How To Update & Review Your Estate Plan
Look at your estate planning regularly. Check it every three to five years or when there is a significant life event. Consult your solicitor or financial advisor for assistance.
Examples of Life Events:
- A birth or death in the family
- When your child reaches adulthood
- When your grandchild needs finances for education
- Getting married or divorced
- Buying a home
- Taking a huge loan
- Changes to tax laws¹
- Starting a new job or starting your own business
- Increases or decreases in the value of your assets
- Changes in your insurance coverage
If you review your estate plan regularly, you can rest assured that your estate will be distributed with ease to your beneficiaries.²
Estate planning is a clearly defined plan that sets out your wishes when you die. It will help your executor to carry out your wishes and help your loved ones carry out your final requests.
The sooner, the better, it’s better to plan your estate now. This way, your assets will be distributed to your beneficiaries instead of having the state decide who gets what.
A will is a legal document that you need to draw up to lay out what your beneficiaries will get and what your final wishes are. Estate planning is the plan you create before you draw up your will.
The main benefit is you can avoid paying inheritance tax.
Reviewing & updating your estate plan is very important. Checking it at regular times will ensure that your beneficiaries will be well looked after. Estate planning can help you to avoid paying inheritance tax and make sure your beneficiaries are well looked after.