Spring clean your estate plan

1. Review your Will every three to five years

Your Will is the cornerstone of your estate plan. It should reflect your current intentions, relationships, and assets.

What to look out for:

• Changes in personal circumstances such as marriage, divorce, or the arrival of new children or grandchildren.
• Significant changes in your financial position or assets.
• The death of an executor or a named beneficiary.

Did you know? A Will is automatically revoked by marriage unless it was expressly made in contemplation of that marriage.

2. Update your Lasting Powers of Attorney (LPA)

Your LPAs for both health and financial decisions should be regularly reviewed to ensure the right people are still appointed and able to assist you should the need arise.

 Questions to ask:

• Are your appointed attorneys still appropriate, willing, and capable?
• Has an attorney moved abroad, developed health issues, or has your relationship with them changed?

These decisions can have significant consequences. Keeping your LPAs up to date ensures the right people are empowered to support you when needed.

Inheritance Tax (IHT) planning

Tax rules are constantly evolving, so revisiting your IHT planning could prove beneficial.

Things to review:

• Use of reliefs such as Business or Agricultural Property Relief, which can change over time.
• The impact of any lifetime gifts or trusts on your estate’s IHT position.
• Consider the 7-year rule for gifts, timing matters.

Planning today can help preserve more of your estate for your loved ones tomorrow.

4. Review trust structures

Trusts can be a powerful estate planning tool, but only if they remain fit for purpose.

Review checklist:

• Are the trust deeds still aligned with your objectives?
• Are your trustees still appropriate, willing, and capable?
• Is your trust compliant with current regulations, including registration with the Trust Registration Service (TRS)? Many trusts, even non-taxable ones, are now required to register.

5. Update your Letters of Wishes

Although not legally binding, Letters of Wishes often guide executors and trustees in interpreting your intentions.

• Ensure your letter aligns with your current Will and family dynamics.
• Update regularly to reflect changes in relationships or the value of assets.

A little spring cleaning now can save significant time, stress, and uncertainty for your loved ones in the future.

Contact our Wealth Preservation team if you would like support reviewing your estate plan or want to discuss changes in your circumstances, we’re here to help.