Will Power: Resolutions for your Estate

As the clock strikes midnight on Hogmanay, a lot of us may resolve to start afresh, tackle long-overdue tasks, and hope to generally embrace better habits. While familiar resolutions usually focus on health, finances, or personal growth, there is one key task that rarely makes the list but is just as important: updating your will.

Preparing or revisiting your will as the New Year begins ensures your wishes are up to date and your loved ones are protected. So, as you prepare to toast to new beginnings, here’s why and how you should prioritise updating or creating your new will in 2025:

Evolving Relationships

As time progresses, relationships can look different. Whether you want to include or remove beneficiaries, add an executor, or adjust how your estate is distributed, the start of the year is an excellent moment to reflect on these updates before discussing these with your legal adviser.

Life Changes

Have you recently welcomed a new addition to your family? Did you lose a loved one this year, or experience a significant life event like marriage or divorce? It’s important to discuss any significant changes with a solicitor and ensure your will is still fit for purpose.

Financial Adjustments

You may have started thinking about things like care costs or your inheritance tax position. The most recent budget has introduced some changes to the way inheritance tax is charged so you might want to check how that affects you. Perhaps you wish to leave your estate to a vulnerable beneficiary and you want to ensure the correct mechanisms are in place for their inheritance to be protected. A solicitor can discuss the options available to you.

Where there’s a will…

If you do not have a will, your estate shall be distributed in accordance with the laws of intestacy in Scotland. That means you will not have a say on how your assets are left after your death. It also means that the process can be more costly for your estate – and for your family – as extra court applications and expenses are likely to be required. A will ensures peace of mind for you and your family.

Making Will Updates Easy in Scotland

Preparing or updating an existing will doesn’t have to be a daunting process. Here’s a quick guide to get you started:

Reflect on Your Wishes: Take a moment during the New Year break to consider your current priorities and how they align with your existing will. If you don’t have a will, consider how you would like to leave your estate.
Seek Professional Advice: It is prudent consult a solicitor who specialises in wills and estate planning. They can help ensure that your updated will complies with Scots law.
Add a Codicil or Create a New Will: Minor changes can sometimes be made using a codicil (an amendment to your will), but significant updates may require drafting a new will. Your solicitor can advise on the best option.
Sign and Witness Properly: Scottish law requires specific formalities for wills to be valid, including proper witnessing. Failing to follow these steps could render your will invalid.
Store your Will: it’s important that your original signed will is stored correctly. Losing a will in Scotland can cause additional costs and delays in the administration of the estate. Solicitors usually provide this service free of cost.

A Fresh Start for You and Your Loved Ones

By updating or preparing your will, you’re ensuring that your legacy reflects your current values and circumstances, offering peace of mind to you and your family.

So, as you ring in the bells this year, consider raising a glass to the security of your future. There’s no better time to set your affairs in order and step into 2025 with confidence.