7 (or More) Occasions to Review Your Estate Planning – a guest article.
Even the best Will or estate plan doesn’t last forever. Life changes — sometimes subtly, sometimes dramatically — and when it does, it’s worth checking that your arrangements still reflect your wishes and your family’s situation.
Here are seven key occasions (and a few extras) when reviewing your Will, Powers of Attorney, and related planning is a very good idea.
If you don’t have both types of Lasting Power of Attorney, then you are putting your life in the hands of the Court of Protection instead of your family (unless you are under 18).
1. Marriage or Civil Partnership
Getting married or entering a civil partnership automatically revokes any Will you made before the ceremony — unless it was made “in contemplation” of that marriage. Many people don’t realise this until years later, leaving their estate governed by the intestacy rules.
2. Divorce or Separation
Divorce doesn’t cancel your Will, but it does treat your ex-spouse as if they had died for inheritance purposes. That can leave awkward gaps or unintended results. Even separation without a formal divorce can raise questions about who you’d want to benefit or act for you.
3. Births, Guardians, Deaths, and New Family Members
Whether it’s the arrival of a child or grandchild, or the sad loss of someone named in your Will, it’s important to keep things current. You may wish to add or remove beneficiaries, or update guardianship arrangements for young children.
4. Buying or Selling Property
Major changes in assets are a key trigger for review. Buying a home, selling a property, or even moving into care can all affect inheritance tax exposure and who inherits what. Property ownership type (joint tenants or tenants in common) also has big implications.
5. Significant Changes in Wealth or Income
Whether you’ve received an inheritance, sold a business, or built up more savings and investments, your estate plan should evolve with your financial position. It’s also a chance to check if you’re making full use of tax allowances and reliefs.
6. Changes in Health or Capacity
If your health changes — or that of your partner, parents, or attorney — it’s time to review your LPAs. These documents must be made while you have mental capacity, so acting early is vital.
7. Changes in Law or Tax Rules
Tax bands and inheritance rules don’t stay still for long. A change in Inheritance Tax thresholds, residence nil-rate bands, or gifting rules can make a big difference to how your plan works in practice.
Bonus Occasions
• When Executors or Attorneys Move Away or Become Unable to Act
If someone named as executor or attorney is no longer suitable or available, you’ll want to update things promptly.
• When You Move House or Change Region
Although a Will is valid anywhere in England and Wales, your address and local circumstances matter for practical reasons — especially if you now live near a different trusted adviser.
• Every 3 to 5 Years Regardless
Even without major life changes, it’s wise to review your Will and LPAs every few years. A quick conversation with a professional can confirm everything still fits your current wishes and circumstances.
In Summary
Your Will and Powers of Attorney should grow with you — not gather dust. A short review can prevent confusion, delay, and unintended consequences later.
If you’d like a free review of your current Will or Powers of Attorney, I’m happy to help you check that everything is still in good order.
Stephen Pett CmpnSWW, AffSTEP, DMS
The Professional Will Writer
📞 01323 766766 📧 st***@**************************co.uk