The start of a new year is the perfect time for setting fresh resolutions and taking steps toward a more organised and secure future. While many people focus on health, career goals, or personal development, there’s one crucial area of life that often gets overlooked – estate planning and writing a will.
If you’ve been putting this off, now is the time to seize the opportunity and make it your New Year’s resolution to plan your estate. Taking this step is a gift not only to yourself but to your loved ones, too. Here’s why creating a will is essential, the problems that arise without one, and how it can bring you peace of mind in 2025 and beyond.
Why write a will?
At its core, a will is a legal document that specifies what happens to your assets and possessions when you pass away. But it’s much more than just paperwork—it’s a way to ensure your wishes are respected and your family is taken care of. The benefits of writing a will include the following:
- Your wishes, your way
A will ensures your assets, including savings, property, and sentimental belongings, are distributed according to your instructions. Without one, your estate will be divided according to intestacy laws, which may not align with your intentions or your family’s needs.
- Reduce the burden on loved ones
Dealing with an estate can be challenging, especially during a time of emotional grief. A well-written will provides clear guidance on your wishes, making the process much smoother for your family and reducing stress.
- Minimise family disputes
Inheritance can be a sensitive topic, and disputes over who gets what can cause rifts in families. A will leaves no room for ambiguity, helping to prevent disagreements among your loved ones.
- Protect your children’s future
For parents, a will is vital in appointing guardians for any minor children. It also ensures financial security for your dependents by specifying how and when they will inherit assets.
- Save on taxes
Proper estate planning can also help reduce the amount of inheritance tax payable on your estate. This means more of your assets can go to the people and causes you care about.
- Peace of mind
Ultimately, having a will in place brings peace of mind—knowing you’ve taken steps to safeguard your family’s future and made your wishes clear.
The problems of not writing a will
When someone dies without a will, they are said to have died ‘intestate’. This can lead to several issues, both practical and emotional, for their loved ones.
- Intestacy laws decide – If you don’t have a will, the law will dictate how your estate is divided. This means your assets may not go to the people or causes you would have chosen. For example, unmarried partners and stepchildren may not automatically inherit anything.
- Strain on relationships – The absence of clear instructions can create uncertainty and, in some cases, tension among family members as they try to determine what you would have wanted.
- Delay in settling the estate – Without a valid will, the process of administering your estate can take much longer, leaving your loved ones waiting for what they may need urgently.
- Missed opportunities for tax planning – Without proper planning, your estate could face unnecessary inheritance tax, reducing what is left for your family.
Addressing common myths about writing a will
Despite the importance of writing a will, many people delay because of common misconceptions. Here are a few myths worth debunking:
- “I don’t have enough assets to need a will” – Nearly everyone owns something of value, whether it’s a car, savings, or sentimental possessions. A will ensures these are passed on according to your wishes, no matter the size of your estate.
- “I’m too young to write a will” – Tragedy can strike at any age. Writing a will as early as adulthood provides clarity and peace of mind, no matter what life brings.
- “My family will sort everything out” – Without a will, the decisions are made by the law—potentially creating challenges for your family and leading to outcomes you might not have wanted.
- “It’s too expensive or complicated” – Creating a will is often more straightforward and affordable than people realise. Professional advice and tools, such as The National Will Register, can simplify the process.
- “Once it’s written, it’s done” – A will should be reviewed and updated regularly, particularly after major life events like marriage, divorce, or the birth of a child.
Make it your New Year’s Resolution
It’s easy to put off writing a will, but the start of a new year is the perfect moment to take control of your future and protect the people you care about most. Here’s how you can get started:
- Reflect on your wishes – Think about how you want your assets to be distributed and who you’d like to include in your will. Consider guardians for any dependents and any charitable causes you’d like to support.
- Seek expert advice – While DIY options are available, consulting a professional can ensure your will is legally valid and covers all essential aspects.
- Register your will – Once your will is complete, consider registering it with The National Will Register. This ensures your loved ones can easily locate it when it’s needed most.
- Commit to regular reviews – Make it a habit to review your will annually or after significant life changes to keep it up to date.
This New Year don’t just think about re-organising your wardrobe or going to the gym – plan for what truly matters. Writing a will is a simple yet powerful way to secure your future, protect your family, and achieve peace of mind.
Start 2024 on the right note – make writing your will your top priority. Your future self (and your family) will thank you.