Shaping the future
Why You Should Make a Will?
21st August 2025
Having a Will is one of the most important steps in planning for the future.
A properly drafted Will ensures that wishes are respected, estates are protected, and loved ones are provided for.
Many people only start to think about Wills later in life, often prompted by milestones such as children becoming adults or the arrival of grandchildren. Yet as Benjamin Franklin famously observed, “there are only two certainties in life – death and taxes.” Ignoring the inevitable is, in effect, burying one’s head in the sand.
A clear, legally valid Will provides peace of mind. It gives control over how an estate is distributed and helps prevent unnecessary stress and confusion for family members at a difficult time.
Do I Need a Will?
Yes. Without a Will, you die intestate. This means your estate is distributed under the rules of intestacy, which vary by jurisdiction. As a result:
People you wouldn’t choose may inherit.
Loved ones may not receive what you intended.
Assets may be divided unfairly.
A Will ensures your estate goes to the people and causes you care about, in the way you want.
Can I Have More Than One Will?
Generally, you should only have one valid Will. Any new Will should revoke and replace the old one.
However, in some circumstances you may need more than one Will:
Assets in different jurisdictions: for example, a property in Spain may require a separate Will that complies with Spanish law.
Pre-nuptial or post-nuptial agreements: while not formally recognised in the Isle of Man, local courts may still consider their contents.
Forced heirship rules: in certain civil law or Muslim jurisdictions, local laws dictate who must inherit and in what proportion. A separate Will can help manage this.
Key Considerations When Making a Will
When drafting a Will, think carefully about:
Executors : family, friends or professionals (solicitors/accountants).
Lifetime gifts: whether to give away assets now instead of later.
Charitable donations: specifying amounts and conditions.
Vulnerable dependants: providing for children, disabled relatives, or carers.
Joint property ownership: ensuring the right arrangements are in place.
Overseas assets: and whether separate Wills are needed.
Substitute beneficiaries: in case a chosen heir predeceases you.
Balancing inheritances: Will Trusts can help ensure fairness between children.
Spousal/civil partner rights: especially where statutory entitlements apply.
What Can Make a Will Outdated?
Certain life events can affect your Will or even make parts of it invalid:
Marriage or civil partnership.
Divorce, separation or new partnerships.
Death of a beneficiary or executor.
Sale of an asset intended to be gifted.
Changes in inheritance tax law (not applicable in the Isle of Man, but relevant elsewhere).
Acquiring property in a new jurisdiction.
For this reason, review your Will at least every 3 years or sooner if your circumstances change.
Should I Consider a Trust in My Will?
A Will cannot anticipate every situation. That’s why many people use discretionary trusts within their Wills. Trusts allow flexibility, helping executors “balance the books” between siblings, protect surviving spouses, or provide for unexpected needs.
It is often said that “a trust can do anything an individual can”, which makes them an invaluable tool in estate planning.
Who Should Help Me with My Will?
While your accountant can guide you on financial and practical considerations, it is essential to have your Will approved by an advocate or professional Will writer to ensure it is legally valid, correctly signed, witnessed, and dated.
Final Thought
Making a Will may feel uncomfortable, but it is one of the most important steps you can take to protect your family, secure your estate and leave a lasting legacy.
If you would like to discuss your circumstances or need help drafting your Will, please contact us.
Our services are delivered with independence, trusted expertise and a personable approach that puts you first.