January and Will Planning A New Beginning
While there is no specific requirement to create a Will in January, the beginning of a new year can be a convenient time for several reasons:
New Year, New Resolutions:
Many people make New Year’s resolutions to take control of their finances, plan for the future, or get their affairs in order. Creating a will may align with these resolutions, making January a suitable time for individuals to address their Estate Planning needs.
Reflection on Life Changes:
The start of a new year often prompts individuals to reflect on life changes, both past and anticipated. Major life events, such as getting married, having children, buying a home, or experiencing changes in health, can prompt the need to create or update a Will.
In some jurisdictions, the end of the calendar year coincides with the end of the tax year. Individuals may consider estate planning, including will creation, as part of their overall financial and tax planning strategy.
Peace of Mind:
Creating a Will provides peace of mind, knowing that one’s wishes regarding the distribution of assets and care of dependents are documented. Starting the year with a clear plan for the future can alleviate stress and uncertainty.
Availability of Legal Professionals:
Legal professionals, including Estate Planning attorneys, may experience a lower workload in January compared to busier months. This can result in quicker appointments and a more responsive process for those seeking to create or update their Wills.
Planning allows individuals to address potential issues before they arise. By creating a Will early in the year, individuals can ensure that their wishes are documented, and their loved ones are provided for in the event of unexpected circumstances.
While creating a Will is not an emergency measure, it is a proactive step in being prepared for unforeseen events. January serves as a good time to review and update emergency plans, including Estate Planning documents.
It’s important to note that the decision to create or update a Will should be based on individual circumstances rather than a specific time of the year. Life changes, financial adjustments, or other factors may prompt the need for Estate Planning at any time. If someone has not yet created a Will, it is advisable to consult with legal professionals who can provide guidance based on their specific situation and jurisdiction.
Read our latest post on Navigating Estate Planning with Personal Care
Want more information?
This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions.