5 June 2017
Simcocks can advise and assist in the preparation of your Manx will to ensure as fully as possible that your wishes are met after your death.
Making a will is the only way for you to ensure your assets are dealt with in the way you want them to be after your death. If you die without making a will your property and assets may not pass to the people you would like them to. By making a will you can specify which of your possessions you wish to give to individuals and you may distribute legacies of money to family, friends or charity.
Should you make a will?
If you answer YES to any question below – you need a will.
• Do you have a partner?
• Have you any children under 18?
• Have you any older children or other adult dependants?
• Have you any children from a previous relationship?
• Have you any property, savings or policies not in joint names?
• Are you and your partner unmarried?
Would you like to…
• Safeguard your family’s or partner’s future?
• Leave something to a grandchild, nephew or niece, friend or charity?
• Avoid any argument, expense or delay?
What happens if I don’t make a will?
Married with no children:
Your spouse gets everything.
Married with children:
Your spouse gets:
– car and house contents, plus
– first £250,000 of your estate, plus
– half of any surplus.
Plus, your children (stepchildren get nothing) get:
half of any excess over £250,000 outright.
Not married and no children:
Your parents or (if none alive) your brothers and sisters get:
– all your estate.
Single, widowed or divorced (but not separated):
Everything goes to your children (if any), otherwise to your parents (if alive), otherwise to your brothers and sisters (or their children), otherwise your grandparents (if alive), otherwise your uncles and aunts (or their children), otherwise to the government.
Instructing an Isle of Man solicitor: what to put in your will
Bequests
The main function of a will is to identify to whom you wish to leave your assets. You may want to leave specific items to an individual or to a number of people – for example, a painting to a friend or jewellery to granddaughters. You may wish to leave legacies of specific amounts of money to certain people. Or you may decide not to make such specific bequests and to leave all your estate to one person or divide it between a number of people.
Although it is not possible to cover every eventuality that may arise, it is important to consider alternative beneficiaries to deal with the possibility that one or more of them may not survive you.
Simcocks can advise you on the possible implications whichever way you decide to distribute your estate.
Choice of executor
Your will must also appoint one or more executors who will manage your affairs immediately after your death and distribute your estate in accordance with the directions in your will. Your choice of executor is important. It must be someone you trust and who is likely to survive you. It is also advisable to appoint a substitute executor in the event that your first choice is either unable or unwilling to act.
In either case you may choose to appoint a professional executor and Simcocks have many years of experience in providing such a service. Additionally, Simcocks can provide advice and assistance
to your executors or even administer your estate on behalf of your executors if so instructed.
Other wishes
You may wish to specify the arrangements for your funeral in your will. Usually this is simply to state whether you wish to be cremated or buried but may include more detailed wishes in respect of your funeral service.
Should I appoint guardians?
If you have children under the age of 18 you should appoint a guardian or guardians. They could be appointed to act on your death or only once you and your partner have passed away. If you have a child who is not by your current partner then you will need to appoint your current partner as guardian
unless you would wish someone else to act.
What are executors and trustees?
Executors are the people appointed in your will to carry out your instructions. They bring together all your assets, pay your debts and any gifts of money, transfer any gifts or personal belongings and deal with the remainder – your Residuary Estate – in accordance with your will.
Trustees are the people appointed in your will to look after your property until for example, a child is old
enough to inherit or where you have given someone a life interest e.g. the right to live in your property
(but not the ownership) until they die, remarry or some other event specified by you. You can also give someone for his or her life, the interest only from a gift with the gift finally going to someone else when the other has died. Executors and trustees are usually the same people.
How many executors can I appoint?
Although you can appoint up to four executors, you should appoint at least two. You can appoint alternative executors in case your first choice later decides not to take the position or dies before you.
Whom should I appoint as executors?
Any adult person or approved company can be appointed as an executor. Your executor could be the person who is going to receive the biggest share of your estate, such as your husband or your partner. Relatives and close family friends can be executors.
If you appoint a professional firm as executor do remember they will charge for their service. Here at Simcocks, we can act as executors.
It is advisable to review the contents of your will periodically as your circumstances may change or
you may even change your mind. Remember you can alter your will at any time by executing a codicil or
another will. Whoever you are and whatever your circumstances, Simcocks can help tailor your will to ensure your individual requirements are met.
For more specific details on making a Will, please telephone +44 (0) 1624 690300 or email enquiries@simcocks.com.