a formal contract, it may seem that oral agreements are the easiest choice to get business done. Unfortunately, making an oral contract has ma...
Contesting a Will in The Bahamas
Coming to terms with the death of a relative becomes more difficult if you need to contest your loved one's will. Contested probate matters can be emotionally taxing and time consuming for families, so seek out legal advice regarding wills from an attorney. A will may be contested for different ...
Choosing a Bahamian Business Structure
The Bahamas offers a number of possible business structures from which aspiring business owners can choose. Each business structure has slightly different benefits depending on your industry and specific business area, your goals, your desire for liability protection, and your practical limitatio...
Rescinding a Commercial Contract in The Bahamas
The concept of rescinding a commercial contract arises in business disputes when one party misled another party into signing an agreement. Rescission refers to the remedy available through the court to the wronged party who proves it was misled. A contract is formed when one party makes an offer...
What Is Arbitration, and When Should You Use It?
When two or more people have a dispute, they can choose among several different ways to resolve it, including informal discussions, going to court, demanding arbitration, or engaging in mediation. Because informal discussions do not always resolve disputes and going to court can be time-consuming...
When an Act Is Intentional, Not Just Negligent
In The Bahamas, the laws distinguish between negligent and intentional acts. Whether an act is negligent or intentional often affects the amount of damages or criminal penalties a person faces. In contrast, if the legal violation of which a person is accused requires an intentional act, but a cou...
Do You Have to Obey a Dispute Resolution Clause in a Contract?
As dispute resolution clauses in contracts become more common, more people may wonder whether they can avoid their impact. A party to a contract may prefer to file an action in court rather than go to arbitration or mediation. Generally, disputes regarding contracts that include arbitration claus...
What Is Involved in a Civil Claim for Fraud in The Bahamas?
Victims of fraud committed by someone in The Bahamas may want to seek help from the courts in pursuing their claims. Fraud can lead to serious consequences for victims such as loss of money or property. In The Bahamas, fraud is a serious crime punishable by the criminal courts and it is a civil w...
Protecting Your Business from Commercial Contract Disputes
Saving your business the time and cost of litigation requires affirmative steps to avoid commercial contract disputes. In the current litigious business climate, businesses must do more than sign simple written agreements. Anticipate and Investigate Anticipate commercial contract disputes befor...
How Courts in Other Jurisdictions Obtain Evidence from The Bahamas
When someone files a lawsuit in another country, sometimes the parties need to obtain evidence from The Bahamas. The need may arise because people or companies involved in the lawsuit are Bahamian residents, or because part of the incidents leading to the lawsuit occurred in The Bahamas. Gatherin...
The Belonger’s Permit and Child Adoption
If you are planning to adopt a child born in The Bahamas who does not have citizenship here or in another country, it is time to learn more about obtaining a Bahamian Belonger's Permit for your adopted child. The Belonger's Permit gives a legal status and documentation to children who are born in...
Breach of Contract Basics in The Bahamas
Legally binding contracts keep modern society running, but not everyone realizes how easily contracts can be breached. From reviewing an employment contract before accepting a job to signing a commercial agreement to sell or buy goods, knowing how contracts work is essential to everyday life. A ...
Overview of Bahamian Investment Incentives
The Bahamas' government continually works to incentivize investment through legislation. Efforts to pass laws that best promote investment opportunities can lead to rapid changes in legislation, as in the recent enactment and subsequent repeal of the Grand Bahama (Port Area) Investment Incentives...
Awards of Damages for Emotional Distress in The Bahamas
In The Bahamas, people filing certain kinds of lawsuits may seek damages for emotional distress caused by another person. The request for damages may be made in relation to a claim for personal injury or other legal violation, or it may be made as a separate claim, as discussed below. For damage...
Injured in an Accident in The Bahamas? What to Do Next
If you have been injured in an accident in The Bahamas, figure out your legal and practical options as soon as possible. Injuries can cause permanent physical and financial harm, and seeking recovery in court for that harm can be a complex process. First, keep in mind that you have at most three...
International Arbitration: Is it Cost-Effective for Our Dispute?
International arbitration has become increasingly popular as a way to efficiently resolve cross-border disputes. In recent years, critics claim that the method costs too much and takes too long. Is international arbitration suited for your dispute? A lot may depend on the parties and their attorn...
If Probate Begins in Another Country, What Happens to Bahamian Property?
Owning property in more than one country will lead to a more complicated probate process. Often, the executor of a deceased person's estate will begin probate in one jurisdiction, only to learn while inventorying the estate that the deceased had property elsewhere. Any property located in another...
What Are Bahamian Letters of Administration?
To administer the estate of a person who dies without a will, you must obtain letters of administration from the court. Someone who dies without making a will or dies with a will in place that is not valid under Bahamian law has died “intestate”. Since a person who dies intestate has not appointe...
Beginning the Probate Process in The Bahamas
When a relative or friend dies, one of the hardest tasks can be settling the estate. Figuring out who inherits which assets and in what amounts is part of the probate process in The Bahamas and is managed by the court. People who die with valid wills in place rely on the executor(s) of their wil...
Conflicts of Interest for Professionals in The Bahamas
Conflicts of interest cause the appearance of partiality or favouritism and can harm clients. Professionals should therefore work to avoid them. Smaller client bases in smaller populations or firms that take on many different clients raise the chances for a conflict of interest. Like in many othe...
When to Use a Company Limited by Guarantee
Companies limited by guarantee formed under either the Companies Act of the International Business Companies Act have a variety of uses and goals. In these companies, members' liability is limited by an amount that is specified in the memorandum of association, only to be contributed should the c...
What Is a Company Limited by Shares and by Guarantee?
The Bahamas' Companies Act and International Business Companies Act, 2000 allow for the incorporation of four different types of companies. These include a company limited by shares, a company limited by guarantee, a company limited by shares and by guarantee, and a company with unlimited liabili...