Making a Will in the Isle of Man
If you own anything of value and have not made a will before you die, you risk not providing for those whom you would wish to benefit. If you do not make a Will, the law divides your estate under what are known as the "intestacy rules". The intestacy rules provide fixed arrangements for who will inherit your estate. With today's complex family relationships, these arrangements may not reflect your wishes (or be what is most tax-efficient).
In the Isle of Man this means that:
Your spouse or civil partner may receive some of your assets, but possibly not all.
Your children may receive assets and, if they do, might be entitled to their entire share at 18 (or even 16).
Your surviving spouse or civil partner may not pass your property on to your children.
Even if it goes to your chosen beneficiaries, you may have missed out on the chance to control how quickly the assets are received, and who manages them in the meantime.
If you leave no close relatives, the government may inherit your estate.
By putting in place a Will not only can you ensure that your assets pass to whom you wish (and when), but you can also set out important arrangements such as:-
Who you would like your executors and trustees to be.
Who you would like to act as guardians to care for your children.
Your funeral wishes.
Having a Will professionally drafted can also prevent disputes after your death, which can be time consuming, stressful and costly to resolve. The cost of making a Will is good value, compared to the cost of not doing a Will, or getting it wrong.
The process of making a Will is usually straightforward and can, in most cases, be dealt with quickly. We can offer telephone appointments, 'face-to-face' meetings online, or in person meetings at our office to ensure instructions are taken in a manner convenient to you. We can also visit you at your home if you are unable to attend our office.
If you have already made a Will, it is just as important to ensure that you regularly review and update your Will. This is particularly important if your circumstances change (for example - divorce, marriage, death, a change in financial situation) or, your wishes change.
How we can help:
Draw up a Will, making provision for all the people you wish to benefit
Act as the Executor of your Will
Update your Will, to reflect any change in circumstances or wishes
Advise on the laws of intestacy Please contact:
John Rimmer jr@advocatejr.com
Hollie Ranscombe hr@advocatejr.com
Ilsa Reeves ir@advocatejr.com
Tel: +44 (0)1624 621466 Address: Fort Anne, South Quay, Douglas, Isle of Man, IM1 5DP