By KATHERINE GUILLEMOT Manager – Probate & Estates
Why make a will?
For many people, making a Will is something that they frequently put off. You know it is important and you know you should do it. You often think about it but you never quite have the time to get around to it. For other people, the prospect of thinking about what happens after they pass away is simply something they cannot face doing. What is important to remember is that you have
“In essence, a Will is the tool that allows you to pass on your
possessions to benefit others ”
no control over who will inherit your assets if you do not make a valid Will. The assets will pass in accordance with the intestacy rules. It may be that those rules will reflect your wishes. However, there is a strong possibility that they won’t, resulting in those you want to inherit, be it family, friends or charities, receiving nothing.
Movable and Immovable Property Your property and personal possessions are collectively referred to as your estate. Under Jersey law your movable and immovable estate are treated differently for succession purposes. It is therefore usual to make two Wills to cover both types of assets: (1) A Will of Realty to deal with your immovable estate, and (2) A Will of Personalty to deal with your moveable estate.
Your immovable estate comprises freehold property in Jersey including houses, commercial premises, farms and fields, contract leases for more than nine years and flying freehold apartments.
Your movable estate includes, for example, assets such as bank accounts, jewellery, furniture, cars, life insurance proceeds and shares (including shares in a property holding company entitling
Page 78 20/20 Finance & Investment the owner to occupy a share transfer apartment).
What can my Will deal with? Most people want to keep their Wills as simple as possible and often give the whole of their net estate to one or more persons. Some people like to make specific legacies and gifts. How often in your own life have you thought that you would like to have done something, taken a journey, or taken a course but you couldn’t because you didn’t have the money? The provisions you make in a Will can allow others to enjoy such opportunities. In essence, a Will is the tool that allows you to pass on your possessions to benefit others. Even if the value of your estate is small, to prepare a Will provides certainty for your family and friends at what is a very emotional and difficult time as it tells them how you wish your estate to be dealt with.
On a legal level, by having the Wills professionally and validly prepared it provides peace of mind that your estate will be distributed in accordance with your wishes after your death and that you are giving to those that you want to inherit. It is not a lengthy or expensive process. You can change your Will whenever you wish to take in to account a change in circumstances such as starting a family or getting married.
Why not make a Will at home yourself? Homemade Wills can be dangerous and are not
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