When Should You Review Your Estate Plan? 10 Life Events That Matter

An estate plan reflects a particular set of circumstances at the time it is prepared.

It may identify beneficiaries, appoint executors, establish trusts or make arrangements for someone to manage your affairs if you lose mental capacity.

Those decisions may remain appropriate for many years.

However, changes in relationships, asset ownership or financial responsibilities can affect whether the plan continues to achieve its intended purpose.

For example, a will prepared before the birth of a child may not contain suitable provisions for that child.

A lasting power of attorney may name someone who is no longer able to act.

A trust may have been established for a beneficiary whose circumstances have since changed.

An estate planning review provides an opportunity to consider whether the documents and arrangements still work together.

Is Reviewing a Will the Same as Reviewing an Estate Plan?

Not quite.

A will review focuses on the validity and contents of the will.

A broader estate planning review may also consider:

• Property ownership.
• Lasting powers of attorney.
• Executors and trustees.
• Pension death benefit nominations.
• Life assurance arrangements.
• Inheritance tax exposure.
• Business succession.
• Trust administration.
• Document storage and accessibility.

These arrangements can operate differently and should not automatically be assumed to follow the will.

Related Telmar article: What Is Estate Planning in the UK? A Complete Guide to Protecting Your Family and Assets.

Marriage and civil partnership are among the most important reasons to review an estate plan.

In England and Wales, marriage or civil partnership generally revokes an existing will, subject to particular exceptions.

One exception can apply where a will has been properly drafted in contemplation of marriage or civil partnership to a particular person.

This means a will prepared before the relationship was formalised may no longer operate as intended.

What Should You Review?

Consider whether you need a new will and whether your intended beneficiaries have changed.

You should also review property ownership, pension nominations, life assurance and potential inheritance tax implications.

Qualifying spouses and civil partners have particular inheritance tax exemptions and transferable allowance provisions that are not generally available to unmarried couples.

For second marriages, careful planning may be needed to balance the surviving spouse's financial security with inheritance arrangements for children from previous relationships.

Related Telmar article: Estate Planning for Blended Families: Protecting Your Spouse and Children.

Relationship breakdown can have significant consequences for existing estate planning arrangements.

However, separation and divorce do not have identical legal effects.

In England and Wales, divorce does not generally revoke the entire will. Instead, statutory provisions usually affect gifts and executor appointments involving a former spouse as though that person had died before the testator.

The detailed effect depends on the circumstances and the wording of the will.

Separation alone does not normally produce the same consequences.

Why Is Prompt Review Important?

A will may continue to name a former partner as a beneficiary or executor.

The former partner may also be an attorney under a lasting power of attorney.

Property ownership, pension nominations and life assurance arrangements may require separate attention.

A jointly owned home may continue to pass by survivorship despite a relationship breakdown, depending on its ownership structure.

Professional advice is particularly important where divorce proceedings, financial settlements or jointly owned property are involved.

The arrival of a child often changes a family's priorities.

Parents may want to ensure that children are financially supported and that appropriate arrangements exist if both parents die.

A will can make provision for children and appoint testamentary guardians, subject to the relevant legal rules.

What Should Parents Consider?

A review should address who will inherit, when children should receive assets and whether a trust is appropriate.

It should also consider the needs of any existing children.

For example, parents may have prepared wills before their first child was born and later have additional children.

The wording of the original wills may or may not adequately provide for the growing family.

Pension nominations and life assurance arrangements should also be reviewed.

A trust may be appropriate where children are young or where the family wants particular arrangements for managing inherited funds.

However, trusts introduce legal and administrative responsibilities and are not automatically necessary in every case.

Property transactions can materially change the composition and value of an estate.

Buying a first home, moving to a larger property, purchasing a second home or inheriting property from a relative may all justify a review.

The legal and beneficial ownership of the property is particularly important.

Joint Tenants Versus Tenants in Common

In England and Wales, property owned as beneficial joint tenants normally passes automatically to the surviving joint owner.

Where property is held as tenants in common, the deceased's beneficial share can generally pass under their will.

This distinction may affect whether existing will provisions operate as intended.

For example, someone may establish a will trust designed to hold their share of the family home.

If the property is instead held as beneficial joint tenants, the relevant interest may pass automatically to the survivor.

Changing ownership can have legal, mortgage and tax consequences.

What Else Should Be Checked?

Review the estimated value of the estate, mortgage liabilities, potential inheritance tax exposure and whether the new property is adequately reflected in existing arrangements.

Related Telmar article: Inheritance Tax on the Family Home.

A significant increase in wealth can change both inheritance tax exposure and the practical needs of beneficiaries.

Examples include receiving an inheritance, selling an investment, obtaining a substantial compensation payment or receiving proceeds from a business transaction.

An estate that was previously below relevant inheritance tax thresholds may now exceed them.

However, inheritance tax planning should not begin with an assumption that assets must be transferred immediately.

What Should a Financial Review Cover?

Consider:

• The updated value of the estate.
• Available inheritance tax allowances and reliefs.
• Whether the existing will reflects the new assets.
• The needs of intended beneficiaries.
• Future living expenses and financial security.
• Whether trusts or other arrangements remain appropriate.
• The liquidity available to meet estate administration costs.

Where a large inheritance has recently been received, there may also be time-sensitive planning considerations.

For example, a deed of variation can sometimes be relevant, subject to statutory requirements and the agreement of affected beneficiaries.

Specialist advice should be obtained before making decisions.

Retirement often changes how people hold and use their wealth.

Income may increasingly come from pensions, savings and investments rather than employment.

You may also consolidate pensions, begin drawing benefits or make new beneficiary nominations.

These changes should be considered alongside your wider estate plan.

Why Are Pension Reviews Particularly Important?

Pension death benefits do not always pass according to the terms of a will.

Their treatment depends on scheme rules, benefit structures and applicable legislation.

Beneficiary nominations should therefore be checked directly with pension providers.

Inheritance tax treatment is also changing.

Finance Act 2026 provides for most unused pension funds and certain death benefits to be brought within estates for inheritance tax purposes for deaths on or after 6 April 2027.

This makes pension arrangements an important area for review, particularly where earlier estate planning assumed that unused pension funds would generally remain outside the inheritance tax estate.

The precise treatment depends on the legislation, pension arrangements and relevant exemptions.

Estate planning documents often depend on named individuals being willing and able to act.

An executor may die, move abroad or become unable to manage the responsibilities.

An attorney may lose mental capacity or no longer wish to act.

A trustee may become unsuitable, while a beneficiary's death can affect the intended distribution of assets.

What Happens if an Attorney Can No Longer Act?

The effect depends on the lasting power of attorney.

For example, an LPA appointing a sole attorney without a replacement may cease to operate if that attorney dies.

Where several attorneys are appointed jointly, the loss of one attorney can also affect the arrangement.

It may be necessary to make a new LPA rather than simply insert another name into an existing document.

A review should identify whether suitable replacements have been appointed and whether the original arrangements remain workable.

Related Telmar article: How to Choose an Executor for Your Will: Responsibilities and Common Mistakes.

A significant change in health can affect estate planning priorities.

Someone may wish to review who can manage their financial affairs, whether suitable welfare arrangements exist and how future care costs might be met.

Lasting powers of attorney are particularly relevant.

In England and Wales, an individual must have the necessary mental capacity when making an LPA.

Why Is Timing Important?

If a person loses capacity before making suitable arrangements, it may no longer be possible for them to create an LPA.

An application to the Court of Protection for deputyship may then be required in some circumstances.

Existing LPAs should also be reviewed while the donor retains the capacity to make relevant decisions.

However, attorneys cannot simply rewrite someone's will or make unrestricted gifts.

Their authority is governed by law and the terms of the LPA.

A review should also consider whether existing trustees or other decision-makers understand the individual's changing needs.

Related Telmar article: Lasting Power of Attorney Explained.

Business ownership can introduce additional estate planning considerations.

A business may represent a substantial proportion of someone's wealth while being difficult to divide or sell.

There may also be shareholders, business partners, employees or family members whose interests need to be considered.

What Should Business Owners Review?

A business-focused estate planning review may examine:

• Ownership and shareholder agreements.
• Business succession arrangements.
• Who could manage the business after death or incapacity.
• Whether family members are intended to inherit.
• Liquidity to meet liabilities and estate expenses.
• Relevant inheritance tax reliefs.
• Insurance and financial arrangements.

Business Relief rules have undergone significant changes, including reforms taking effect from April 2026.

The availability and extent of relief depend on the assets, ownership conditions and current legislation.

Business owners should not assume that historic relief treatment will continue to apply unchanged.

Selling a business may also convert assets that previously qualified for particular reliefs into cash or investments with different tax characteristics.

This can make a review particularly important before and after a transaction.

Even where your personal circumstances remain unchanged, legislation may affect the assumptions underlying your estate plan.

Inheritance tax allowances, trust taxation, pension rules and the treatment of particular assets can all change.

For example, the planned inclusion of most unused pension funds and certain death benefits within the inheritance tax estate from April 2027 may alter the position for some families.

Similarly, changes to Business Relief and Agricultural Relief can affect business and farming succession planning.

Does Every Tax Change Require a New Will?

No.

A legislative change does not automatically mean that existing documents are invalid or unsuitable.

However, it may justify reviewing the likely financial outcome.

For example, a will may still express your wishes accurately, but the tax treatment of the resulting inheritance could have changed.

The correct response might be to update financial assumptions, reconsider beneficiary arrangements or obtain specialist advice.

Any decision should balance tax efficiency with financial security, administrative complexity and the needs of beneficiaries.

Related Telmar article: 10 Ways to Reduce Inheritance Tax on Your Estate.

A practical review does not always require every document to be rewritten.

Begin by identifying what has changed since the last review.

Keep a record of the review date and any actions identified.

This can help distinguish matters requiring immediate legal changes from issues that simply need monitoring.

GOV.UK recommends reviewing your will every five years and after major life events.

That is a useful general benchmark, but it is not a legal requirement to rewrite a will every five years.

A more frequent review may be appropriate where your circumstances are complicated or changing.

For example, someone with a growing business, multiple properties or a trust for a vulnerable beneficiary may benefit from more regular consideration.

A person with a straightforward estate and stable family circumstances may require fewer changes.

The important distinction is between reviewing documents and replacing them.

A review may conclude that the existing arrangements remain suitable.

In England and Wales, changes to a signed and witnessed will must follow the relevant legal formalities.

There are two principal approaches.

Making a Codicil

A codicil is a formal document that amends an existing will.

It must be properly executed.

Codicils may be suitable for some limited changes, although repeated amendments can make the overall arrangements harder to interpret.

Making a New Will

For substantial changes, preparing a new will is often clearer.

The new will should deal appropriately with earlier wills and codicils and must be validly signed and witnessed.

It is important not to make informal handwritten alterations to an existing will and assume that they will be effective.

Professional advice can help determine the appropriate approach.

Lasting powers of attorney operate differently from wills.

In England and Wales, you cannot simply rewrite a registered LPA to add another attorney.

If you wish to appoint a new attorney, you may need to revoke the existing arrangement and make a new LPA, provided you have the necessary mental capacity.

In some circumstances, an attorney can be removed through the appropriate formal process.

Changes of address or name may need to be reported to the Office of the Public Guardian without replacing the document.

The correct procedure depends on the nature of the change.

This is another reason why estate planning reviews should consider each document separately rather than treating the entire plan as a single arrangement.

Consider a couple who prepared their wills and lasting powers of attorney twelve years ago.

At the time, they had two school-age children, a modest mortgage and relatively limited savings.

Since then, they have paid off their mortgage, received an inheritance and entered retirement.

Their children are now adults.

One of their named executors has died, and their pension arrangements have changed.

Although the couple still want their children to inherit, several elements of the original plan may require attention.

A review might identify the need to update executor appointments, reconsider inheritance tax exposure, check pension nominations and review the suitability of existing trust provisions.

The couple may also wish to revisit their LPAs.

Not every document will necessarily need replacing.

However, the original arrangements should not be assumed to remain appropriate simply because they were professionally prepared at the time.

The cost depends on the scope of the review and whether new documents or specialist advice are required.

Some providers may offer an initial review without charge, while others charge for consultations, document assessments or amendments.

Preparing replacement wills, LPAs or trust documentation may involve additional fees.

Where complex inheritance tax or trust issues arise, specialist legal, financial or accountancy costs may also apply.

Ask for a clear written explanation of what is included and whether implementation costs are separate.

A review should not automatically lead to purchasing additional products or services.

The purpose is to establish whether existing arrangements remain suitable.

Related Telmar article: How Much Does Estate Planning Cost in the UK? Fees and Services Explained.

An estate planning review is an opportunity to consider whether your documents still reflect your circumstances and objectives.

At Telmar Estate Planning, a useful starting point is identifying what has changed since your arrangements were originally prepared.

This might involve reviewing beneficiaries, executor appointments, property ownership, lasting powers of attorney or inheritance tax considerations.

Where specialist legal, financial or tax advice is required, appropriate professional input should be considered.

The objective should be to identify necessary changes without introducing unnecessary complexity or cost.

An estate plan is not necessarily a document you prepare once and leave untouched.

Marriage, divorce, children, property transactions, retirement, bereavement and changes in health can all affect whether existing arrangements remain suitable.

Legislative developments may also alter the tax consequences of decisions made years earlier.

A practical approach is to review your will at least every five years, as GOV.UK recommends, and revisit the wider estate plan after significant events.

Not every review will result in new documents.

What matters is knowing that your arrangements remain aligned with your wishes, family circumstances and the law that applies.

1. GOV.UK — Making a Will: Update Your Will
   https://www.gov.uk/make-will/updating-your-will
   Official guidance recommending five-year reviews, identifying major life events and explaining codicils and replacement wills.

2. GOV.UK — Removing an Attorney From a Lasting Power of Attorney
   https://www.gov.uk/power-of-attorney/change-your-lasting-power-of-attorney
   Official guidance on changing attorney arrangements and when a new LPA is required.

3. HMRC — Inheritance Tax on Pensions: Technical Note
   https://www.gov.uk/government/publications/inheritance-tax-on-pensions-technical-note/technical-note-inheritance-tax-on-pensions
   Official technical guidance on the pension inheritance tax reforms applying to deaths from 6 April 2027.