As the year draws to a close, it is a great time to review your affairs and ensure everything is in order. As families come together to celebrate the festivities, this provides an excellent opportunity to discuss matters with the people who matter most to you. A proactive approach now can ensure peace of mind and avoid the stress of costly mistakes. This checklist will help you take control of your planning and step into the New Year with confidence.

1. Review your succession plan

    Life changes quickly, and your succession planning should keep pace.

    • Major milestones—such as marriage, divorce, a new child or grandchild, or financial changes—can affect how your will and estate plan work in practice.
    • These events often alter who you want to benefit, who should act as executors or guardians, and how assets are distributed.
    • Regular reviews are essential, especially after significant life changes, to ensure your wishes remain clear and legally valid.

    A well-maintained plan protects loved ones and avoids unnecessary tax exposure or disputes.

    2. Check your inheritance tax position

      Inheritance tax (‘IHT’) can significantly impact the value of what you leave behind, so understanding your position is essential.

      • With the biggest overhaul to IHT since 1986 coming in April 2026 (changes to Business Relief and Agricultural Relief), and April 2027 (pensions included in IHT), now is the time to review your exposure.
      • Planning ahead can help you use available allowances, reduce future IHT liability and ensure your wealth passes to the people and causes that matter to you most.

      3. Put powers of attorney in place and ensure these are up-to-date

      Continuing and welfare powers of attorney (POA) are vital for protecting you and your family.

      • They allow trusted individuals to make decisions if you lose capacity—covering finances and property (continuing), and health and welfare (welfare).
      • If you already have a POA, check it is registered with the Office of the Public Guardian and confirm your attorneys are still willing (and able) to act.

      Illness or accidents can happen unexpectedly, so planning ahead ensures your wishes are respected and gives peace of mind to your loved ones.

      4. Review investments and structures

      Year-end is an ideal time to assess whether your financial arrangements remain fit for purpose.

      • Review trusts, family companies, and investment portfolios for performance and compliance.
      • Check governance and reporting obligations such as Automatic Exchange of Information, Trust Registration Service requirements or Companies House filings.
      • Consider whether structures still deliver tax efficiency and whether portfolios need rebalancing or additional tax wrappers like ISAs or pensions.

      Speaking to your adviser now allows time for adjustments before the new tax year.

      5. Cross-border and international considerations

      If you hold assets or have family connections across the UK or overseas, it is essential to review your arrangements for potential cross-border tax and succession issues.

      • Different jurisdictions apply varying rules of inheritance, forced heirship and taxation, which can significantly impact how your estate is administered when you are no longer here.
      • Double taxation can also arise if two jurisdictions claim taxing rights over the same asset.
      • Early planning can help mitigate these risks by ensuring your estate plan is structured to comply with relevant laws and treaties. This may involve considering the use of international wills, reviewing trust structures for recognition abroad, or seeking advice on residency and domicile status.
      • If you own property in multiple countries or have beneficiaries living overseas, specialist advice is crucial to avoid complexity and ensure your wishes are carried out effectively.

      6. Prepare for tax deadlines

      January brings the self-assessment deadline for many individuals.

      • Gather documentation now—income statements, investment reports, and details of gains or losses—to avoid last-minute stress.
      • Consider year-end strategies such as pension contributions, charitable donations, and tax-loss harvesting to reduce liability.
        Acting early ensures compliance and helps you make the most of available reliefs.

      Final thoughts

      Year-end is more than a compliance exercise – it is an opportunity to align your legal and financial affairs with your long-term goals. Taking time now ensures clarity, control and confidence for the year ahead. Our private client team specialises in helping individuals and families protect wealth and plan for the future. Whether you need to update your will or power of attorney, review your IHT position or address cross-border issues, we’re here to guide you through every step of the way.

      Get in touch with one of our wills and estate planning lawyers today to ensure you start the new year with confidence.

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      Contributor

      Victoria Zeybek

      Senior Solicitor