A lot of us make them, how many of us stick to them? Resolutions to lose weight, get fitter, drink less alcohol, drink more water, eat healthily, the list goes on.
Although the New Year is seen as a fresh start and a time to look forward and make plans to look after ourselves a little better, January is a difficult month for many of us. After the busyness of December, we are plunged into a long, dark month and January is even host to “Blue Monday” – officially coined as the most depressing day of the year.
So, why not make January the month when we do something kind for ourselves, that also has a benefit to others. Make it the month when we tick one task off our long “to-do” list that we might have been avoiding for a while – MAKE A WILL! Here are a few reasons why:
1. Keeping control – it is rare that the Crown will get your money and property after your death, but there is a strict order of who will inherit your estate if you die without a Will. You might be surprised by who would benefit in this situation and making a Will is the only way to name those you want to look after with any certainty.
2. Executors of your Will – the executors will carry out your instructions and last wishes and making a Will means that you choose the person or people you think would be best to do this.
3. Supporting charities – you might have favourite charities or organisations that you want to benefit
4. Guardians – if you have young children, it is important to name guardians
5. Pets – you can name who you would like to look after your pets and put money aside for them to be cared for
6. Tax planning – review your inheritance tax situation and look at strategies to reduce your inheritance tax bill
7. Protecting your partner and children – a Will can ensure your current partner has a roof over their heads, while protecting your money and home for your children after your partner’s death. Unmarried partners are not automatically entitled to anything from your estate unless it is written in your Will.
8. Business planning – your Will can detail who would run your business in the event of your death and how it should be run.
9. Funeral arrangements – cremation, burial, donation of body parts, religious service, non-religious service, no service – let your preferences be known. It brings comfort to friends and relatives to know that they are carrying out your wishes.
Having a Will and regularly reviewing it, is a good habit to get into and it is important that EVERYONE does this from early adulthood.