Why Review Now?
Tax thresholds are frozen until 2030-31. Business Property Relief is capped. Capital Gains Tax rates have risen. If your estate plan was written before the Autumn Budget 2024, it may contain assumptions that are no longer correct.
A simple review of five key documents can catch problems before they become expensive ones.
The Five Documents
1. Your Will — Check that executors are still appropriate, beneficiary provisions reflect current wishes, and the tax planning still works under the new rules. Review every three to five years or after any major life event.
2. Lasting Powers of Attorney — Are your attorneys still willing and able to act? Have you named replacements? If you do not have LPAs in place at all, this is the year to sort it out.
3. Trust Deeds — Check trustee suitability, beneficiary circumstances, and whether a ten-year anniversary charge is approaching. Tax changes may also affect whether the trust structure remains optimal.
4. Letter of Wishes — This is the easiest document to update and one of the most powerful. It guides your trustees on how to use their discretion. Update it whenever your family circumstances change.
5. Pension Nomination Forms — Your pension sits outside your will. An outdated nomination could direct benefits to the wrong person. From April 2027, pensions will fall within the scope of IHT for the first time, making this even more urgent.
The Bottom Line
A single review appointment can cover all five documents. The cost of reviewing is minimal. The cost of not reviewing — higher taxes, family disputes, outdated provisions — can be substantial.