New (tax) year, new you — 4 estate planning tips for 2025/2026

Daffodils are in bloom and the days are getting longer. April not only heralds the arrival of spring but also marks the start of a brand-new tax year. This is a time to reflect and refresh — and just as many of us will be spring cleaning our homes, now is also a great time to give your personal affairs the same treatment.

For private clients, it’s an opportune time to don the metaphorical Marigolds to ensure that your estate and succession planning still aligns with your long-term goals, family and financial circumstances and any recent or impending legislative or tax changes.

Here, Rachel James presents four critical estate planning tips to keep your affairs in order.

1. Update (or finally get around to writing) your Will

If your Will has been tucked away in a draw since the beginning of the century — or worse, if you haven’t ever got around to writing one at all — now is a great time to take action.

Where are you at in life? What’s changed? Have you or your loved ones got married, divorced, had children, grandchildren, bought property or inherited wealth? These are just some of the triggers that should prompt you to review your Will. 

Keeping your Will up to date through regular reviews will ensure that your assets pass as you want them to and there’ll be no nasty surprises for your loved ones on your death.

Find out more about making a Will.

2. Review your exposure to inheritance tax (IHT)

With the nil rate band having been frozen at £325,000 since 2009 — and there being no sign of it changing before 2028 — more people than ever are finding themselves dragged into the IHT net, facing unexpected tax liabilities when they die. 

You’d be wise to consider whether property values in your area have pushed you into IHT territory without you realising.

Ensuring that you’re fully using any available exemptions and reliefs as well as exploring any opportunities to gift during your lifetime are important parts of IHT planning. While you’re free to make whatever gifts you want during your lifetime, it’s vital that you seek appropriate legal and tax advice as part of this process, as there could be unintended IHT (and other) consequences of doing so. 

For business owners and agricultural clients, the clock is also ticking as there’s now only one year to go before the changes announced in the Autumn budget are introduced. 

For those who’ve heavily invested in pensions, it’s now only two years before those are brought into account for IHT — so take advice sooner rather than later.

3. Check your Lasting Powers of Attorney (LPAs) or put them in place.

While you may never need to rely on LPAs, you don’t want to find out that you do when it’s too late.

A bit like an insurance policy, LPAs allow you to name someone you trust to make decisions on your behalf if you ever lose capacity. This is an important part of ensuring that your personal affairs are in order.

If you already have LPAs in place, it’s worth checking whether your chosen attorneys are still appropriate and whether you have the right people in the right roles — especially if you have business interests or complex and sophisticated financial structures in place.  

If you don’t have LPAs, they can complement your Will — offering you protection during your lifetime and ensuring that your financial and personal affairs are managed as you want them to be. 

Of course, on your death they no longer take effect — and at that point, your Will determines how your affairs are managed and dealt with.

4. Charitable giving and legacy planning

If philanthropy is important to you, the start of a new tax year is the perfect time to revisit how you give. There are many options — from lifetime gifts to donor-advised funds and legacies in your Will. Since philanthropy and charitable giving can dovetail neatly with your IHT planning, it’s important to ensure that you take proper advice before you act.

Of course, as well as reviewing and refreshing your legal structures — which is what our award-winning private client and estate planning experts can help with — now is also the perfect time to catch up with your financial advisors and wealth managers to revisit and review the structure and performance of your investments. We can work closely with your other advisors to ensure that your planning is still fit for purpose.

Spring into action

At the start of a new tax year, taking a small amount of time to review your affairs can avoid a great deal of stress further down the line for you and your loved ones. Whatever your needs, assets or personal situation, our experts will listen to you and provide friendly and practical advice. 

Through our Estate Review service, we can also offer fixed-fee, tailored advice to protect your estate and make the right decisions for your future. We’ll review your circumstances, assets and goals before formulating a comprehensive report with practical guidance.

Talk to us today by giving us a call on 0333 004 4488, sending us an email at privateclient@brabners.com or completing our contact form below.