New Year, new will

User Written by Cindy-Marie Leicester on January 22, 2018.

New Year, new will

Lots of us like to start a New Year with a clean slate.  We set ourselves goals, targets, and resolutions to improve ourselves. Typical resolutions including getting fit, starting a course, clearing out the closets or reading all those books that have been gathering dust. But how about something a bit different this year, something that could quite literally change lives… writing a will?

Ok, it’s not a particularly sexy resolution to have but it could make a massive difference to your loved ones in the future and that has to be a good thing. Another plus is that it is easily achievable and you will know when you can tick it off as done. Not like a resolution such as ‘getting fit’ which is hopelessly open-ended and difficult to stick to as a result.

Lots of people put off writing a will because they mistakenly believe that it is difficult. It really isn’t. The process is not at all complicated, especially if you work with a professional will writer or a lawyer, which I highly recommend. As well as making the creation of your will quick and painless, they will ensure that it covers all the key points that it needs to and that it is correctly drafted, witnessed and signed with no room for misinterpretation once you’re gone. 

If you already have a will, well done – you’re definitely in the minority. However, a new year is the perfect time to revisit it and update it. You should do this at least every 10 years as well as after any significant life changes such as becoming a parent or getting divorced.

I cannot stress enough the headache that is left behind when someone passes away without leaving a will. This has been highlighted over the last couple of years by two high profile sudden celebrity deaths. George Michael, who died on Christmas Day 2016, had a will in place and his estate of £105 million will pass mostly to his sister, in accordance with his wishes.

Prince, on the other hand, also died in 2016 but left no will, dying intestate. When that happens a person’s assets are distributed according to intestacy laws. In Prince’s case Minnesota state law will dictate what happens to his $300 million estate and it is likely that at least some of his assets will not go where he would have liked them to. Not only that but a failure to do any estate planning means that the estate will be subject to a huge tax bill which could have been lessened considerably with some forethought.

If you want to make an easily achievable New Year’s resolution that will give you both peace of mind and satisfaction, then get your will written or reviewed. Your loved ones will definitely appreciate your efforts in the future! 

If you'd like to discuss writing a will, or reviewing an existing one, please do get in touch with Infinity at willdesk@infinitysolutions.com to arrange a complimentary consultation with me.

Disclaimer:
Cindy-Marie Leicester provides will writing services as a third party professional adviser and Infinity Financial Solutions Ltd takes no responsibility for the goods and services provided by any third party to whom clients are referred.

In no event shall Infinity be liable to you, or any third party, for direct, indirect or consequential damages, cost or loss of profits arising from your use of third party referral services. Infinity may receive a referral fee from third party will writers for introductions.

Cindy-Marie Leicester

Cindy-Marie Leicester

Posted on January 22, 2018 in Estate Planning.