The New Year tradition of making a resolution usually involves pledging to give up a type of food or a bad habit, promising you’ll exercise every day, or picking up a new hobby – it’s a commitment to making your life, or someone else’s, better. By now you have probably made your New Year’s resolutions and just like every year, most of us are going to slip up and forget about them after a couple of weeks. If you are someone that has trouble keeping a resolution, maybe it’s time to make one that will last for longer than 2022: one that will truly have an impact on the rest of your life.
Making a will is an important thing to accomplish in your lifetime, but not something that most people think about until something happens in their lives where they need it. Wills are one of the most important documents you can make, setting out the future for your friends and family. And yet, 31 million adults in the United Kingdom are yet to lay out their will, risking dying intestate. As we head into a new year filled with unique challenges and uncertainty, wills allow us to create a protective foundation for those we love.
So, why not try something new for 2023 – make your New Year’s resolution to make a will!
Why should you make a will?
Wills are a legal document outlining exactly how your estate (meaning your money, property, and assets) is to be shared out in the event that you pass on. This can be anything from stating that your wife should take ownership of your house, to naming a pet guardian of your beloved cat to make sure they are well looked after once you are gone. For parents, wills can also be used to specify who becomes the legal guardian of your children, providing you with total peace of mind as to their future wellbeing and happiness.
Wills are not just for older people, and age should not be a barrier to making one. As young adults begin to acquire assets, from buying a house to inheritance from their parents or grandparents, wills enable them to control where ownership passes in the unfortunate event that they pass away. Despite this, just 16% of 18 to 34 year olds in the UK have a will.
Whatever age you are, the days after someone passes are a period of intense sadness, stress, and worry. Wills take some of that pressure away, minimising the chances of uncertainty and division within your family. Instead, your loved ones can unite to ensure that your last wishes are carried out. Instead of confusion over who should take over ownership of each and every thing, or who should take care of the pets, wills allow you to impart your wishes in a legally binding manner that can give your family direction in a challenging period, taking some of the burden off of their shoulders.
What happens if you don’t have a will?
Dying without a will is called intestacy, or dying intestate. In this case, your estate is shared out according to government rules depending on your marital status and whether you have children. Whilst those you love will still inherit through intestacy if you are related by blood or joined in marriage or civil partnership, it can mean that those who need, or deserve, specific support don’t receive it. This can be particularly problematic if you have loved ones that require special care. Without using your will to dedicate the funds that can support that care and explain your exact wishes, you can’t be sure that they’ll receive the help they need when you’re gone. For more on how intestacy works, read our blog on dying without a will.
Do wills need reviewing?
Circumstances in life change, and without reflecting that in your will you may see your assets shared out contrary to your wishes. We recommend that you update your wills at a minimum of every five years, ensuring that any legislative changes, and changes in your life, are accurately represented and accounted for within its wording. For more on updating your will, check out our blog on the topic. So if you do dedicate your 2023 resolution to making a will out, make sure your 2028 resolution is to update it!
How do I make a will?
Legally, as long as it has been signed and witnessed by two adult independent witnesses, writing your own will is legally binding. However, it is almost always a bad idea for anyone without significant estate planning experience to write a will, as using the wrong wording can have detrimental consequences, meaning that your instructions are not followed – or even that your will is deemed to be invalid. As a will is a legal document, they require a specific style and wording in order to ensure every statement is watertight. Working with a wills and estate planning specialist is the best way to ensure your wishes are accurately conveyed without any doubt or confusion.
At RRK Legal, we’re to here to help you make a will without any stress or worry, ensuring that your assets are distributed according to your wishes. We understand that it can be a daunting process, but our experienced, friendly estate planning specialists are here to help at every step of the way! To find out more, visit our Will Writing page or contact us today at https://rrklegal.co.uk/contact-us/.
Website: www.rrklegal.co.uk
Email: info@rrklegal.co.uk
Telephone: 01215460771
