Island Life Magazine Ltd December 2007/January 2008 | Page 22

life

PROPERTY

Where there is a
WILL there's a way
Terence Willey

"I have spent the past 40 years
advising and assisting clients
with the preparation and
completion of their Wills,"
I have always considered
that the festive season is an
ideal time for reflection. For
many of us this represents
a gathering together of
our families and sharing
some quality time.
Over the last forty years
that I have been advising
and assisting clients with the
preparation and completion of
their Wills, it has never ceased
to amaze me how many people
fail to address the completing
of their Will and place this
subject on the “back burner”
for one reason or another.
The laws of succession arising
out of an intestacy (i.e. death
without a Will) often can
cause arguments and even long
term rifts between families
as the succession rules do
not always represent what an
individual would have required
had he or she made a Will.
What better time to discuss
your intentions when the
family are gathered together!
The recent raising of the
Inheritance Tax threshold
to £600,000.00 by the
Government has effectively
meant that many people have
considered that the creation
of specific Discretionary
Trusts Wills are no longer

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necessary but it should be
said that Discretionary Trust
Wills have their own benefit
apart from tax planning issues
in respect of appointing
trusted Executors to exercise
express discretions upon
death depending on family
circumstances that prevail
at the time and pursuant to
your written express wishes.
Very often individuals who
own businesses do not find
the time to complete Wills,
but it is essential that careful
consideration is given to both
the business and personal
assets and any express
wishes as to division of such
business assets or directions
as to the continuation of the
business following death.
To protect valuable and
family owned antiques and
items of sentimental or
intrinsic value should be
specifically dealt with within a
Will if they are not to be sold
on your death. Furthermore
it is necessary to consider the
creation of Trusts for young
children and the appointment
of guardianships where
necessary and in many cases
to consider children of former
marriages or relationships so
that they are not left aside

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