The start of a new year is a time for fresh beginnings and taking stock of what’s important in life. While many focus on personal goals and resolutions, reviewing your will should be high on your priority list for 2025. Life changes quickly, and what worked for your estate plan a few years ago might not align with your current circumstances.

In this blog, we’ll explore the top reasons why early 2025 is the perfect time to review your will and how a quick update can ensure your family’s future is secure.

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1. Reflect on Major Life Changes

Significant life events like marriage, divorce, the birth of a child, or the death of a loved one can greatly impact your will. If you’ve experienced any of these changes in recent years, it’s essential to update your estate plan to reflect your current situation.

• Marriage or Civil Partnership: Update your will to include your spouse or partner, or it may become invalid under UK law.
• Divorce or Separation: Remove your ex-spouse as a beneficiary or executor to avoid unintended outcomes.
• New Children or Grandchildren: Include provisions for new family members to ensure they are cared for.

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2. Adjust for Financial Changes

Your financial situation may have shifted since you last updated your will. Early 2025 is a great time to review your assets and ensure they are accounted for in your estate plan.

• New Assets: Add any recently acquired property, investments, or business interests to your will.
• Debts Paid Off: If you’ve cleared significant debts, you may want to redistribute your estate accordingly.
• Inheritance Tax Planning: Reassess your estate’s tax position and explore strategies to reduce your beneficiaries’ tax burden.

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3. Ensure Executors and Beneficiaries Are Up-to-Date

People’s roles in your life can change over time. An executor or beneficiary named years ago may no longer be the best choice.

• Executors: Confirm that your chosen executor is still willing and able to take on the role. Consider appointing a younger or more capable individual if circumstances have changed.
• Beneficiaries: Review who is named to inherit your estate. Remove anyone no longer in your life and add new loved ones or causes you care about.

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4. Reflect on Your Charitable Goals

As we enter a new year, it’s worth considering whether you want to include or adjust charitable donations in your will. Many people feel inspired to make a positive impact at the start of the year, and updating your will can reflect this goal.

• Include charities or causes that have become important to you recently.
• Allocate a specific portion of your estate to charitable giving, which can also help reduce inheritance tax.

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5. Adapt to Legal or Tax Changes

Changes in inheritance laws or tax regulations can directly impact your estate plan. Reviewing your will in early 2025 ensures it complies with the latest legal requirements and takes advantage of any new tax-saving opportunities.

Consult an estate planning professional to stay informed about recent legal updates and how they may affect your will.

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6. Start the Year With Peace of Mind

There’s no better feeling than starting the year knowing your affairs are in order. By reviewing your will in early 2025, you’ll ensure that your loved ones are protected and your wishes are clear. This small act of preparation can prevent unnecessary stress and complications for your family in the future.

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How to Review Your Will

• Read Through Your Current Will: Identify areas that may no longer align with your wishes or circumstances.
• Consult a Professional: Work with a solicitor or estate planning expert to ensure your updates are legally valid.
• Store It Safely: Replace outdated versions of your will with the revised document and let your executor know where to find it.