The New Year is often a time to reflect and put in place goals for the future. However, one thing that is often neglected is writing a Will.
Why is the New Year a good time to write a Will?
2022 has undoubtedly been a year of significant change, whether that’s the ongoing effects of Covid, the cost of living crisis, or the war in Ukraine. These events will no doubt have impacted your finances, your relationships, or your business interests in one way or another.
As a result, it is important to think about how this will affect you and your family going forward. So, as you think about the past year and resolutions for the next, the new year could be an excellent time to write a Will or to review your existing one.
Have you made a Will?
Recent research from Legal and General determined that 53% of UK adults do not currently have a Will. This means that they don’t have any control over who receives their assets when they pass away, or even know how much their estate is worth.
A Will is a legal document that allows you to pass on family heirlooms, appoint guardians for your children, and include gifts to charities, friends and family. So, if you have children, own property, have savings or investments, or run a business, making a Will is particularly important.
Does your Will reflect your wishes?
If your circumstances have changed this year, you should update your Will to reflect those changes. Perhaps you have changed career, moved home, got married or divorced, or welcomed a new baby to the family. In any of these circumstances, you should update your Will to ensure it is reflective of your current situation.
Do you need to change your beneficiaries or executors?
Many people need to change the people that are named in their will for a variety of reasons. Perhaps you have outlived executors or beneficiaries named on your will, or maybe the relationship has deteriorated. In this case, you would need to replace them in your will to avoid complications in the event of your death.
Have your business interests changed?
This year has been challenging for businesses. With adjustments to lockdown restrictions, some businesses may have flourished while others have struggled. If your business interests have changed significantly, now might be a good time to review both your will and your succession plan for your business.
Do you wish to take advantage of Inheritance Tax planning?
It is always advisable to review your will and estate regularly in line with current tax legislation, reliefs, and opportunities to save on Inheritance Tax thresholds. Reviewing your affairs can be a great way to start the year. It allows you to understand where you are financially, and to effectively make plans for the future, knowing that your will is up to date.
Find out more
You may have a good idea about what you want your Will to address, or you may not know where to start. Either way, we will discuss all the various considerations, and listen to your thoughts and concerns so you can feel confident your Will covers everything it needs to.
We can advise on:
- how to structure your Will to make sure your assets are passed on in the way you’d like.
- the options available for those with more complicated family arrangements.
- how you can use your Will to pass on your business, or family farm, to the next generation.
- protecting your assets with succession planning and establishing trusts in your Will.
- the Inheritance Tax rates and implications of the provisions of your Will.
Whatever the New Year brings, making or reviewing your Will should be towards the top of your list.
