The new year presents an invaluable opportunity to reflect on past decisions and plan the months ahead. For people estate planning in Oswestry or Cheshire, this is a good time to safeguard the future by ensuring your financial affairs are in order.
Estate planning is all too often deferred till a later date, but leaving it can bring extra costs and complications. Writing a will is an important decision which means providing for loved ones, minimising emotional stress and making sure your wishes are communicated clearly. It means understanding all your holdings, from bricks and mortar through to digital assets.
In 2026, the financial landscape is moving fast, and you may notice changes to tax laws and fluctuations in asset values. This is why it is important to act now. It is important to periodically review your will to ensure it still aligns with the value and composition of your estate. If it hasn’t been reviewed in a while, the start of the year is a good time to refresh it.
This is particularly the case now. Recent changes to inheritance tax (IHT), including the Government’s decision to freeze thresholds until 2031 and amendments to agricultural and business property relief are drawing a wider pool of estates into the taxman’s scope. Although the nil-rate band is still £325,000 and the residence nil-band rate £175,000, an increasing number of families will find themselves subject to IHT as house prices increase. A property you bought in 2006 might have doubled in value in the twenty years since.
This is why a proactive and estate plan needs to be formulated to secure your legacy and honour your wishes.
