A FINANCIAL planning talk on the subject of wills last night (Wednesday) attracted more than 70 people.
Organised by TLC Business Solutions - and supported by the Department of Economic Development - the event was the second in a series of free talks being held at the Claremont Hotel, Douglas.
Principal of Bolton & Co Sally Bolton encouraged the audience to think about what their assets are and what and who is important to them.
She said: "I've had people who have lost a loved one and who have had to deal with so many matters they are not used to looking after such as the debt of a loved one, their actual estate or their business.
"If you have not made a will, your assets are automatically sold and the cash is distributed according to the law after you die, so your loved ones could end up losing out.
"Everyone has items in their life that are important to them so before you make a will, write a list of all your assets.
"Don't forget about life insurance and jewellery as these are things that will be distributed after you die and you need to make sure they go to the right people."
Sally pointed out that there are various laws governing wills: "Life changing events such as getting married can void a previous will and equally divorce can render some will instructions invalid.
"You also need to make sure that you have two witnesses present when you write one; otherwise the will is not valid. That's why it is always a good idea to have an advocate involved in the process."
Other areas highlighted in the talk concerned bequeathing your money away to a favourite charity, enduring power of attorney should you be unable to make decisions yourself - for example through sickness - and making clear your wishes concerning funeral arrangements.
Much of the subject around wills is about avoiding putting the stress on loved ones after you die.
Sue Gee of TLC ended the talk by urging the audience to think more about wills: that if you don't have one, whatever your age, you should seriously be thinking of making one.
She said: "It isn't a nice subject, but none of us knows what tomorrow holds.
"The simple fact is that if you die without a valid will other people will be making decisions that you would have preferred to make yourself.
"Although most of us would rather not think about it now, we would sleep much better with the peace of mind of knowing that our loved ones will be looked after when we're gone."
The following free talks are planned from 5.15pm at The Claremont Hotel:
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• March 22: Money and debt management - Andrea Tabb, Office of Fair Trading
• April 6: Pensions - Sharon Sutton, Thornton Associates
To reserve a place call Janet on 664789.
