Spring is finally on the way, and if, like many of us, it prompts a decision to tick off a few tasks, it is also the perfect season for getting round to something else important. Estate planning or reviewing your existing estate plan.
Writing or reviewing your Will, setting up an LPA, and considering other estate planning options may seem like something you can put off until a later date, but dealing with it now can give you peace of mind that your estate is protected.
In this blog, our private client team looks at the importance of later-life planning and why reviewing your estate planning arrangements is sensible at any time, not just the start of a new year.
Reviewing Your Estate Plans
There are various reasons to review your arrangements, including:
- The birth of a child or grandchild
- Changes in your employment status, such as retirement or redundancy
- If you have got married, divorced, or are planning to do so this year
- Changes to your financial circumstances that might affect tax rules or allowances
- Pension changes
- Changes in the health of you or your loved ones
- Buying or selling a property
- Moving into a care home
These are just some of the common life events that can affect how your estate should be dealt with. Even if you already have a Will or Lasting Power of Attorney in place, reviewing your arrangements can ensure both you and those you care about are properly protected. Failing to consider these changes can result in your wishes no longer being carried out as you intend, or your estate plan not being as tax-efficient as it could be.
Here are some of the most important elements of an estate plan:
- Writing or Reviewing Your Will
If writing your Will is on your to-do list, chances are you’re not alone. Figures show that almost half of UK adults (49%) don’t have a Will, and one in ten adults in the UK have started writing a Will but haven’t finished it yet. The importance of having an up-to-date Will cannot be overstated.
A Will is a legal document that sets out what happens to your money, property and possessions after your death. Making a Will is the only way you can ensure that your wishes are carried out and that your loved ones are taken care of after you pass away. An up-to-date, well-drafted Will is essential if you have children, own a house or have a pension. Read more about the importance of having an up-to-date Will in our blog, ‘Why It’s Important to Have an Up-to-Date Will’.
- Lasting Powers of Attorney
While around 40% of adults in the UK have a Will, even fewer have a Lasting Power of Attorney. Estate planning should not just be about what happens after your death. It should also include protections for situations where you may be unable to make decisions for yourself. If you lose mental capacity due to an illness, accident, or old age, having a Lasting Power of Attorney (LPA) means that someone you trust can make those decisions on your behalf. There is a common misconception that a spouse or next of kin automatically has a legal right to make welfare or financial decisions in the event of incapacity. However, this is not correct. Without the correct LPA, your spouse or other family members could face delays and complications in gaining the authority to manage those affairs. Read our blog about the importance of using a solicitor to make a power of attorney.
The Office of the Public Guardian also provides useful guidance on the importance of having a Lasting Powers of Attorney: Lasting Powers of Attorney – The Importance of Making the Right Choice
- Inheritance Tax Planning
Inheritance Tax (IHT) considerations remain one of the most crucial aspects of establishing an effective estate plan. IHT allowances and thresholds do not frequently, but changes to property value, assets, or financial circumstances can have an impact. Reviewing your estate plan can ensure you have considered:
- Potential IHT exposure
- Lifetime gifting options
- Trusts or existing arrangements
- All available allowances
Supporting You in Planning for the Future
At Bowsers Solicitors, we provide practical and sensitive advice to individuals and families preparing for later life. Whether you are planning ahead or responding to changing circumstances, our experienced private client team will guide you through the available options, helping you to make informed decisions about protecting your estate. We have extensive experience in this area and will offer advice in simple terms, ensuring that you understand the process and intended outcomes.
Our team provides a joined-up approach and can advise you in relation to:
- Wills – ensuring your estate is distributed according to your wishes
- Lasting Powers of Attorney (LPAs) – appointing trusted individuals to make decisions on your behalf
- Court of Protection & deputyship matters – where decisions need to be made for someone who lacks capacity
- Trusts – protecting assets and managing wealth effectively
- Estate planning – to organise your estate in a tax-efficient manner.
By coordinating these services, we help ensure your arrangements are comprehensive and consistent.
Speak to Our Later Life Planning Solicitors in Wisbech and March
If you would like advice on planning for later life, please contact our experienced team today on 01945 583194 (Wisbech) or 01354 652606 (March), or email reception@bowsers.co.uk. Alternatively, you can fill in our contact form.
