The beginning of any new year is recognised as a good time to evaluate personal matters and get your affairs in order. Often that includes working on your weight, looking for a new job and getting fit and changing lifestyle.
The beginning of a new year brings with it a fresh perspective and so it’s a very good time to sort out personal and financial affairs, as well as making plans for the future, and that includes updating your Will.
January is a busy time for us as many people decide the New Year is a good time to update their Wills.
The coronavirus restrictions in 2020, and in particular over the Christmas period, have meant that many families couldn’t get together in the usual way, and the worry about what the future may hold have spurred many people into action to write their Wills for the first time to ensure their loved ones are protected in the future.
Updating your Will
Without a valid Will in place, you have no control over who will inherit your estate – your possessions, your money, property and even your pets after you die. Instead, the law will decide who will get what under inheritance laws called the rules of intestacy.
Despite this, a lot of people have not yet made a Will. This is not clever, as when they die, everything they own may well be distributed in line with the rules of intestacy, oftentimes against their wishes. This can cause upset and undue distress for loved ones and family members left behind at an already challenging time.
If you do have a valid Will in place, it’s important to review it regularly to check that it is still an accurate reflection of your wishes. The New Year is a very good time to do just that to make sure your Will is still effective and whether it is still a true reflection of your wishes. If it isn’t, then you should make a new Will as soon as possible.