EXPERT STEVE BISH ALSO OUTLINES FIVE DANGERS OF DIY WILLS
AN estate planning expert says January is the right time to make your Will and get your affairs in order.
As many of us use the new year to set goals on our health or career, Steve Bish says it is also the optimum moment to take steps towards a more organised and secure future.
“January is the time to plan for the future by making it your resolution to plan your estate,” says Steve, a wills and estates expert who founded S Bish Estate Planning.
“You might think of a typical new year’s resolution being about losing some weight or decluttering, but overlooking something as important as your family’s future security is a wasted opportunity.
“It might seem a little gloomy in an already grey month to think about what will happen after your death, but by setting your affairs in order it can bring you peace of mind in 2025 and beyond.
“By ensuring you have a legal document which specifies what happens to your assets when you pass, your new year’s resolution boils down to protecting the people you care about the most.
“A will is much more than just paperwork – it’s how you can ensure your wishes are respected and your loved ones are taken care of.”
But even though home repairs may well also be on the early to do list for 2025, Steve says a DIY Will should be avoided.
Here he explains why, and sets out five reasons why writing a will is so important.
Why write a will?
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Protecting your loved ones
A will ensures your assets, including sentimental items, are distributed according to your instructions. Without a will, your estate will be divided according to intestacy laws which could see your loved ones left without.
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Peace of mind for you and your family
During a time of emotional grief the last thing you would want your family to deal with is complications with money and legal matters. A well-written Will provides clear guidance on your wishes and knowing that it has been done reduces anxiety.
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Minimise family disputes
You’ve probably seen stories about families ending up in court over unclear – or absent – wills. By setting out your wishes clearly in a will it leaves no room for ambiguity.
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Protecting children – and pets
For parents, a Will is where you can appoint guardians for any children who are under 18 and allows you to provide financial security. It is also how you can set down your wishes for how any pets should be looked after and paid for.
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Give less to the tax man
Proper estate planning can help you maximise your assets before – and after – you pass. It can help reduce the amount of inheritance tax payable on your estate leaving more money for your loved ones. It’s easy to put off writing a will, but January is the perfect moment to take control of your future.
Why you should avoid a Do-It-Yourself Will
It is always a good idea to put a Will in place, whatever stage of life you are at.
However, there are risks if a Will is not correctly drafted and many legal cases have stemmed from someone making a DIY Will.
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Avoiding inheritance disputes
If a Will is ambiguous or poorly drafted then beneficiaries may be more included to challenge it. A well written Will which clearly sets out your wishes will reduce the risk of disagreements or misunderstandings.
If your loved ones know that an expert professional worked with you to set out how your estate is to be passed on, they will have more confidence in your Will.
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Your wishes may not be carried out
If you make your own Will, there is a risk that your assets might not be passed on to your choice of beneficiary. For example, if you leave your half of your shared home to your spouse or partner and they have said that in turn they will leave this to your children in their Will, you have no guarantees that this will happen.
They could remarry or simply change their mind and decide to leave your share to someone else. If a professional writes your Will they can ensure that when a spouse no longer need it, your share will pass to your choice of beneficiary.
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Your Will is not correctly executed
A Will is a legal document. If it is not correctly signed and witnessed, it will not be valid. Other issues could also arise, for example, if a beneficiary or their relative were to witness a Will, the gift to them would be void.
Handwritten changes to a Will can also invalidate it. If you want to make changes to your Will, you should have a new Will drafted.
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You could overlook important assets
A professional estate planner will help to ensure that all your assets are included. Most people remember to include money, property or specific items they want to gift but it can be easy to overlook the impact of foreign or business assets. It’s also worth thinking about digital assets, including online accounts and social media profiles.
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Your circumstances change
Writing a Will is not a one-off event. It should be reviewed every five years or when major changes happen in your life such as a marriage, divorce, or the loss of one of your beneficiaries and/or executors. If you do not make legal amendments or a new Will, you could leave behind outdated instructions or even invalidate it entirely.
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