DMW WILL SERVICES
Why Make a Will?
Making a Will is one of the most important actions you can take to protect your loved ones. It provides you with the opportunity to choose who will be responsible for administering your estate and making sure your wishes are met, these people are called your Executors. If your estate makes provision for minor children, then your Executors would also be your Trustees and would manage such funds for any minor children until they reach the legal age of 18 years of age. You can increase this age to 21 / 25 years of age for example if you wish, and your Executors / Trustees can apply the capital and income for such children for their education and maintenance whilst they are under the age at which you have stated they can inherit.
If you have minor children, it also provides you with the opportunity to appoint Guardians for any such children. If your family includes pets, you can make provision for who you wish to take care of them and also leave a set amount of funds to ensure they are looked after financially.
You can also include any specific wishes regarding funeral arrangements, gifts of personal items such as jewellery and any other matters which are important to you.
If you do not make a Will, your estate will be distributed in accordance with Section 52 of the Administration of Estates Act 1990 “Succession on Intestacy”. If there are no surviving relatives who fall into the categories stated, then your estate can end up being paid to the Treasury as bona vacantia.
Why Pay for a Will?
When you choose to make a Will, you will be provided with a wide range of advice such as how to make provision for a partner or spouse whilst also making provision for children from a previous marriage, along with which assets can be distributed by the terms of your Will.
Any assets you hold in joint names as a joint tenancy automatically passes to the joint survivor and does not form part of your estate or the terms of your Will unless the joint party has predeceased you (i.e., already passed away). Anything held in a sole name may require an application for probate to be made in order to transfer the asset into the name of the beneficiary.
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Another important consideration when reviewing your assets and your Wills is to ensure that any policies which you may have in place which specifically name beneficiaries, for example “Death in Service”/ “Pensions” do not conflict with the wishes expressed in your Will. If you specifically name a beneficiary in such policies, then depending on the policy terms, they may take precedence over the wishes expressed in your Will.
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We ensure that you not only have a Will, but you are also provided with full advice in relation to all of your options and the best way to achieve what you intend for your loved ones.
Fee Information
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Single Will & Enduring Power of Attorney
£295.00
Mirror Wills and Enduring Powers of Attorney
£590.00
Single Enduring Power of Attorney
£150.00
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Mirror Enduring Powers of Attorney
£300.00
Estate Administration
£135.00 per hour
EPA Registration / Mental Health Receivership Applications
£600.00
Applications for Probate / Letters of Administration via Dickinson Cruickshank Ramsey Advocates
£950.00 + VAT
Any other services, advice, estate administration or research
£135.00 per hour
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**All Services excluding Probate via Dickinson Cruickshank Ramsey are non-VAT applicable.**
Wills & Jurisdictions
**It is always recommended that you seek legal advice in any jurisdiction where a particular asset is held. We say this, as some jurisdictions, particularly many civil law jurisdictions, provide for what is called forced heirship, whereby irrespective of any Will provision the domestic law may require that certain assets are inherited by certain family members. When making a Will for a particular jurisdiction, you need to be careful it does not inadvertently revoke any other Wills you may hold. It is vitally important that the wording in your Isle of Man Will and any other Will(s) are correct and complimentary to ensure that they do not accidently revoke each other, and we can assist with this.**