Island Life Magazine Ltd December 2010/January 2011 | Page 36

property

Island Life - December 2010

LEGAL ISSUES

Do we consider the
next generation
enough?
Photo: Mark & Terence Willey

Terence Willey & Company., Lawyers and Commissioners for Oaths (incorporating Malcolm
Daniells & Company and The Bembridge Law Practice) Contact Terence Willey 01983 875859
or Mark Willey 01983 611888. www.terencewilley.co.uk

Having become a Grandfather recently of

assumption from relatives that they are

two grandchildren in the space of some five

entitled to a share in an inheritance of an

weeks, it got me thinking about providing

individuals estate arising on death. Whilst the

for the next generation generally. My

laws of intestacy make provisions for those

experience in my own profession has clearly

dying without a Will to so benefit under

demonstrated to me that the previous

strict priority by legislation, it will continue to

two generations were generally far more

remain, as far as our Country is concerned,

considerate as to making financial provisions

that an individual has a right to ‘tailor’ their

for their family generations to follow them,

last Will and Testament to suit individual

than is currently the
case. It of course would
be fair to argue that life
is not quite so easy these
days for individuals to
make such provisions
and particularly during
periods of financial
recession. I have known
individuals to financially
restrict the activities of
their own lives so that
sufficient monies would
be set aside and to be
so bequeathed under
a Will to children and
grandchildren, to so
ensure that they could
be given a fair start
in life. I have always
held the belief that
inheritance should be
taken in priority unless
there are personal
reasons why this should
not be the case. All
too often there is an
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