A common mistake is 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. 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. Modern family situations are also not covered by the intestacy rules in the Isle of Man such as cohabiting couples and civil partners. In the Isle of Man unmarried partners do not have similar rights on death as married couples regardless of the length of the relationship.

The present rules governing your Estate if you die without a Will have scant regard for your wishes and often disputes arise between the loved ones of a deceased over family assets. Inheritance disputes on the Island are becoming more common and legal costs incurred in this type of litigation are often significant and achieve as by-products ill feeling and a significantly depleted Estate for distribution at the end 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 also 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 choose who takes those important financial decisions you are no longer around to take. Often a Will can include provisions relating to your funeral and organ donation as well as leaving gifts to your loved ones or charities.

The best time to start considering 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 the owner's death. There are also the contents of the property - 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 have a Will made prior to your marriage you will usually need to make a new one following your marriage. As under the law, the 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. It must be noted also that the pro forma Wills that can be purchased on the internet and in newsagents are based upon English Law and therefore do not adequately or correctly cover the Manx position. It is recommended that proper Manx 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 Court involvement following 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.

Author: Vicki Oates

M&P Legal

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