As well as happy memories you will probably leave behind things of value when you die.
However, deciding what will happen to your estate isn’t only about money. You’ll want to make sure you include the people and things you care about.
Do you have a Lasting Power of Attorney (LPA) and a clear and complete Will? If not, the New Year is a good time to act. You may save your loved ones a lot of unnecessary worries.
Look ahead
We don’t know what the future holds, but you can put some plans in place for you and your estate.
LPAs allow someone you trust to make decisions on your behalf if you’re unable to do so. They protect you during life, safeguarding your decisions about finances, care and wellbeing.
Your Will sets out what you would like to happen when you die. If you change your mind, updating it is straightforward. You can make sure your assets go where you want, without delays and disputes.
Now is a good time to think about how to:
protect yourself if you’re injured or unwell and unable to make decisions
protect your family
reduce tax liabilities
provide legal recognition for your wishes
avoid delays during the probate process.
Things to do
Write or update your Will. Without a valid Will the intestacy laws apply to your estate. These include strict rules about who will inherit when you die. Even if you only want to make small bequests, your wishes may not apply. A valid Will ensures:
your money, property, and possessions go to the people you choose
your children have guardians to look after them while they grow up
someone you trust can act as your executor.
Choose a Will writer who is a member of a recognised body like the Society of Will Writers. Avoid online templates and cheap offers because even small errors can make a Will invalid or lead to unintended outcomes.
Set up LPAs. LPAs allow you to appoint people you trust to make decisions for you. This could make all the difference if illness, an accident, or age mean you can’t make decisions. You can set up two LPAs for your finances and your health and welfare. Unfortunately, your family members and friends can’t automatically make choices about medical treatment and daily care, bills, banking, and finance. However, having valid LPAs means they can help if needed, without the need to apply to the Court of Protection.
Consider Inheritance Tax. How much Inheritance Tax (IHT) applies to your estate depends on quite a few things. It’s a good idea to take some advice about IHT allowances and thresholds. It could make a significant difference to what your loved ones receive when you die.
Provide for loved ones. Children and vulnerable people can benefit from financial security if you place assets into a Trust. The Trustees can then manage assets on their behalf:
controlling when and how to use assets
maintaining family assets
looking after blended families.
Your 2026 estate planning checklist
discuss your wishes with loved ones
choose trusted executors and attorneys
create or update your Will
set up LPAs
review and record your assets
organise important documents like bank statements
decide when to review the information.
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