Putting your affairs in order this new year

The start of a new year is often a time for fresh starts and forward planning. Many people use January to organise their finances, review personal goals and put practical plans in place for the future. One important task that can be overlooked, however, is making or updating a Will.

At Ness Gallagher Solicitors, we regularly speak to clients who want the reassurance that comes from knowing their affairs are in order as they begin a new year. With the busy festive period behind us, many people feel more able to focus on long-term planning and important life decisions. Making a Will at this time can provide peace of mind and clarity for the months and years ahead.

A Will allows you to:

• decide who should inherit your estate (your property, money, and belongings)
• appoint guardians for young children
  
• choose executors you trust
  
• make specific gifts or charitable donations
  
• plan for Inheritance Tax (IHT) and take steps to reduce the liability on your estate
  
• reduce the risk of disputes after your death
  

Without a valid Will in place, your estate will be distributed according to the rules of intestacy, which may not reflect your wishes. Unfortunately, this is far more common than many people realise. We have seen situations where complex family structures are not properly accounted for, children are unintentionally overlooked, or estranged family members inherit simply because the law dictates it. Making a Will allows you to take control and ensure your estate is dealt with in a way that truly reflects your intentions.

Even if you already have a Will, the New Year is a sensible time to review it. Changes in personal circumstances can mean that an existing Will is no longer suitable. You should consider updating your Will if you have:

• married, divorced or separated
• had children or grandchildren
  
• bought or sold property
  
• experienced a significant change in finances
  
• lost a beneficiary or executor
  

Keeping your Will up to date ensures it continues to reflect your intentions and many people feel a sense of relief once their Will is in place. Knowing that your loved ones will be provided for and that your wishes are clearly set out can remove uncertainty and reduce stress for those you leave behind.