ESTATE EXPERT: NEW YEAR RESOLUTIONS SHOULD INCLUDE YOUR FINANCIAL FUTURE
A NEW YEAR RECKONING: WHY JANUARY HAS BECOME THE MOST IMPORTANT MONTH FOR ESTATE PLANNING
As Britons step into January with the usual pledges of healthier habits and better routines, one part of life continues to sit at the bottom of the nation’s to-do list: writing a Will. Yet, according to estate planning expert Steve Bish, the start of the year is precisely when families should turn their renewed motivation toward securing their financial future.
Bish, founder of the award-winning S Bish Estate Planning in St Albans, argues that the annual surge of personal reflection offers a rare opportunity to make long-delayed decisions about inheritance, tax planning and long-term financial protection.
“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.”
The timing, he believes, is no coincidence. With households emerging from the biggest spending period of the year — and with the self-assessment deadline looming — people tend to have a clearer picture of their cashflow, their obligations and their long-term priorities.
A Season for Difficult but Necessary Conversations
Bish, whose book Where There’s a Will There’s a Way is due for release before year-end, says the New Year mindset provides a natural prompt for more serious financial planning.
“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,” he explained. “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.”
S Bish Estate Planning — named Estate Planning Service of the Year in 2024 — has seen rising demand from families becoming more aware of the potential tax implications of unplanned estates. Bish notes that early-year budgeting often brings clarity to the kind of ongoing financial commitments that can dramatically shape inheritance-tax planning.
“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,” he said.
Tax Season as a Catalyst for Action
The end of January marks the self-assessment tax return deadline, a moment many people dread — but one Bish insists is a strategic opportunity.
“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,” he said. “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!”
Family Time as a Reminder of What Matters
While discussions about mortality may feel ill-timed following the festive season, Bish argues that the holidays often bring clarity.
“The Christmas season often brings families together, sometimes for the only time that year,” he said. “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.”
These moments of intergenerational connection, he says, are often when families first recognise the importance of planning for care, inheritance and financial protection.
“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.”
The emotional benefit of completing the process, he adds, should not be underestimated. Many clients report a sense of relief once their Will is finalised — and a feeling of freedom to focus on new goals rather than unresolved responsibilities.
