Everyone in the UK should be aware that it's their responsibility to write a Will as early as possible.
Dianne Paterson, a partner at Russel and Aitken, has written a piece for the Scotsman in which she explained that the new year is the ideal time to evaluate such matters and ensure that your wishes are documented.
She urged everyone who doesn't yet have a Will in place to make writing one a new year's resolution for 2014.
The sad reality is that everyone is going to die one day, so it's always best to express your wishes regarding what will happen to your estate when that day comes. Whether you have property, investments, cash or other items to leave behind, it's important that you outline who you want to inherit them.
There are certain rules set in law that determine what will happen to an estate in the event of an individual not having a Will, showing how assets are dished out to spouses, civil partners and children, but this might not be exactly what you wish to happen in your case.
In this instance, writing a Will is the only way to ensure that your plans are respected and that your estate is divided up in whatever way you determine.
Ms Paterson said: "Making a Will gives you certainty in allowing you to control who will inherit what. This includes the opportunity to leave legacies to people or organisations outside the family such as a valued friend or favoured charity."
You can therefore choose someone who has all the qualities to bring up your youngsters if they are left without a parent, while also leaving them the money to do so.
Published on: January 8, 2014