A lesser part of the fiduciary activities in Guernsey is the provision of executorship services. Assets situated in Guernsey owned by overseas residents very often consist of bank deposits and investments in collective investment schemes.
The necessity of making a valid will to deal with the assets of the individual on death is very important and without such a document the estate will fall to be dealt with according to the intestacy laws of the country of domicile of the deceased. These laws may well provide for the disposal of the assets in a manner totally different to the true wishes of the deceased.
Many fiduciary companies in Guernsey offer a specialised service for acting as executor of wills dealing with the estate of both Guernsey resident and non-resident clients.
Upon the death of the client the executor will apply for Grant of Probate, which is issued by the Ecclesiastical Court of the Bailiwick of Guernsey, the jurisdiction of which includes Alderney, Sark and the smaller islands of the Bailiwick. Wills relating to real estate situated in Guernsey are dealt with by the Royal Court.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Peter Crook on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at:
http://gfsc.guernsey.net
