Top 5 Personal Legal Must-Do's

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1. DRAW AND/OR UPDATE YOUR WILL!

Why leave everything you have worked so hard for to chance or even worse, escheat? Drawing a Will certainly brings clarity to your estate and takes a lot of confusion and emotion out of the equation. It is the time for you to look back on your life and reward those people who have always been there for you, and who you feel will appreciate your hard earned assets – whether family members or not! Either way, do not be fooled by the old Bahamian superstition that suggests imminent death the minute you sign your Last Will and Testament! If you figure you are going to die someday, does 'when' really matter? Find a good attorney and pull together all of your bank accounts, land papers, share certificates etc. to aid in easy property identification. Know who your intended beneficiaries are and their respective addresses. Your Executor/trix should be a person in whom you have absolute confidence. The good news is, even if you change your mind mid year or acquire additional assets, you can always just create a new Will. The important thing is to have one. That goes for you too, young people!

2. GET ALL OF YOUR LAND PAPERS PROPERLY REGISTERED!

This is CRITICAL! Most people put this off because of the cost factor. One thing is true in life – whether you pay now or pay later, either way, you WILL pay. It is better that you get it done now. In this regard, here are two things you need to be aware of:

(a) Stamp Duty: This is a charge payable to the Public Treasury upon completion of the purchase of property or obtaining a loan from a bank. Please note that stamp duty on conveyances is calculated at higher percentages than mortgages and it is important to pay the same as soon as possible in order to avoid late stamp duty fees charged any time after six (6) months. The longer you wait to pay stamp duty, the more late stamp fees you will have to pay.

(b) Recording Fees: The Registrar General will only accept documents for recording if stamp duties are paid first. The recording process is a notice to all persons as to the ownership of a parcel or lot of land. If two persons purchase the same parcel or lot of land, the person that records their documents first is recognized as the owner of it. Suffice it to say, "A stitch in time saves nine", or the first in time generally prevails!!

3. IT IS TIME TO MOVE ON!!

Come on! You have been separated now for nearly seven years. Now may be the best time to sever those ties and get on with your life. Do not misunderstand me – we are all advocates for the nuclear family, but sometimes you have to be real. If, after seven years (may be more or may be less – it is honestly up to you!!), your 'spouse' has not made the decision to move back permanently, it is highly unlikely that they will do so this year! There is an old saying – "Why buy the whole cow when you can have the milk for free?" Stop hanging on and work towards an amicable property adjustment settlement and determine what is in the best interest of the children, if any. Get a good attorney who can help you keep balance in this.

4. RESOLVE DEBT COLLECTION/FORECLOSURE ISSUES

People!! You KNOW you owe money! Do not let 'them' call you - Go and get your business fixed!! Your troubles will not go away just because you choose to ignore them or bury your head in the sand. Try to negotiate more affordable terms and conditions or consolidate your outstanding debt. The financial institutions understand that these are difficult times and are far more inclined to be cooperative when you make the first move. Once you have established your new agreement, modify your lifestyle so that you can at all times, stay current. This means you may miss out on the weekly spa retreat or hairdo, but trust me, the interest that accrues on a debt really needs no additional company!

5. ACQUIRE GENERATIONAL PROPERTY

We all know the age old story here. You lived on the property from since 'you knew yourself!' You can even point out the tamarind tree that your great grandfather planted, from which he plucked the switches to 'tan' your pappy's hide. Yep, we know the story. Show me the papers! Unless you can prove long tenure via the Quieting Process, anyone else's claim is as good as yours! You may be sure, this sort of action does not come cheaply and the Courts will apply intense scrutiny to any application, but if you know the history, now is the time to GET IT DONE, while the relative Affiants are still alive to assist you in the process. Time waits for no man!

Written by Rionda Y. Godet LLB, LLM

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