Introduction
A carefully crafted estate plan can provide clarity, protect your wealth, and give peace of mind to you and your loved ones. But as your life evolves, so too should your estate planning. In this article, Angus Kirk explores five vital considerations to revisit during your next estate plan review — from tax thresholds to changing family dynamics.
For many people, once your estate plan is in place, it’s tempting to file it away and forget about it. After all, it represents thoughtful decisions made at a point in time. Yet life has a habit of changing — sometimes in subtle ways that accumulate slowly, and other times in dramatic milestones that shift your priorities overnight. Whether it’s marriage, the birth of a grandchild, selling a property, or simply the passage of time, your estate plan should remain a living reflection of your intentions. For that reason, regular reviews are essential, not only following life events but at intervals throughout your life.
If you’re considering a review, here are five key areas to focus on.
1. Have your assets or the value of your estate changed?
Begin by taking stock of what you own. Your estate encompasses more than just cash or property — it includes investments, personal possessions, business assets, and more. Over the years, assets can be acquired, sold, or simply change in value.
In the five years to May 2022, average UK house prices rose by more than £60,000 according to the Land Registry. That alone could tip your estate above the Inheritance Tax (IHT) threshold without you realising it.
Understanding the composition and value of your estate lays the groundwork for the rest of your planning — not only for distribution purposes but also to address any new liabilities that may have emerged.
“Even modest asset growth, when unmonitored, can have profound consequences on estate liability. A quick recalculation may reveal you’re now subject to a tax you’d never anticipated.”
— Angus Kirk, Independent Financial Planner, Transform FP
2. Do you need to consider Inheritance Tax?
The thresholds for IHT have remained frozen in recent years, meaning more estates are falling within scope simply due to asset appreciation.
As of the 2022/23 tax year, you can pass on £325,000 tax-free under the standard nil-rate band. An additional residence nil-rate band of £175,000 applies if you leave your main home to direct descendants — giving many individuals a combined allowance of up to £500,000. For married couples and civil partners, these allowances can often be doubled, potentially sheltering up to £1 million from tax.
But if your estate exceeds these thresholds, the excess is taxed at 40%.
Many families are unaware of the options available to mitigate this. Lifetime gifting, charitable donations, the use of trusts, or even changing the ownership structure of certain assets can all help reduce the eventual bill — provided they are implemented in time.
“If your estate has grown — even unintentionally — an IHT review could save your beneficiaries tens of thousands of pounds. The key is not to delay. The longer you wait, the fewer options remain available.”
— Shadi Kirk, Independent Financial Planner, Transform FP
3. Does your will still reflect your wishes?
Your will is the legal bedrock of your estate plan. But as relationships evolve and family circumstances shift, it’s not uncommon for wills to become outdated or even misaligned with your current values.
If your personal circumstances have changed — for example, through marriage, divorce, bereavement, or the arrival of new family members — it’s time to revisit the document. You might need to add new beneficiaries, revise legacy amounts, or even appoint a different executor.
For minor updates, a codicil may suffice — an official amendment to an existing will. But for substantial changes, writing a new will is often more appropriate. In such cases, be sure to include a revocation clause and destroy any earlier versions to avoid confusion.
4. Do you have a plan for your later years?
Estate planning isn’t just about what happens after you pass away. It’s also about ensuring your needs are met while you’re alive — especially if your ability to make decisions is compromised.
A Lasting Power of Attorney (LPA) allows you to nominate someone you trust to make decisions on your behalf if you lose mental or physical capacity. There are two types: one covering health and welfare, the other covering property and financial affairs. Both can be vital.
You should also consider how care costs could affect your estate. Would you need to sell property to fund care? Have you ringfenced any capital? How would prolonged care impact your intended legacy?
By addressing these questions now, you give yourself time to plan — and the peace of mind that someone will advocate for you if you cannot.
5. Have allowances or reliefs changed since you made your estate plan?
Tax legislation rarely stands still. Allowances, thresholds, and available reliefs are subject to political change, and failing to keep your plan aligned could mean missing out on valuable tax efficiencies.
Whether it’s the freezing of IHT thresholds, the introduction of new exemptions, or changes to rules around trusts and gifting, keeping your estate plan up to date with current law can make a significant difference in what your beneficiaries receive.
A regular review with a financial planner can help identify opportunities and avoid unintended consequences.
Take Action: Your Estate Deserves Attention
Many people put off reviewing their estate plan — often because it feels uncomfortable, or because it doesn’t seem urgent. But the reality is that circumstances change, and a plan that once served you well may now be outdated or incomplete.
We can help ensure that your estate plan reflects not just your current financial position, but your values, wishes, and the legacy you want to leave behind. Whether it’s a review of your will, advice on IHT strategies, or guidance on setting up a Lasting Power of Attorney, we’re here to support you every step of the way. Get in touch today.
Important disclaimer: This article is for general information only and does not constitute financial advice. The information is aimed at retail clients only. The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. The Financial Conduct Authority does not regulate estate planning, tax planning, or will writing. We recommend that you speak to a qualified financial planner for advice tailored to your individual circumstances and goals.
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