New Year’s Resolution for 2025? Write Your Will!

I’m Bhavesh Sahjpall, a Professional Advisor at CTT Private Client. For many, the New Year is a time for reflecting on the year just passed and goal-setting for the year ahead.

In this spirit, it can feel a little odd to bring up your Will – but hold on! It’s not all about death and I’ll tell you why.

Undoubtedly, over the holiday break, you’ve spent a significant amount of time around family and friends; this time of year, above any other, brings the loved ones in your life to the forefront of your mind. You’re probably (hopefully!) grateful for the people in your life and would like to know that they are healthy and happy no matter your circumstances.

With a Will in place, you can do just that. It’s believed that less than 50% of UK adults have a Will; an astounding figure that leaves millions without control over their assets after death, a situation I’m sure no one would want to be in, so what can you do about it?

Write a Will.

Who should have a will?

Everyone! Many people don’t think they even need a Will, but without one, assets are left for the courts to deal with, otherwise known as ‘intestate’. This means your estate will be distributed in line with the laws of intestacy with no regard for the wishes you may have had before death.

Obviously, this is a worst-case scenario. But without a Will, the probate process is complex and messy. And if you have significantly valuable assets, not having them protected by a Will leaves them open to mismanagement.

The average age for writing a will in the UK is 58, and the average age for buying a home is 36. You may not realise it, but there are many things within a person’s estate that are of high value, both financially and emotionally. If you don’t have a Will in place, you have no control over what happens to any of it after you’re gone.

If you:

• Own a house
• Own a business
• Have valuable assets such as antiques, jewellery, or cars
• Are responsible for children
• Look after a vulnerable adult and want to ensure that they are provided for
• Have pets

Then you need a Will.

Why do you need a will?

A Will is a means to protect your assets, ensuring they pass on to trusted loved ones and are not left to the whims of the court.

This is of extreme importance if you have children; without a guardian named in a Will or Estate Plan, it will be up to local authorities to decide what happens to them. Even if there are surviving relatives willing to care for them, you cannot assume these relatives will be awarded automatic guardianship.

A Will safeguards the future of your family and your property. There is no telling what tomorrow will bring; with a Will in place, you protect your family in case of divorce or untimely death. You can properly deal with Inheritance Tax, and with the help of an Estate Planner even mitigate a lot of the tax burden.

A Will also need not be a static document. On the contrary, your Will can change throughout your life to reflect your circumstances, giving you the power to add or remove beneficiaries and clauses, and create additional wishes as time goes on.

How do you set up a will?

The first step is to gather all of the information about your assets to ensure the Will is accurate. This includes things like the value of your property, whether you have more than one property; and your other valuable assets such as cars, jewellery, and anything else you might want to pass onto a loved one after your death.

If you have minor children or keep pets, you will need to specify who receives guardianship of them. This is usually not an easy decision, and it is one you must make carefully, considering such things as whether the prospective guardian is financially able to take on the burden; if they are trustworthy and willing to carry out your wishes.

Once you have gathered all the necessary information, you need to write your Will! Will writing is an unregulated sector in the UK, so it is important to find an Estate Planner or Will Writer you can trust, who’s reputation is stellar.

You can use a solicitor to create your Will, though Estate Planners have much more specialised knowledge, and are a better choice if you need advice for tax & trust law planning or business succession.

In order to discover the right Will Writer or Estate Planner for you, ensure that they are a member of an advisory body, such as the BEST Foundation. If your professional adviser of choice is a member of such an organisation, you can rest assured that they have your best interests at heart and are dedicated to you as a client and to Estate Planning as a career.

Get in touch to discuss your needs

CTT are a professional network of advisers, created to help clients needing financial advice. We pool our substantial expertise together to enable the best Estate Planning service available; get in contact with us today to chat about your personal circumstances and discover how to protect your estate for your family and your future.