The New Year is a time for new beginnings and big resolutions. As you think about how to improve your life in the year ahead, why not make writing or updating your Will one of your resolutions? It’s a resolution that benefits you and your loved ones.
Why a Will Matters
A Will is the only way to make sure your wishes are followed after you’re gone. It gives your family clarity and certainty and reduces the chance of disputes. If you already have a Will but it’s been a few years or your circumstances have changed, it’s time to review it.
Getting Started
Writing a Will isn’t as hard as you think. It’s simply a document that outlines what you want to happen to your stuff after you’re gone. To get started, you need to think about:
- Appointing Executors: Choose someone trustworthy to carry out your wishes. You can appoint more than one executor for continuity.
- Listing Assets and Liabilities: From your home, savings and possessions to debts and mortgages, you need to have a clear idea of what you own and owe.
- Choosing Beneficiaries: Who should get your estate? Think family, friends and even charitable organisations.
The Details
- Legacies and Bequests: You may want to leave specific items, such as jewellery or heirlooms, to particular people. Be clear so there’s no confusion.
- Property Ownership: If you own a home, it’s more complicated. For example, joint ownership with a “survivorship destination” clause may override your Will, so seek expert advice.
- Children: If you have young children, who would you want to care for them if you and your partner were no longer around.
Don’t Miss Anything
Make sure you cover everything, including property abroad and your funeral wishes. Include a “residue” clause to cover assets acquired after you’ve written your Will so nothing is left intestate.
Talk to Your Family
It’s good to discuss your decisions with your family. Transparency reduces misunderstandings and reassures those you love most.
Start 2025 with Peace of Mind
As we enter 2025, take the chance to sort out your future and that of your loved ones. Whether it’s your first Will or an update, our team will guide you through the process with advice tailored to you.
Get started now.
Stacey Parker deals with all aspects of Wills and Estates on behalf of clients in Dunfermline, throughout Fife and across Scotland. Stacey has many years of experience in this area of law and is able to help and advise you on your options. If you would like to meet with Stacey to discuss your needs, just get in touch with us to make an appointment or give us a call on 01383 629720.
