Why Should I Make a Will?

There used to be a time when only a small minority of people made Wills; now, 1 in 3 residents of Gibraltar have done so.

The reasons are simple: to specify who to provide for in terms of money and assets and often in respect of care and to leave special gifts or sentimental items to selected persons.

Crucially a Will names one or more executors who will be a person(s) of your confidence such as relative or a friend, to carry out your wishes.

Except on marriage a Will never lapses and may have to be altered as circumstances develop. The birth of children or grandchildren, changes in financial circumstances such as the acquisition of property or windfalls are examples. Relationship changes may require the alteration of a Will to reflect current intentions.

At the Wills & Probate section of Charles Gomez & Co   we make sure to listen carefully to what is important to you and ensure that the Will reflects your intentions. We explain everything in plain language. If you have assets in other countries in addition to Gibraltar our trusted circle of agents will assist in ensuring that all assets are properly covered.

The following are a few preliminary questions for you to think about:

Who do you want to provide for? (spouse, partner, children)

What do you own? (Cash at the bank, a house, business, shares, life insurance)

What do you owe? (mortgage loans, hire purchase)

Do you want to make social bequests (money, jewellery)

Who do you want the residue of your estate to go to and in what proportions?

Wills must be drawn up and signed according to very specific legal requirements to avoid fraud, so it is best that you avoid the temptation of a 'DIY Will'. 

If you have any questions or would like a further explanation about making a will, contact Daniel Benyunes at daniel@gomezco.gi or call us now at 200 74998.