Autumn Estate Planning Health Check: Is Your Planning Still Fit For Purpose?

As summer draws to a close and routines begin to settle, autumn can be an ideal time to review your personal affairs. Just as many people use the change of season to organise finances, prepare for the year ahead or tackle long overdue tasks, it is also a useful opportunity to ensure that your estate planning remains up to date.

Life rarely stands still. Family circumstances, financial positions and personal priorities can all change over time. Documents that were entirely appropriate a few years ago may no longer reflect your wishes or provide the protection you intended.

An estate planning health check can help identify any issues before they become problems.

1. Review your will

Your will is often the cornerstone of your estate plan. Many people feel a sense of relief once a will has been signed, but that should not be the end of the process. Regular reviews can help ensure it continues to achieve the outcomes you intend.

It is worth asking yourself:

• Have there been any changes to your family circumstances, such as marriage, divorce, the birth of children or grandchildren, or the death of a beneficiary or executor?

• Have your relationships changed since the will was signed?

• Have your assets changed significantly in value or composition?

• Are the people you appointed as executors still appropriate?

• Are any tax planning provisions still effective?

Even where no major life event has occurred, a periodic review can ensure your will continues to reflect your current wishes and takes account of any changes in the law or tax landscape.

2. Check your powers of attorney

Many people recognise the importance of having a will but overlook powers of attorney.

A power of attorney allows trusted individuals to act on your behalf if you become unable to manage your affairs yourself. Without one, your family may need to apply to the court for authority to make decisions on your behalf, which can be costly and time-consuming.

When reviewing your power of attorney, consider:

• Are your attorneys still willing and able to act?

• Have any attorneys moved abroad or become less suitable?

• Do you have appropriate substitute attorneys?

• Does the document still reflect how you would wish decisions to be made?

A power of attorney can be one of the most valuable documents you ever sign, yet many people do not review theirs after it is put in place.

3. Review beneficiary nominations

Some assets do not pass under your will.

Pension death benefits, life policies and certain investment products may be distributed in accordance with separate nomination forms. This means your will may not determine who ultimately receives those funds.

Ask yourself:

• Have you completed nomination forms for all relevant policies and pension arrangements?

• Do the named beneficiaries still reflect your wishes?

• Have you informed your provider of any changes in circumstances?

An out-of-date nomination form can produce unexpected results and may undermine wider estate planning objectives.

4. Consider your inheritance tax position

Changes in asset values can have a significant impact on inheritance tax exposure.

Property values, investment portfolios and business interests may have increased substantially since your last review. Equally, gifts made during your lifetime may affect the overall position.

An autumn review provides a useful opportunity to consider:

• The current value of your estate.

• Available nil rate bands and reliefs.

• Whether lifetime gifting remains appropriate.

• The use of trusts or other planning structures.

• The interaction between tax planning and your wider family objectives.

Effective planning is not solely about reducing tax. It is about ensuring assets pass to the right people, at the right time, and in the right way.

5. Ensure your affairs are organised

Finally, consider whether those closest to you would be able to locate important information if required.

Maintaining an up-to-date record of key documents and information can make matters significantly easier for your executors and family. This might include:

• The location of your will and power of attorney.

• Details of professional advisers.

• Information regarding bank accounts, pensions and investments.

• Funeral wishes.

• Contact details for family members and key decision-makers.

While no one likes to contemplate a future in which these documents are needed, a little organisation today can spare loved ones considerable stress later.

Estate planning is not something that should be viewed as a one-off exercise. It should evolve alongside your family, finances and personal circumstances.

As autumn approaches, taking a little time to review your will, powers of attorney, beneficiary nominations and overall planning arrangements can help ensure that your wishes remain clear, effective and aligned with your current objectives.

A regular health check may reveal that no changes are required. Equally, it may identify opportunities to strengthen existing arrangements and provide greater certainty for you and your family in the years ahead.