New Year, New You (and a New Estate Plan Too?)

It’s that time of year again!!

It’s that time of year again. The mince pies are gone (mostly because you ate them all), the Christmas lights are packed away (or shoved in the loft in a big tangled mess), and your New Year’s resolutions are already on thin ice.

But before you lose all motivation and resign yourself to “same old, same old,” let us pitch you a resolution that’s easy to keep and will genuinely make a difference: estate planning.

Yes, I know it sounds about as exciting as watching paint dry, but hear us out—this is one New Year’s resolution you won’t regret, and it could save your family a lot of heartache down the line. Plus, it doesn’t involve Lycra, so there’s that.

Why Bother with Estate Planning?

Let’s cut to the chase: estate planning is about protecting the people and things you care about most. Whether it’s making sure your home stays in the family, safeguarding your savings, or deciding who inherits your prized collection of garden gnomes, estate planning is how you take control of your legacy.

Without a proper plan in place, your family could face:

Expensive Court Battles: If you don’t leave a will, your loved ones might end up squabbling over your estate—or worse, letting the government decide who gets what. Spoiler: the government isn’t exactly known for its thoughtful decisions.

High Inheritance Tax Bills: Proper planning can reduce or even eliminate inheritance tax. Why let HMRC take a slice of the pie when it could stay with your family instead?

Care Home Fees: Without safeguards like property trusts, the value of your home could be eaten up by care costs if you ever need long-term care.

Family Drama: Let’s be real—most families don’t need help finding things to argue about. A clear estate plan avoids misunderstandings and keeps the peace.

Why Is the New Year the Perfect Time for Estate Planning?

January is all about fresh starts, and there’s no better way to start the year than by getting your affairs in order. Here’s why:

• It’s a Practical Resolution: Unlike “go to the gym 5 days a week,” this is one resolution you can actually stick to.
• It Protects Your Family: Your loved ones will thank you for taking the time to make things simple and straightforward for them.
• It’s Future-Proofing: Life is unpredictable. Having a plan in place means you’re prepared for whatever comes your way.
• It’s Surprisingly Quick and Easy: With the right guidance (hi, that’s us!), estate planning doesn’t have to be a long or stressful process.

What Does Estate Planning Include?

Estate planning isn’t just for the ultra-rich with sprawling mansions and offshore bank accounts. It’s for anyone who owns a home, has savings, or just wants to make life easier for their loved ones.

Here’s what a good estate plan covers:

• A Will: This is your chance to decide who gets what—whether it’s your house, your savings, or your cherished vinyl collection.

• Lasting Power of Attorney (LPA): This gives someone you trust the ability to make decisions for you if you’re ever unable to do so. Pro tip: pick someone sensible (not your cousin Dave who once “invested” his savings in a pyramid scheme).

• Property Trusts: These protect your home from being sold to pay for care fees or from accidentally landing in the hands of someone you didn’t intend (like that surprise step-parent).

• Guardians for Children or Grandchildren: If you’ve got young kids or grandkids, this is crucial. It’s your chance to choose who would look after them if something happened to you.

Why Homeowners and Families Should Take Estate Planning Seriously

If you’re a homeowner or part of a family (especially one with grown-up children or grandkids), estate planning is about safeguarding your life’s work. Your home, your savings, your investments—all the things you’ve worked hard for—should be protected and passed on to the people you love most.

Here’s the thing: without an estate plan, the government’s default rules (known as the rules of intestacy) kick in. These rules might not reflect your wishes at all. For example:

• If you’re married, your spouse might not automatically inherit everything.
• If you’re in a long-term relationship but not married, your partner could get nothing.
• If you have stepchildren, they won’t inherit anything unless you specify it in your will.

Planning now means you can avoid these pitfalls and ensure your legacy is exactly how you want it to be.

A Recent Success Story

We recently helped a family in Ormskirk who came to us feeling overwhelmed after a difficult year. Here's what they had to say:

"Carolyn at Hexagon made what started as an emotional and confusing task into an understandable, empathetic, and positive experience for my recently widowed Mum. Thank you—we would recommend your services to anyone in need. Reasonable prices for a first-class service. You were brilliant!"

This is what we do: make estate planning straightforward, stress-free, and dare we say… enjoyable?

Start Your Year Right with Hexagon

If you’re ready to tick “get my affairs in order” off your to-do list, we’re here to help.

At Hexagon Life Planning Services, we specialize in making estate planning simple and tailored to you. Whether you need a will, an LPA, or advice on property trusts, we’ve got your back.

Contact us today to book a consultation. Let’s make 2024 the year you finally get this sorted.

Because while you can’t predict the future, you can plan for it.