Is your Will ready for the New Year?

Christmas is a natural time for family, reflection and planning for the future, making it an ideal opportunity to ask whether your Will still reflects your wishes. 

A Will can easily be left untouched for years, even as life changes. If you have not reviewed yours for a year or more, or your circumstances have changed, Christmas is a sensible time to check that your affairs are still in order. 

Family changes can affect everything 
Marriage, civil partnership, divorce, separation, the birth of children or grandchildren, and bereavement can all affect your Will. It is also worth checking whether your chosen Executors and Guardians for minor children are still the right people, as relationships, health, location and personal circumstances can change. 

Your assets may have changed too 
Your financial position may be very different from when you made your Will. Gifts referring to assets you no longer own may fail, while new assets may not pass as you now intend. A review helps ensure your estate is distributed according to your current wishes, rather than outdated assumptions. 

Don’t overlook Inheritance Tax 
Inheritance tax is an important consideration for many families, particularly as property values have increased. Reviewing your Will gives you the opportunity to consider whether your estate remains structured efficiently, as planning that worked in the past may no longer suit your circumstances. 

From 6 April 2027, most unused pension pots and pension death benefits will be considered for inheritance tax when a pension scheme member dies on or after that date. Arrangements that were previously tax-efficient may therefore need to be reviewed, including whether your Will and estate planning still work as intended. 

Review your gifts and legacy 
Specific gifts to family, friends or charities may need reconsidering as their value, or the people and causes you wish to benefit, change. Christmas is a natural time to reflect on the legacy you want to leave. 

Your Will is only part of the picture 
A Will only takes effect on death and does not help if you lose capacity during your lifetime. Lasting Powers of Attorney (LPAs) allow trusted people to make decisions about your property and finances, and your health and welfare, if you are unable to do so yourself. 

A Will review is therefore also a useful opportunity to check whether you have LPAs in place and whether your chosen attorneys are still the right people to look after you and your finances if needed. 

One simple question 
If you were to pass away tomorrow, would your Will deal with your estate exactly as you would want? 

A Will should evolve as your life does. Christmas provides a natural opportunity to reflect and make sure your Will and wider estate planning still work for you.