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Has your Will evolved as your life has?
Making a Will is something many of us know we should do, but once it’s signed, it’s easy to put it away and forget about it. The reality is that your Will should evolve as your life does.
Major life events such as getting married, welcoming children or grandchildren, buying a home, receiving an inheritance, or sadly losing a loved one can all change what you want to happen when you’re gone. Marriage and divorce can even affect the validity of an existing Will, making it especially important to review it after significant changes.
A Will isn’t simply about deciding who inherits your money or property. It can also name guardians for young children, set out your funeral wishes, create trusts and help your estate be passed on as tax efficiently as possible. Keeping it up to date can give you peace of mind and make things much easier for your family at an already difficult time.
What happens to your wealth and health if you can’t speak for yourself?
It’s also worth thinking about Lasting Powers of Attorney (LPAs). These are separate from your Will and allow you to choose people you trust to make decisions on your behalf if you’re ever unable to do so yourself. There are two types: one for property and financial affairs, and another for health and welfare.
Many people don’t realise that a financial LPA can also be used while you still have mental capacity, with your permission. This can be incredibly helpful if illness or reduced mobility makes managing day-to-day finances more difficult. Health and welfare LPAs are becoming increasingly important too, with hospitals and care providers often asking whether one is in place.
Without an LPA, your loved ones may need to apply to the Court of Protection for authority to act on your behalf, a process that can be costly, time-consuming, and stressful.
Making the most of your allowances before the rules change
Inheritance tax planning is becoming even more important. From April 2027, proposed changes mean that some pension assets will be included when calculating inheritance tax. Reviewing your estate planning now could help you understand how these changes may affect your family and what steps you can take to make the most of available allowances.
A regular review of your Will and wider estate planning doesn’t have to be complicated. With the right professional advice, you can be confident your plans still reflect your wishes, protect the people you care about and provide peace of mind for the future.
Whether you’re reviewing an existing Will, setting up an LPA for the first time, or thinking ahead about inheritance tax planning, our solicitors are here to help you plan with confidence. If you’d like to discuss your own situation in more detail, simply fill in our online enquiry form and a member of our team will be in touch to arrange a conversation. Alternatively, please call us on +44(0)3333 231 580.
