island
February 2014
FREE
property The place to find homes for sale and rent.
Available free each month from news stands and real estate agents islandwide.
NEWS
Spectacular Waterfront Estate the main level; downstairs are four guest bedrooms and three guest bathrooms. There is an enormous salt water pool and a spacious pool house featuring a ‘Great Room’ with a fireplace, bedroom, kitchen, two bathrooms, changing rooms and a wonderful outdoor terrace ideal for entertaining.
We are proud to offer for sale this spectacular waterfront estate located at the end of Burgess Point Road in Riddell’s Bay and occupying the south side of a private peninsula, nestled adjacent to a lovely bay with a small beach. The elegant main house evokes memories of days gone by offering every amenity one could wish for. Comprising a lovely entrance foyer, formal living room, dining room, library, eat-in kitchen with pantry, silver closet and mud room, powder room, sun room and a spacious master suite on
The guest cottage comprises a living room, kitchen with dining area, two bedrooms, two bathrooms, a powder room and laundry. There are currently two assessments numbers; to facilitate the sale to a non-Bermudian the seller will be making application to Planning for the property to be re-assessed under one ARV and a boundary adjustment will be required. There is an enormous deep-water dock with a sheltered berth, a man-made beach and a boat slip on the south side of the property, and a concrete platform and diving board pad on the northern shore-line. Available to international Purchasers for $7,850,000.00. Contact the sole agent Joy Lusher Real Estate.
Happy Valentines from all of us at
island
property
NEWS
MAKE THE DECISION YOURS Cheri Minors, Associate, Cox Hallett Wilkinson Limited You have worked hard your whole life. You have achieved many of your goals and accomplished many of your aspirations. As a result, you have built up a pretty decent estate for yourself that consists of real estate, cash, financial investments and various other assets. Maybe you’re thinking about purchasing some property for your own residence, or as an investment to rent out to tenants. Do you want to be the one to decide whom your assets will go to on your death? Most people would answer “Yes”. In order to ensure that your estate is distributed in accordance with your wishes you will need to have a Will in place prior to your death. Under Bermuda law if you die without a Will (intestate) your estate will be distributed in accordance with the provisions of the Succession Act 1974. You will have no say as to who inherits your assets. Your estate will be distributed to people you may wish to include as your beneficiaries, but perhaps you don’t want them to have it. Therefore it is important to have a Will in place so that you can name the individuals of your choice to inherit your assets. Now you are asking yourself, “What do I need to consider in order to make a Will?” Firstly, you will need to contact your lawyer who can set up a meeting with you to discuss the information required to draft your Will. Meanwhile, there are several things to consider prior to the meeting with your lawyer so that less time and less money is spent on the initial meeting. You should consider whom you would like to appoint as your executors. The executors are the persons who administer your estate after your death. They will be responsible for managing your estate, gathering in all your assets, paying your debts and/or liabilities and distributing your estate in accordance with your Will. It is wise to appoint individuals that you trust as your executors. Often you see people appoint members of their immediate family. You can also appoint a corporate executor if preferable. Also if you have minor children you should consider who you would like to appoint to be the guardian of your minor child. This can be provided for in your Will. Bring a list of your current assets with you to the initial meeting with your lawyer. When preparing this list think about all the assets you currently own. This will include real estate, bank accounts, shares and investments, vehicles and personal possessions (which includes jewelry, collections, furniture, art work etc.). You must inform your lawyer if any of the above assets are jointly owned. If you own any real estate you should also inform your lawyer where the property deeds are located so that they can be easily located on your death. You should
also mention if you have any debts owed to you to be provided for in your Will. Before the meeting, decide to whom you would like to leave your assets. Make sure you have a list with the full legal names and addresses for these individuals. Your beneficiaries do not have to be limited to relatives but can also include friends or organisations such as a charity or a museum. During the initial meeting with your lawyer, your lawyer will review all your assets to confirm to whom you would like to leave them. You should also consider your burial wishes. Would you like to be buried in your family grave or would you prefer to be cremated and your ashes scattered at sea? These are all things that you need to consider as these wishes can be provided for in your Will. If you would like to have donate your organs, this will not be included in your Will (as it would be very time sensitive, but you should also let your immediate family members know of your wishes in the event, as well as your burial wishes. You will also want to tell them that you have created a Will and let them know where it is kept. You should also consider if you would like to put a “Living Will” (also known as a Health Care Directive) in place. As the term suggests, this is a declaration that you give during life to your family doctor and the hospital stating that you do not wish to be kept alive by artificial means. If you require more information on a “Living Will” this is something that you can discuss with your lawyer at your initial meeting. A “Living Will” can be prepared and executed at the same time as your Will. Another important document to consider is an Enduring Power of Attorney. Under an Enduring Power of Attorney you can appoint a close family member or good friend to make and execute decisions for you if you become physically or mentally incapable of managing your own affairs. It does not give power to that person at the present time, but only when it is necessary. If you require more information on an Enduring Power of Attorney this is also something that you can discuss with your lawyer at your initial meeting. An Enduring Power of Attorney can also be prepared and executed at the same time as your Will. Making a Will is a key component to estate planning and ensuring that your assets pass in accordance with your wishes. Don’t let all your hard work go to waste and make sure your assets pass in a way that is pleasing to you. This article contains information of a general nature and should not be relied upon as a substitute for professional legal advice given with respect to a particular factual situation.