If you don’t currently have a Will, or it’s out of date, your loved ones may not receive the assets you wish to leave them in the event of your death. We accept that it’s sometimes a difficult thing to discuss but we are here to help!
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What is an Isle of Man Will?
A Will is a legal document setting out your wishes regarding the distribution of your assets and care of any children when you die.
Why is having a Will so important?
A Will is one of the most important things you should put in place for your family. Not only will it legally protect those that you care about the most but it can also spell out exactly how you would like things handled after your death.
Here are our top reasons why you should make a Will:
- You decide how your estate will be distributed – If you die without a Will, strict legal rules will determine who gets what and this often leads to serious financial and emotional difficulties for your loved ones at an already difficult time.
- You decide who takes care of your children (minors only) – Without a Will then a Court has to decide and it may not be the person you would want.
- Cost – It can be much more expensive and time consuming to deal with your estate if you do not have a Will and certainly the cost to your estate would be far greater than the cost of preparing a simple Will.
- You choose your Executors/ Trustees – Executors make sure all your affairs are in order and have control of your money and assets. You therefore want to appoint someone who is honest, trustworthy and organised and this may not be the family member that the Court would appoint if you do not have a Will.
- Tax – While there are no inheritance or capital gains taxes on the Isle of Man you may have assets outside the Isle of Man or beneficiaries who live elsewhere. With careful planning you may be able to structure things in a way to mitigate any exposure to tax.
- Gifts and donations – Many people want to create a legacy by leaving a gift of money or perhaps a piece of jewelry to a specific person. Equally many people want to donate money to a charity that they care about. This is not possible without a Will.
- Peace of mind – Once you have drafted your Will you know that your estate will be dealt with in accordance with your wishes.
You May Need A Lawyer If:
- You’re recently married, have purchased property together and each wish to set up a Will
- You need to create a Will to ensure that your children are provided for
- A loved one has passed away and you’re the Executor of their Will
- You’ve inherited a Trust from a loved one and need to understand how to manage it
- A parent has passed away with no Will left in place and you and your siblings disagree on how their wealth should be divided
Your Isle of Man Will: How can Quinn Legal help?
Our specialist team are approachable and aim to make the process of preparing your Will as simple as possible.
We put you firmly in control of creating your will. Our experts will get to know you personally to ensure all your needs are met, leaving you with the peace of mind that your wishes will be followed.
For those that urgently require a will, we have created an online wills service that allows you to draft your own personalised will in as little as 15 minutes.
What does this all cost?
Wills drafted by one of our experts start from as little as £400+VAT for a single Will or £600+VAT for Mirror Wills. If you would like to include trusts and/ or are in need of detailed estate planning advice then we will provide a detailed fixed price for you.
Our prices can include not only drafting your Will but also storage and regular reviews and updates to give you even more peace of mind that your affairs will be in order.
The details of our online packages and prices can be found here.
Get In Touch Today
At Quinn Legal we care about our clients and, especially when it comes to helping people draft their Wills, we want to deliver great value through exceptional service. For a no obligation initial consultation or to make an initial free enquiry, please call our team on 01624 665522 or email us on hello@quinnlegal.im.
Alternatively, you can click protect my estate and one of our team will be in touch as soon as possible.