New Year, New Will: Updating your Will in 2025
The start of a New Year presents a unique opportunity to reassess our priorities and set new goals. One vital aspect of this reflection is making or updating our Will – a document that is often overlooked yet essential for ensuring that our wishes are honoured after we’re gone.
The importance of a Will
A Will is more than just a legal document, it’s a statement of your values, priorities, and intentions. It provides clarity for your loved ones during a time of grief, outlining how you want your assets distributed and who you wish to care for your dependants. In the hustle and bustle of everyday life, many of us put off this important task.
1. Reflect on your life changes
The onset of a new year is an ideal time to reflect on the changes that have taken place in your life. Have you experienced any significant events over the past year? Perhaps you’ve welcomed a new family member, changed jobs, moved to a new home, or even got married or gone through a divorce. Each of these milestones can impact your financial situation and your wishes. Take the time to assess how these changes might necessitate updates to your Will.
2. Reassess your assets
As we move into 2025, it’s worth taking stock of your assets. Have you acquired new property, investments or sentimental items that you want to pass on? Conversely, have you sold or given away items that were previously included in your Will? An inventory of your assets can help ensure that your Will accurately reflects your current situation and intentions.
3. Choose your Executors and guardians wisely
One of the most important aspects of a Will is selecting an executor – someone who will be responsible for carrying out your wishes after you pass away. Additionally, if you have children, choosing a guardian is a crucial decision. As your life circumstances change, so too might your relationships and values. Take time to think about who you trust to manage your affairs and care for your loved ones.
4. Communicate your wishes
Creating a Will is only the first step; communicating your wishes with your family and loved ones is equally important. While discussions around death can be uncomfortable, they are necessary for ensuring that your intentions are understood and respected. Open communication can help alleviate confusion and conflict among family members during what is already a challenging time.
5. Seek professional guidance
While there are many resources available for creating a Will on your own, seeking professional legal guidance can ensure that your documents are valid and reflect your true intentions. Here at Osborne Morris & Morgan, our Wills team are experts in this field and know exactly how to word legal documents with no room for confusion or misunderstanding. We see all too often the problems that can arise with incorrectly worded Wills. This can cause a lot of distress for your loved ones including huge financial costs.
When you choose to write your Will with us and opt for our storage solution, you can also be rest assured that your document will be safe and easily locatable for any future revisions.
Get in touch with us today
If you’re ready to review your Will, our dedicated Private Client team is here to guide you every step of the way. Contact us today on 01525 378177 or email info@ommlaw.co.uk.
