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Five things to consider when reviewing your estate plan

Sponsored feature | David Foster, financial planner, Gibbs Denley Financial Planning

David Foster, of Gibbs Denley Financial Services (58573857)
David Foster, of Gibbs Denley Financial Services (58573857)

If you have an estate plan, you shouldn’t simply forget about it. Instead, regular reviews can help ensure it continues to reflect your wishes and circumstances.

Sometimes you may have a specific reason to review your estate plan. Life milestones can often cause you to reflect on the steps you’ve previously taken. Experiences like getting married or divorced, or welcoming children or grandchildren into your family may mean you need to make changes to your estate plan.

However, it’s advisable that you schedule regular reviews, not just after major life events like these.

Over time, your wishes or circumstances can gradually change; a plan that met your needs five years ago, may not be suitable now.

So if you’re ready to review your estate plan, these five questions can help you assess if it needs updating.

  1. Have your assets or the value of your estate changed?
  2. Do you need to consider inheritance tax?
  3. Does your will still reflect your wishes?
  4. Do you have a plan for your later years?
  5. Have allowances or reliefs changed since you made your estate plan?

As well as your personal circumstances changing, the government may make changes to allowances and even introduce or remove reliefs. Ensuring your estate plan reflects your current situation and wishes as well as the latest rules means you can pass on as much wealth as possible to your loved ones. If you overlook this, you could miss out on opportunities.

It can be difficult to keep up to date with tax changes and understand which ones make sense for you. Working with a financial planner who provides estate planning means you can have confidence in the steps you take and know that your plan will accurately reflect the current rules.

Contact our team to find out more about how we could help you. Call 01954 233650 or email financial@gibbsdenley.co.uk.

This article is for information only and does not constitute financial advice. Gibbs Denley Financial Planning is a trading style of Gibbs Denley Financial Service Ltd.

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