You may have made many New Year's resolutions - give up chocolate, take up running, you may have even committed to 'Dry January', but there is one resolution that requires no willpower and will have positive repercussions long after January ends: make or update your Will!

Anne Forrester, a Legal Executive specialising in Wills and Probate at Jackson Lees comments:

We see many clients who have made a Will "when the kids were younger", to that we ask "how old are the children now?". More often than not comes the slightly sheepish response "Well, the grandchildren are in their teens".

Or, we see clients who have made a DIY Will thinking it will save them a few pounds. It will in the present, but the Will may be invalid or will cost their relatives more money in the future when sorting their affairs out. Even worse, if the Will is proved to be invalid, all of their estate may end up passing to people they did not want to benefit. 

Homemade or DIY Wills, whether taken from the internet or bought as a package from a high street store or post office can initially be a valid document. Many people use such Wills, particularly if they require one urgently, for example if they go on holiday. However, we see many instances were these documents have been amended after they have been signed, such as the inclusion of additional gifts or changes due to family arguments. The additional gifts have then not been valid and there is also the risk that the Will itself may no longer be valid, resulting in the Rules of Intestacy applying to the distribution of the estate. 

The Rules of Intestacy apply when a person dies without a Will or without a valid Will, for example:

You write your Will and “leave everything in my Pool Bank account to my friend Fred Smith” thinking that, as the bank account is your only asset it is all that needs to be considered.  However, Pool Bank could close, be taken over or change its name resulting in the gift to Fred failing and him getting nothing from your estate.  As the Will does not contain any other gifts you would be deemed to have died intestate. 

Under the Intestacy Rule your estate would pass to your family in a strict pecking order.  Therefore, if you are not survived by a spouse, any children, parents, siblings or aunties or uncles, your cousin Peter, who you have not spoken to since you were children after falling out over whether or not he was out in a game of cricket, could walk away with the whole of your estate (including the cricket bat from that fateful game!).

So, while you are struggling to resist eating the last of the Christmas chocolates, think about making a Will, or updating your existing one. It will ensure your estate and much loved possessions will end up with the people you intend to benefit. The best way to do this is to seek the advice of a professional. This is one New Year's resolution you can achieve!

If you would like to talk to one of our specialist advisers, please message us your enquiry or request a callback at your convenience today.