1. If you don’t leave a Will, everything you own is will be distributed as mandated by law – this is known as intestacy, which brings with it potentially unintended consequences. A Will directs who should have your money, property, and possessions when you die.
2. Thus, e.g. under intestacy rules where there are children (whatever their ages) a surviving spouse inherits only £150,000 of the residuary estate with a life interest in the rest. In real terms this can cause hardship and the potential for family disagreements.
3. You might wish to benefit members of your family in a different was so as to provide for those who may require more support than others. Equality is often fair but not always.
4. To make special bequests of your assets such as jewellery or motor vehicles to certain beneficiaries.
5. A Will allows you to choose who will handle your affairs - this person is called your ‘executor’; you can name more than one executor. They will be in charge of carrying out the legitimate instructions that you provide in your Will.
6. When you experience a change of circumstances, you must update your Will.
7. To provide for a partner if you are unmarried or not in a civil partnership – e.g. by giving your partner a of your assets or a right to reside in a property.
8. If you have children under 18, you may wish to appoint a person who you trust as guardian to take care of their interests.
9. When you marry, your existing Will is automatically revoked, and your assets will be distributed according to the intestacy rules with potentially unexpected and negative consequences.
10. Make gifts to people outside your immediate family or for the care of pets or to charitable organisations.
A Will should make things much easier for your family or friends. Without a Will in place, the process can be more time consuming, costly, and stressful.
Contact us now to get the process started. We will send you a questionnaire and follow up with a conference at which we can clear any doubts. We will then draft a Will which reflects exactly what you want.
As of May 11th, 2021, a Central Register of Wills has been established in Gibraltar.
This measure is intended to solve the perennial problem of locating a Testator’s last will.
The Central Register provides fireproof storage facilities in which Wills and Codicils cabn be stored, in strict confidence.
There are three different types of registration options:-
1. The Testator can register a copy of a Will (by production of the original but does not deposit the original) or, 2. the Testator can deposit the original Will and is given an endorsed copy or, 3. the Testator merely records the existence of a Will, its location, and details of it to enable the Executors to track it down after the maker has passed away.
Upon registering with the Central Register of Wills the client will be issued with a certificate of registration as proof that the Will was registered.
A detailed guide of the Central Register of Wills can be found here