When a deceased individual has died holding Cayman Islands assets in their individual name, such as shares in a Cayman Islands company, the Succession Law (2006 Revision) of the Cayman Islands provides that no person shall take possession of or in any manner administer any part of the estate of a deceased person without first obtaining a grant of representation of the estate of such deceased person in the Grand Court of the Cayman Islands. Once obtained, such grant of representation appoints a personal representative in the Cayman Islands who may then administer the estate of such deceased person and, for example, in the case of shares in a Cayman Islands company, validly transmit the deceased shareholder's shares to those persons entitled under the deceased's will or intestacy. This memorandum sets out below the basic procedure and costs involved with obtaining a grant of representation in the Cayman Islands.
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.