The one New Year’s resolution you simply can’t afford to skip

As we prepare to dive into 2025, many of us are making resolutions to improve our lives – get fitter, drink less, or save money. However, one important task that often doesn’t make the ‘to-do’ list is making a Will. If it’s something you’ve been putting off, let this be the year you take control and ensure your loved ones are protected.

How common is it to not have a Will?

If you don’t have a Will, you’re far from alone. According to research by Canada Life, over half of UK adults have not written a Will, leaving millions of families unprepared for the future. Surprisingly, this trend isn’t limited to younger people – nearly a third of those aged 55 and over still haven’t made a Will, despite being at a stage in life when estate planning is critical.

The consequences of not having a Will is significant for everyone, but particularly for families. When someone passes away without a Will (also known as dying intestate), the law determines how their estate is distributed. This might not align with their wishes, and it can lead to stress, delays, and disputes.

Why parents need a Will

For parents, making a will is even more vital. It’s not just about dividing your assets – your will can also name guardians for your children.

If both parents pass away without appointing guardians, the courts decide who will raise your children. While judges aim to act in the child’s best interests, the process can be lengthy, emotionally taxing, and sometimes contentious. By naming guardians in your Will, you can:

• Ensure your wishes are clear: You decide who will care for your children.
• Minimise family conflict: Reduce the risk of disputes among relatives.
• Provide stability: Enable your children to transition smoothly into the care of trusted individuals.

The benefits of a Will

A Will doesn’t just help with guardianship. It also allows you to:

• Decide who inherits: Specify exactly who will receive your property, savings, and sentimental items. Without a Will, the rules of intestacy apply, which may not reflect your personal preferences.
• Appoint executors: Choose trusted individuals to manage your estate and ensure your wishes are carried out.
• Plan for taxes: Reduce the potential impact of inheritance tax on your estate, ensuring more of your legacy goes to those you care about.

What happens without a Will?

If you pass away without a Will, the law determines how your estate is divided, which might not align with what you actually want. For example:

• Your partner may not automatically inherit everything if you’re not married or in a civil partnership.
• Children and stepchildren may receive different shares depending on your family structure.
• Family disputes are more likely to arise when your wishes are unclear.

Time for action

Drafting a Will doesn’t have to be daunting or expensive. At Leigh Duncan, we specialise in Wills, Lasting Powers of Attorney, and Probate & Estate Administration and are on hand to guide you through the process, ensuring your document is legally binding and reflects your wishes.

Don’t put it off any longer – make 2025 the year you take control of your future. Whether you’re updating an old Will or creating one for the first time, now is the perfect time to act. Contact Leigh Duncan today to arrange a consultation and ensure your loved ones are protected. Start the new year with peace of mind, knowing your wishes will be honoured.

We wish you a happy and successful 2025!