Isle of Man: Wills/ Intestacy/ Estate Planning

Today's financial landscapes are growing increasingly complex, giving cause to individuals and businesses alike to seek robust solutions to protect their assets.

Equity incentive plans have grown in popularity in recent years as they provide a fantastic mechanism for motivating employees, retaining talent and aligning the interests of the workforce and Shareholders.

The doctrine of the three certainties—certainty of intention, subject matter, and objects—is essential for a valid Trust. These ensure clear intent, identifiable Trust property, and definite Beneficiaries. Without them, a Trust may fail, causing legal, tax, and Beneficiary rights issues. Professional Trustees can help ensure compliance and proper Trust constitution.

Digital assets are closely intertwined with our everyday life, from supermarket reward cards, photographs, blogs, music accounts, online banking, emails, eBooks, social media accounts…the list goes on.

The Supreme Court has handed down judgment in the inheritance case of Ilott v Mitson.

There is no statutory guidance in the Isle of Man on the role, rights and obligations of a protector. Here, we consider some recent case law which examines the nature of the protector.