At M&P Legal, we take a comprehensive, client-centred approach to estate planning. Our goal is to ensure that all aspects of your legal and financial matters are properly considered, particularly during key life events such as property transactions.

As you move forward with your conveyancing, it’s an ideal time to review or create your Will to reflect your evolving needs.

Why Now is the Perfect Time to Review or Create Your Will

Purchasing a property often marks a pivotal point in your life, and it is important that your Will reflects your evolving needs and wishes, especially regarding the distribution of your assets. Having a properly drafted Will can both project your assets and plan for their distribution and in particular can:

1. Ensure Your Assets Go to the Right People

Without a Will, your estate will be divided according to the laws of intestacy, which may not align with your personal wishes. A Will allows you to specify who should receive your assets, including individuals outside your immediate family, such as stepchildren, cohabitees, or friends.

2. Appoint Trusted Executors, Trustees, or Guardians

Your Will allows you to choose trusted individuals to manage your estate and care for your children. If you do not have a Will, the law will appoint executors and guardians, which may not align with your preferences.

3. Prevent Family Disputes

A well-drafted Will can prevent potential disputes among family members by clearly outlining how your assets should be distributed. Without a Will, the distribution may lead to confusion or disagreements that could drain your estate.

4. Avoid Legal Challenges and Complications

A valid Will, professionally prepared and executed, reduces the likelihood of challenges in court. DIY Wills can often lead to errors or unclear instructions, which could result in costly delays and legal complications.

5. Protection for Vulnerable Beneficiaries

If you have beneficiaries who may not be trusted with managing their inheritance, or if you have disabled family members, a well-drafted Will can provide the necessary protection. We can set up trusts that ensure assets are managed responsibly and that entitlements, such as benefits, are not jeopardized.

6. Protection from late life Expense

A well-drafted Will can help limit the vulnerability of your estate to care fees and in some jurisdictions tax. Proper planning ensures that your assets are protected in a way that helps them from being depleted, ensuring more is available for your loved ones.

7. Peace of Mind for You and Your Loved Ones

Having a Will in place gives you peace of mind, knowing that your loved ones will be provided for according to your wishes. It also provides clarity during what could otherwise be a difficult time.

Fees and Contact Information

To discuss your options or to arrange meeting, please contact Patrick Swanney at pas@mplegal.im or call 695800.

We look forward to helping you secure your estate and provide peace of mind for you and your loved ones.

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