The New Year is a time for fresh starts and setting meaningful resolutions. While personal goals like improving fitness or adopting healthier habits are important, it’s equally vital to focus on legal resolutions that safeguard your family’s well-being and your future.

Here are some essential steps to consider this year, each offering lasting security and peace of mind.

1. Create or Update Your Will

One of the most effective ways to protect your loved ones is to have a well-drafted, up-to-date will. A will ensures that your wishes are respected, and your assets are distributed according to your intentions, helping to prevent disputes and confusion after your passing.

Why This Is Crucial

Without a will, your estate will be distributed under intestacy laws, which might not align with your preferences. Key family members, such as a long-term partner or stepchildren, could be left without any inheritance. This often leads to emotional stress, financial difficulties, and even legal battles for those you leave behind.

Common Pitfalls to Avoid

Life events such as marriage, divorce, the birth of a child, or acquiring new property can render an old will obsolete. For instance, remarriage automatically invalidates a previous will unless specific provisions are made.

Seek Professional Guidance

While DIY will kits exist, mistakes in drafting or execution can render them invalid. Consulting a solicitor ensures that your will is legally sound, reflective of your wishes, and optimised for inheritance tax planning. Taking this step now can save your family significant time, expense, and stress in the future.

2. Secure Your Future with a Lasting Power of Attorney (LPA)

A Lasting Power of Attorney (LPA) is a vital legal document that ensures your affairs are managed by someone you trust if you lose mental capacity due to illness, injury, or age-related conditions.

Types of LPAs and Their Benefits

• Property and Financial Affairs LPA: Authorises your appointed attorney to manage your finances, such as paying bills, managing investments, or selling property.
• Health and Welfare LPA: Empowers your attorney to make decisions about your medical care, living arrangements, and other personal matters.

An LPA only comes into effect if you lose the ability to make decisions for yourself, allowing you to maintain control over your life for as long as possible.

Why Act Now?

Establishing an LPA while you are of sound mind ensures your preferences are clear and legally binding. It also spares your family from potential court proceedings to secure decision-making authority later.

3. Cohabiting Couples: Consider a Living Together Agreement

If you’re in a long-term relationship but not married or in a civil partnership, you may have limited legal protection under UK law. A Living Together Agreement outlines financial arrangements, property rights, and responsibilities, offering clarity and security for both parties.

Key Benefits

• Prevents disputes in case of separation.
• Clearly defines each partner’s financial contributions and rights.
• Provides peace of mind for both parties by outlining mutual responsibilities.

Seeking legal advice to draft a robust agreement ensures that your rights are protected and that the document is enforceable in court.

Conclusion

The start of a new year is the perfect opportunity to make resolutions that will have a lasting impact on your family and future. From creating or updating your will to setting up an LPA or drafting a Living Together Agreement, these steps can provide security, clarity, and peace of mind.