Wayne Barnett FCA | MIPW | STEP Affiliate
Estate Planning New Year's Resolutions
Updated: Feb 24
So often, people come in to see me saying something like “I have been meaning to come to see you and write/amend my Will for ages”. Frequently they bring an old article that I have written, sometimes from two or three years ago, which they have cut out of a magazine or paper.
Each January, we write to our clients wishing them a Happy & Healthy New Year and remind them to review their Will in case their circumstances and beneficiaries may have changed since they last looked at their wills.
Putting off to tomorrow, what you can do today, can sometimes have serious consequences.
Wills as Part of Your New Year's Resolutions
A new year resolution for Wills can be a great way to start off the year with a renewed focus on your estate planning. It can help ensure that your loved ones are taken care of in the event of your passing and can also provide you with peace of mind knowing that your affairs are in order.
One resolution for Wills could be to review and update your current Will. This is important because your Will should reflect any major life changes, such as getting married, having children, or buying a new property. If your Will is not up to date, it could lead to confusion and conflict among your loved ones after your passing.
Another resolution could be to create a Will if you don't already have one. This is especially important if you have any assets or dependents that you want to provide for. Without a Will, the distribution of your assets and the care of your dependents will be determined by legislation, which may not align with your wishes.
Lasting Power of Attorney
Additionally, you may want to consider creating a UK Health & Welfare Lasting Power of Attorney, which is a document that outlines your wishes for medical treatment if you are unable to make decisions for yourself. This can be especially important if you have specific wishes regarding end-of-life care. There is also a similar document to enable your UK Property & Financial Affairs to be managed for you, should you lose mental capacity or the ability to speak etc.
Potential Consequences of Not Updating Your Will
I once had a client who related a story about her parents who had previously been very wealthy and twenty years ago had written their Wills leaving £10,000 to each of their nephews and nieces. Over the years their assets had diminished, partly due to care home fees, and when they did pass away, without having updated their Wills, the nephews and nieces received their £10,000 each but the children received virtually nothing.
Happy New Year From All of Us
May I and all the team at Maplebrook Services wish you and your family a very happy and healthy New Year.
For further advice on Wills, LPAs and other Estate Planning issues, please contact our friendly team by emailing email@example.com or give us a call on 26 600780.