A Will is a document whereby a person, known as the testator, sets out how they would like their property to be distributed upon death. Essentially it is a list of instructions, and subject to certain legal requirements, can be as complicated or as simple as the testator wishes.
The preparation of Wills is not regulated in the Isle of Man. Some people choose to make their own Wills, however, it is always recommended to have a professionally drafted Will.
Key features to a Will:
- Revocation – It revokes previous Wills, usually all previous Wills, but sometimes with exceptions. For instance, where a person owns real estate or possibly moveable assets located in a foreign jurisdiction, the person may have multiple Wills and care must be taken to ensure that the separate Will governed by the laws of the foreign jurisdiction doesn’t inadvertently revoke the Isle of Man Will or visa versa.
- Appointment of an Executor – This is the person or persons who will administer the estate on behalf of the testator following his death. An executor arranges the clearing and collection of the testator’s property and then the sale or distribution of it in accordance with the terms of the Will. An executor is also legally responsible for the testator’s funeral arrangements.
- Domicile – A declaration of domicile is often included in Manx Wills, as the Isle of Man does not have any form of inheritance tax. This is intended to show that the testator has abandoned their domicile in the UK (or further afield) and that they should not be subject to foreign inheritance tax.
Find out more by downloading the full article: What is a Will?