How to write a Will in the Isle of Man

Creating a valid Will ensures your loved ones are cared for according to your wishes. It also allows you to choose who will manage your affairs and appoint guardians or trustees if needed.

If you have never made a Will before or are wishing to review your Will; here is a step-by-step guide to the process and what you should consider including:

Step 1: Value Your Estate

Start by listing your assets and debts to estimate the value of your estate.

Assets include:

• Property, including your home
• Bank savings and National Savings (e.g., premium bonds)
• Insurance policies and pension funds with lump-sum payouts
• Investments, (stocks and shares)
• Personal belongings such as jewellery, antiques, and vehicles
• Household contents

Debts may include:

• Mortgage
• Credit card balances
• Loans or equity release
• Keep these values updated as they can change over time.

Step 2: Decide How to Divide Your Estate

Consider how you'd like your estate to be distributed:

• You may wish to identify people or charities to receive specific gifts or amounts.
• Identify who should benefit from your Will and in what shares.
• Plan for what happens if a beneficiary passes away before you.

Step 3: Choose Your Executors

You should consider who you wish to be the Executors of your Will. They will be the persons you appoint to manage your estate after your death, ensuring that all your wishes are carried out.

Select trustworthy individuals who are prepared to handle this responsibility.

You can choose a beneficiary but sometimes it is sensible to appoint someone neutral and therefore not potentially conflicted when making decisions.

Step 4: Instruct M&P to prepare your Will.

For professional guidance, contact Patrick Swanney at M&P Legal and gain peace of mind for you and your loved ones . With over 15 Years of specialised qualified experience in Wills and Estate Planning, Patrick is dedicated to providing clear, practical advice tailored to your circumstances.

Contact us on law@mplegal.im or on 695800 or via the contact us section.

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