The start of a new year often brings with it a renewed sense of purpose. We make resolutions to improve our lives, whether adopting healthier habits, setting off on new adventures, or creating ambitious career goals. Amongst all these resolutions, there’s one that is important but often overlooked – updating or creating your will.
Why is a will important?
A will is more than just a legal document. It’s a declaration of your wishes, a safeguard for your loved ones, and a way of ensuring that your legacy is taken care of according to your preferences. Despite its significance, many people overlook the necessity of having a will.
There are lots of reasons why you should put prioritising your will at the top of your list of new year’s resolutions:
Reducing the risk of disputes
One of the primary reasons to have a will is to protect your family and friends. Disputes over a will can cause unnecessary stress among your loved ones during an already difficult time. By clearly outlining your intentions, you can provide peace of mind and clarity to those you care about.
Taking care of your loved ones
A will allows you to specify exactly how you want your assets to be distributed and who should manage your estate. Without a will, the distribution of your estate will be governed by the rules of intestacy, which may not align with what you want for your estate. A will gives you control, and peace of mind that you will be caring for your loved ones even after you’re gone.
Making your wishes known
From beneficiaries you want to be included, to any charitable donations you wish to make, or heirlooms you’d like to pass on to specific people, a will ensures your wishes are clear and you can be reassured that your desires are known.
Why Now?
The start of a new year is the perfect time to take stock of your life and make important decisions about your future.
Life is full of changes, and many of these can impact your estate planning needs. Whether you’ve experienced a marriage, divorce, the birth of a child, or the acquisition of significant assets, it’s essential to ensure your will accurately reflects your current circumstances. An outdated will can lead to unintended consequences, so regular reviews and updates are crucial.
How to Get Started
It is easy to put off a will as it can feel like a daunting or overwhelming task, but that doesn’t have to be the case. Some things you can consider to help you get started are:
Assessing Your Assets
Begin by making a comprehensive list of your assets, including property, savings, investments and personal possessions. Understanding the full scope of your estate will help you make informed decisions about how you distribute your wealth.
Consider Your Beneficiaries
Think about who you want to benefit from your will. This can include family members, friends, charities, and other organisations.
Choose Executors Carefully
Selecting the right executors and guardians is critical. Executors are responsible for managing your estate and ensuring that your wishes are carried out, so it’s important to choose individuals you trust and who are capable of handling these responsibilities.
Regularly Review and Update
Life is constantly changing, and your will should reflect these changes. Make a habit of reviewing your will regularly, particularly after major life events. This ensures that your will remains up-to-date and accurately reflects your wishes.
Bromleys can help you
Our expert team at Bromleys will help you navigate the complexities of estate planning, ensuring that your will is comprehensive, legally sound and properly represents your wishes. A solicitor can provide valuable insights into tax implications, trusts, and other considerations, empowering you to make informed decisions.
As we start a new year, consider the peace of mind that comes with knowing your affairs are in order. Creating or updating your will is an act of love, providing security for your loved ones. Make this resolution a priority and take the first step towards safeguarding your legacy today.
Contact us today on 0161 768 1596 or email bromleys@bromleys.co.uk to speak to one of our empathetic experts.