Due to what has been termed as “An Historic Surge in the Bahamian Economy” during the past twenty years, more and more Bahamians, residents and also non-residents of The Bahamas have enjoyed considerable acquisition of wealth with the result that much thought should be given to “protection of such acquisition” and bearing this fact in mind, the question which usually arises is who do I want to leave my assets to upon my death and how can I make sure that such person(s) will in fact receive my properties.
A person’s assets comprise the sum total of his real property and personal property. Real property is land and anything growing on, attached to or erected on it, excluding anything that may be severed without injury to the land. On the other hand, personal property is everything except real property. Property that can be seen, weighed, measured, felt or touched or is in anyway perceptible, e.g. furniture, fixtures and fittings, books, clothing, bank accounts, insurance policies, company shares, motor vehicles, boats, golf carts, heavy duty equipment, tools, etc.
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