A Will gives certainty as to who will benefit from your assets when you die. If you die without making a Will then the rules of intestacy will determine who will benefit and this could mean that people you never intended to provide for suddenly have claim to a share of your assets.
What is the difference between Movable Estate and Immovable Estate?
Immovable Estate covers all land and property that you own. It also includes any loans that are due to you registered on land.
Movable Estate covers all other assets. This includes your bank accounts, shareholdings, your jewellery, furniture, vehicles, boats and any property owned through a share transfer structure. It also includes any private loans and debts due to you.
We always recommend that our clients make two separate Wills to cover their Immovable and Movable assets. This is because different rules apply to the execution, registration and confidentiality of Wills of Movable and Immovable Estate.
Will of Movable Estate
•Details of your assets and any assets you own outside of Jersey.
• Who to appoint as your Executor
You should ask someone you trust and will be capable of administering your estate. You will need to get their full name and address for your Will. If you do not want to approach an individual, BCR Law offers executorship services.
•Who you wish to benefit from your estate
You will need to know your beneficiaries’ full names, including any maiden or former names, as well as their address.
•Details of any specific legacies or gifts
•Details of any specific funeral requests
•Details of residuary beneficiaries
You will need to consider the share of your estate that your residuary beneficiary is to have.
•Details of who you wish to benefit from your estate should one or more of your chosen beneficiaries die before you.
You will need to know their full name and address.
Will of Immovable Estate
• Address of your Jersey property or properties.
You will need to know whether the property is owned in your sole or joint name. If you are not sure we can help you find this information through the Public Registry.
• Name of the person(s) you wish to leave your property to.
You will need their full name and address and details of the property you are leaving to them.
• Details of who you wish to receive your property if one or more of your devisees die before you.
For additional information on this matter, please see the client guide here: What to consider when making a Will