It is a common mistake to think that because you may not have considerable savings or property, you do not need to make a Will - everyone needs a Will if they own any assets. We can all feel a little overwhelmed when trying to consider what our wishes would be, particularly if we have blended families or unusual or complex family structures. If this is the case then it is all the more important that you prepare a Will.

If you die without making a Will (intestate) the people who inherit your Estate are determined by statute which may result in people inheriting that you do not wish to inherit and those that you do wish to inherit receiving nothing at all. Modern family situations are also not covered by the intestacy rules in the Isle of Man such as cohabiting couples and civil partners; unmarried partners do not really have rights on death as married couples do, regardless of the length of the relationship or cohabitation.

The present rules governing your Estate if you die without a Will have scant regard for your wishes and often disputes arise over family assets between the deceased’s loved ones. Inheritance disputes on the Island are becoming more common and legal costs incurred in this type of litigation are significant, often resulting in ill feeling and a significantly depleted Estate for distribution at the conclusion of any such dispute.

Even if your Estate is worth only £5,000 you will need to decide to whom you will leave it.

Remember that your Will is not simply about deciding who gets what; it is a document that details your instructions and wishes to be followed after you have passed away. A Will must appoint responsible people to administer your Estate, your Executors, who will follow your instructions in accordance with your Will. You can, and should, choose who makes those important financial decisions you are no longer around to make. Often a Will can include provisions relating to your funeral and organ donation as well as leaving gifts to your loved ones or charitable donations.

A good time to consider making a Will is when you buy your first property. This is particularly important if you purchase a property with another person to whom you are not married. The legal presumption of ownership of land in the Isle of Man is different to that in England and Wales which may therefore leave a co-owner having to sell or buy out the other share in the property upon a co-owner's death. There are also the contents of the property to consider as you may wish for them to go to a particular relation or friend on your death.

Marriage automatically revokes a Will and therefore if you made a Will prior to your marriage you will usually need to make a new one following your marriage. As under the law, a surviving spouse does not automatically inherit everything, you will need a Will to ensure your wishes are put into effect.

If you have children, then you will need to provide for them - and not just financially. You will need to consider who will take care of your children in the event of your death and how their needs might be provided for. If your children are to inherit your Estate you will also need to determine at what age they obtain their distribution.

A properly drafted Will can provide for all of these circumstances tailored to your instructions. It should be noted also that the pro forma Wills that can be purchased on the internet are invariably based upon the law of England and Wales and therefore do not adequately or correctly cover the Manx position. It is recommended that specific Isle of Man legal advice is taken with regard to the drafting of a Will to avoid complications and possible intestacy following your death. Such legal advice can avoid expensive disputes and possible Court proceedings following your death.

As your Estate becomes more valuable and time passes, you may need to renew your Will and it is advised that you regularly review and update your Will as your circumstances change. The private client team at M&P Legal can assist with your enquiries regarding a Will. Contact our team by calling Patrick Swanney or Amelia Quinn on 01624 695800 or email pas@mplegal.im or ajq@mplegal.im.

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