Why create your Manx Will
Firstly ask yourself these questions:
· Are you married?
· Are you divorced?
· Do you have any children?
· Are they under the age of 18?
· Do you own any property or personal assets?
· Would you like to make sure the people and pets you care about are looked after when you are gone?
· Do you have particular wishes about the funera; arrangements you want?
If you have answered yes to any of these questions then it is time to make your will.
Making a will is something that many people put off for their own reasons. One thing to remember nonetheless is that it is important to make a will, even if you consider that you do not have very much in the way of possessions or money.
Once your will has been completed you can have peace of mind that whatever may happen in the future your loved ones and cherished items will be looked after.
Sorting out the estate of a person who has not made a will can be more complicated and drawn out than if there is a valid will in place.
Dying without making a will that fulfils your intentions leaves your estate to be distributed under the intestacy rules, which may be wholly inappropriate for your wishes.
What do I put in my will?
Wills can be made more complicated and expensive if you are undecided about what to do with your assets. Therefore it is worth thinking about it before contacting your solicitor, they will give help as to how it is done but it is best if you have a clear idea in your mind first.
Here are some of the main points you should consider:
· How much money and what property and possessions you have, for example, property, savings, pensions, insurance policies, bank and building society accounts, shares
· Who you want to benefit from your will. You could make a list of all the people to whom you wish to leave money or possessions. These people will be known as your beneficiaries.
· Perhaps you would like to consider whether you wish to leave any money to charity
· Who should look after any children under 18
· Who is going to sort out the estate and carry out your wishes as set out in the will. These people will be known as your executors.
As mentioned executors will carry out the terms of your Will. They will collect together all the assets of your estate and pay any debts, taxes and administration costs out of money from your estate. They will also distribute any gifts or transfer any property to beneficiaries.
You choose who you would like your executors to be. These may be family members (over the age of 18), a trusted friend or a professional person such as an Advocate. The choice is yours. You should consider having a least one executor who lives in the Isle of Man if your beneficiaries are in the UK. If assets are transferred directly to the UK there may be a charge to UK tax.
How do I make my Manx Will?
The safest way to write a will is to instruct an Advocate, who will take your instructions and draft your will at your request. Once it has been drafted it will be checked and signed by you.
What if you are a Non-Manx resident but have assets held on the Isle of Man
You should make a Will to cover your Manx assets only. This will can run alongside any other Will that you have made in other jurisdictions. It is essential though that if you have more than one will that each is clear about the jurisdiction in which it is to be effective otherwise one will can inadvertently revoke another.
What if you have assets held outside the Isle of Man
Technically, your Manx Will can cover assets anywhere in the world. However in some countries with a civil code (such as France) there may be restrictions on how you can bequeath your assets. It is always advisable therefore to seek advice locally wherever you hold assets.