An estate planning specialist has advised people to incorporate their financial future into their New Year resolutions.
Steve Bish, from award-winning firm S Bish Estate Planning, based in St Alban’s, Herts, says this January families should use the fresh start the New Year brings to make or update their Will.
“In January we often focus on improvements to things like weight loss or becoming healthier but it’s also a great time to ensure your finances and long term plans get a refresh as well,” he said.
“And with the big changes in the budget it’s really important that families ensure they get professional advice to maximise what they pass on to their loved ones.”
Steve, whose book ‘Where there’s a Will there’s a way’ is released before the end of the year, continued:
“January is a time when people reflect on goals and responsibilities. Estate planning, though easy to put off, should be incorporated into this ‘fresh start’ mindset.
“If you are motivated to get more exercise or quit a bad habit, make sure you are also using that motivation to put your finances in order and take care of long-term planning.”
Bish, whose firm was awarded Estate Planning Service of the Year in 2024, urged people to look at their finances to enable them to make financially sound plans.
“Come January, we’ve gone through the big spending part of the year. People are more aware of their annual income and outgoings which is very useful to plan for things like regular gifts to family members which can be exempt from Inheritance Tax if they meet certain criteria.”
And with the end of the month the deadline for self-assessment returns, it’s a great opportunity to get these hefty tasks which no one looks forward to sorted and filed away.
“If you’re one of the millions of people completing your tax accounts in January, there’s not going to be a more convenient time to also address the issue of what will happen after you’ve passed.
“Much of estate planning is about maximising what you can leave to loved ones and minimising what goes to the state, so if that number you’re sending to HMRC by the 31st January is unpleasant, imagine what might happen if you don’t write your Will!”
It might seem a bit macabre to think about your mortality after the festive season, but spending time with our loved ones helps us focus on what is important.
“The Christmas season often brings families together, sometimes for the only time that year,” says Steve.
“It allows us to focus on what matters most and perhaps notice if there are some amongst us who are struggling or finding out about exciting plans children and grandchildren have for their future.
“This can make it an ideal time to have those conversations about Wills, emergency planning should you become unable to handle your own affairs, and use January to set the wheels in motion.”
Once the Will is complete, there’s a huge sense of relief. Starting the year with that responsibility finished lets you focus on goals, not worries.
Five reasons why you should you make a Will:
- You stay in control.
A Will lets you decide who inherits your money, property, and possessions. Without one, the law decides for you, which might not reflect your wishes. - You protect your family.
If you have children, a Will allows you to name guardians who would look after them if anything happened to you. It’s one of the most important decisions you can make as a parent. - You avoid family disagreements.
When your wishes are clearly set out, there’s less chance of confusion or disputes between relatives. A Will can prevent unnecessary stress at an already difficult time. - You can remember special people or causes.
A Will lets you leave gifts to friends, stepchildren, or charities that matter to you. It’s a lasting way to make a difference. - You make things simpler for your loved ones.
A valid Will helps speed up the legal process and can reduce the tax your estate pays, saving both time and money.
