Estate planning is not just about understanding the basics. It is about making sure your arrangements still reflect your wishes, your family situation and the current tax environment.

Below are three simple principles you could consider, and how recent developments make them even more relevant.

1. It’s not something to think about in later life

Estate planning is often seen as something to deal with much later on in life. In reality, it is about putting sensible arrangements in place at different points in your life, particularly when your circumstances change.

Buying a property, starting or growing a family, running a business, receiving an inheritance or taking on caring responsibilities can all be moments when it becomes important to review what you already have in place. It is also worth recognising that the rules around taxation and reliefs do not stand still. Even if your personal circumstances have not changed, the wider landscape may have which is another reason why leaving plans untouched for long periods can create unintended outcomes.

2. It is relevant for anyone, whatever your age

Estate planning is relevant for anyone with assets, family or financial responsibilities – whatever your age or stage of life. In particular, recent and proposed changes to UK tax rules mean more people are starting to think about estate planning much earlier than they might previously have done. For example:

• Inheritance tax thresholds remain frozen, meaning more families are being brought into scope simply through rising property values and investment growth.

• There are proposals to change how unused pensions and death benefits may be treated on death in future, which could affect how some people think about using pensions as part of their wider estate planning.

• Long-standing reliefs for certain types of assets are being reviewed and reformed, which may change how business and other qualifying assets are passed on.

These are not issues that only affect very wealthy families. They increasingly affect people with fairly typical combinations of property, savings, pensions and investments. As a result, understanding how your assets are structured and how they may be treated in the future is becoming an important part of wider financial planning.

3. It makes things easier for the people you care about when you are no longer around

Keeping your estate planning under regular review can make a real difference for the people you leave behind. Clear, up-to-date arrangements can help reduce uncertainty and limit the practical and administrative burden placed on your family at an already difficult time. They can also help ensure that changes in tax rules or legislation do not unintentionally alter the outcome you originally intended. Many people are surprised to discover that older estate plans do not reflect how their assets are now held – particularly where pensions, online accounts and digital investments are involved. Reviewing your arrangements gives you the opportunity to make sure everything is aligned, clearly documented and easy for others to understand.

In summary

• Estate planning is about making sure your arrangements continue to work in a changing personal and regulatory environment.

• Recent developments around inheritance tax, pensions and long-established reliefs mean that now is a sensible time to review existing plans and check that they still reflect both your wishes and today’s rules.

• A short review can help provide clarity, reassurance and confidence that the people you care about will be supported in the way you intend.

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This content is for general information only and does not constitute advice. The information is aimed at retail clients only. The content was accurate at the time of writing, changes in circumstances, regulation, and legislation after the time of publication may impact on the accuracy of the article. The Financial Conduct Authority does not regulate advice on taxation or estate planning.

Succession Wealth is a trading style of Succession Wealth Management Limited, which is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 588378. For further details on authorisation and registration details, please refer to the Key Disclosures section.

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