The New Year often inspires us to reflect and make a fresh start. While we typically think about resolutions for health, career, or lifestyle, it’s also a perfect opportunity to focus on an area we might overlook: our wills. Recent figures reveal that nearly 60% of UK adults don’t have a valid will in place, leaving their estates at risk of unnecessary complications. Even for those who already have a will, outdated provisions can lead to unintended problems, causing avoidable stress for loved ones. Taking the time to review and update your will for 2025 ensures that your wishes align with your current circumstances and remain legally robust.
Why Reviewing Your Will for 2025 Is Crucial
A will is more than just a legal formality—it’s your way of safeguarding your family and providing clear instructions for how your estate should be managed and distributed. Regular updates are essential for several reasons:
- Reflecting Life’s Milestones
Life doesn’t stand still, and significant events often necessitate changes to your will. Common scenarios include:
- Marriage, Divorce, or Separation: Marriage automatically revokes an existing will unless it was written in anticipation of the marriage. Similarly, divorce or separation may alter your preferences for beneficiaries.
- Welcoming New Family Members: Births or adoptions might mean you need to include children or grandchildren as beneficiaries.
- Loss of a Named Party: If an executor or beneficiary has passed away or can no longer fulfil their role, an update is essential.
- Financial Changes: Receiving an inheritance, selling property, or making new investments can have a significant impact on your estate plan.
- Staying Aligned with Legal Developments
Laws governing inheritance and taxes evolve over time. Ensuring your will is up to date can help your estate take advantage of tax efficiencies while avoiding unforeseen legal challenges.
- Reducing the Risk of Family Disputes
Outdated or ambiguous wills are a common source of friction among beneficiaries. Regular updates help clarify your intentions, reducing the likelihood of misunderstandings or disputes among loved ones.
The Risks of Neglecting Your Will
Failing to keep your will current can have unintended consequences, including:
- Unintended Beneficiaries: Without updates, estranged relatives or others you no longer wish to benefit might inherit your assets.
- Tax Inefficiencies: Outdated estate planning could result in higher inheritance tax liabilities, diminishing what you leave to your loved ones.
- Legal Complications: Clauses in an old will may no longer be valid under current laws, leading to delays or confusion in administering your estate.
Make Your Will a Priority This Year
The start of a new year is the perfect time to take stock of your legal affairs. By keeping your will up to date, you can provide clarity for your family and protect your estate from unnecessary disputes or taxes. Our experienced team at FJG is ready to guide you through every step of the process.
Contact our Wills, Life Planning, and Probate team using our online form.