Why 2026 Is a Year for Reviewing, Not Just Filing
Most people write their will and forget about it. They sign a Lasting Power of Attorney and put it in a drawer. Trusts are established and left to operate quietly in the background. This approach worked well enough in years when the tax and legal landscape remained largely stable.
2026 is not one of those years. Between the frozen inheritance tax thresholds (now extended to 2030-31), the new cap on Business Property Relief, and evolving digital asset considerations, there are legitimate reasons to open the drawer, pull out the paperwork, and check that what you put in place still does what you intended.
Here are the five documents that deserve your attention this year — and what to look for in each.
1. Your Will
A will is the foundation of any estate plan, but it is only as good as the day it was written. If yours was drafted before the Autumn Budget 2024, it may contain assumptions about tax reliefs that are no longer accurate.
Key questions to ask:
- Are your executors still appropriate? People’s circumstances change. An executor who was ideal five years ago may have moved abroad, developed health issues, or simply become someone you would no longer choose.
- Do your beneficiary provisions still reflect your wishes? Births, deaths, marriages, divorces, and family disagreements can all make existing provisions outdated or inappropriate.
- Does your will account for all your assets? If you have acquired property, started a business, built up a pension, or accumulated digital assets since the will was written, these may not be covered.
- Is the tax planning still effective? Changes to the nil-rate band, residence nil-rate band, and business property relief may mean that the tax-efficient structure you put in place no longer achieves what it was designed to do.
A will does not need to be rewritten every year. But it should be reviewed every three to five years, and immediately after any significant life event or tax change.
2. Lasting Powers of Attorney
A Lasting Power of Attorney (LPA) is arguably more important during your lifetime than your will is after your death. It determines who can make decisions about your finances, property, and health if you lose the capacity to make them yourself.
Yet LPAs are often treated as a one-time exercise. You sign them, register them, and move on. The problem is that the people you appointed — your attorneys — may no longer be the right choice.
Review your LPA with these questions in mind:
- Are your attorneys still willing and able to act? Have they moved away? Are they dealing with their own health issues? Do they still understand your financial affairs well enough to manage them competently?
- Have you appointed replacement attorneys? If your primary attorney cannot act, a replacement prevents the need for a costly and time-consuming Court of Protection application.
- Are your preferences and instructions still current? Your views on medical treatment, care arrangements, or financial management may have changed since you originally set out your wishes.
If you do not have LPAs in place at all, 2026 is the year to address this. The Court of Protection process for families who need authority to act on behalf of an incapacitated relative is expensive, slow, and stressful — and entirely avoidable with proper planning.
3. Trust Deeds
Trusts come in many forms — discretionary trusts, life interest trusts, bare trusts, business trusts — and each has its own rules, tax treatment, and administrative requirements. If you have established a trust, or if a trust was created under the terms of a will you benefit from, it is worth reviewing the trust deed to ensure it remains fit for purpose.
Particular areas to check include:
- Trustee suitability: Are your trustees still the right people for the job? Trustees carry legal responsibilities and personal liability. They need to be willing, capable, and available.
- Beneficiary provisions: Trust deeds often give trustees discretion over distributions. Have the circumstances of your beneficiaries changed in ways that should inform how trustees exercise that discretion?
- Ten-year anniversary charges: Discretionary trusts face a periodic charge on every tenth anniversary of the trust’s creation. If your trust is approaching a ten-year point, the value of the trust fund and the applicable tax rate need to be assessed in advance.
- Tax efficiency: Changes to CGT rates and IHT thresholds may affect whether the trust structure remains the most tax-efficient way to hold the assets within it.
4. Expression of Wishes (Letter of Wishes)
An expression of wishes — sometimes called a letter of wishes — sits alongside a trust deed or a will. It is not legally binding, but it provides guidance to your trustees or executors about how you would like them to exercise their discretion.
Because it is not legally binding, many people write it once and never look at it again. But it is one of the most powerful tools in estate planning precisely because it can be updated easily and without legal formality.
A good letter of wishes should address:
- How you would like trust assets distributed among beneficiaries
- Any specific gifts, preferences, or conditions you want your trustees to consider
- Guidance on education, housing, or business interests for younger beneficiaries
- Your wishes regarding the family home, sentimental items, or heirlooms
- Any family dynamics or sensitivities that your trustees should be aware of
Review this document whenever your family circumstances change. A letter of wishes written when your children were young may need updating now that they are adults with their own families and financial needs.
5. Pension Nomination Forms
Your pension is almost certainly one of your most valuable assets, yet it sits outside your will. Pension benefits are distributed according to your nomination form — the document you completed (or should have completed) telling your pension provider who should receive your benefits when you die.
Pension nominations are typically not binding — the pension trustees retain discretion — but they carry enormous weight. An outdated nomination can cause real problems:
- If you named a former spouse as beneficiary and have since remarried, the pension trustees may still pay benefits to your ex-partner
- If you have not completed a nomination form, the pension trustees must decide for themselves, which may not align with your wishes
- If your pension has grown significantly, the nomination may not reflect the current reality of your estate
The pension landscape has also changed. From April 2027, unused pension pots will be brought into the scope of inheritance tax for the first time. This makes it even more important to ensure your pension nominations are up to date and aligned with your wider estate plan.
The Cost of Not Reviewing
None of these reviews is particularly expensive or time-consuming. A solicitor or estate planner can review your will, LPAs, and trust deeds in a single appointment. Updating a letter of wishes or pension nomination form can often be done in an afternoon.
The cost of not reviewing, however, can be substantial: higher tax bills, family disputes, care-fee exposure, and the distress of your family trying to navigate a plan that no longer reflects your wishes or the current law.
2026 has brought enough changes to make this review worthwhile. If you have not looked at these five documents in the past three years, now is the time.
Need help reviewing your estate plan? Get in touch with The Legacy Wills Company for a free initial conversation.