In this guide
Why estate planning matters
Estate planning is the process of organising your affairs so that your assets are protected during your lifetime and distributed according to your wishes after your death. It is not only for the wealthy — it is relevant for anyone who owns property, has savings, or has people who depend on them.
Without an estate plan, families face a range of avoidable problems: assets passing to unintended beneficiaries under intestacy rules, no one able to manage finances if you lose capacity, unnecessary inheritance tax bills, and children with no named guardian if both parents die.
Good estate planning is not complicated, but it does require thought and professional input. The checklist below covers the key areas every family should address.
Writing a will
A valid will is the foundation of any estate plan. It allows you to decide who inherits, who administers the estate, and — if you have young children — who cares for them. Without it, these decisions are made by the law, not by you.
Will checklist
- Name all beneficiaries clearly, including substitute beneficiaries
- Appoint at least two executors who understand their responsibilities
- Name guardians for any minor children
- Make specific gifts for items or sums that matter to you
- Consider the residue — everything left after specific gifts and debts
- Include provisions for what happens if a beneficiary dies before you
- Ensure the will is correctly signed and witnessed
- Store the will safely and tell your executors where it is
See our will writing service for more information, or read our guide on what information you need to make a will.
Appointing guardians
If you have children under 18, naming guardians in your will is one of the most important decisions you can make. Guardians are the people who would care for your children if both parents die.
Without a named guardian, the courts decide who cares for your children. This can cause delay, upset, and family conflict at an already difficult time. The outcome may not reflect your wishes.
Guardianship checklist
- Name at least one guardian, ideally with a substitute in case they cannot act
- Speak to your chosen guardians before naming them — ensure they are willing
- Consider practical factors: location, values, relationship with children, age and health
- Set up a trust to provide financially for the children under the guardian's care
- Leave a letter of wishes with guidance on how you would like the children raised
Planning for inheritance tax
Inheritance tax is charged at 40% on the estate above the available nil rate bands. For many families, particularly homeowners in the South East, IHT is a real consideration. The good news is that with proper planning, the liability can often be significantly reduced.
Inheritance tax checklist
- Calculate the likely value of your estate including property, savings and investments
- Understand your available nil rate bands — including any transferable allowances
- Use annual gift allowances (£3,000 per year) regularly
- Consider whether larger lifetime gifts would benefit from the seven-year rule
- Review pension nominations — pensions currently sit outside the estate
- Consider leaving at least 10% to charity to benefit from the 36% reduced IHT rate
- Explore trust structures if the estate significantly exceeds the nil rate bands
Read our detailed guide on inheritance tax for UK families for a thorough explanation of the rules and planning options.
Creating trusts
Trusts are not just for the very wealthy. They serve practical purposes for many families, including protecting property, managing assets for young beneficiaries, and ensuring assets reach the right people in the right circumstances.
Trust planning checklist
- Consider a protective property trust if you own your home as a couple — to preserve a share for children
- Review property ownership — is it joint tenancy or tenants in common?
- Consider a discretionary trust for children's inheritances to avoid outright payment at 18
- If you have a blended family, consider how to protect children from both relationships
- Review whether a flexible life interest trust would provide greater protection on the second death
- Appoint suitable trustees — ideally people who understand your wishes and are financially capable
Setting up lasting powers of attorney
A lasting power of attorney (LPA) is a legal document that allows someone you trust to make decisions on your behalf if you lose mental capacity. There are two types: one covering property and financial affairs, the other covering health and welfare decisions.
LPAs must be set up while you have mental capacity. If you lose capacity without one in place, your family cannot manage your finances or make decisions about your care without applying to the Court of Protection — a process that is slow, expensive and uncertain.
LPA checklist
- Set up both types of LPA — property and financial affairs, and health and welfare
- Choose attorneys you trust completely and who are capable of the role
- Consider naming a replacement attorney in case the first cannot act
- Register the LPA with the Office of the Public Guardian — this is required before it can be used
- Keep a copy in a safe and accessible place
- Review attorneys periodically — relationships and circumstances change
See our guide on lasting powers of attorney for more detail, or read our article on LPAs explained.
Reviewing your plan regularly
An estate plan is not a one-off task. It should be reviewed whenever your circumstances change and at regular intervals even when they have not.
Review checklist
- Marriage or civil partnership — a new will is strongly recommended as marriage revokes an existing will
- Divorce — your ex-spouse is treated as having died for will purposes, but an update is still sensible
- Birth of children or grandchildren — update guardianship and trust provisions
- Significant change in assets — property purchase or sale, inheritance received, business sold
- Death of a beneficiary, executor or guardian named in the will
- Change in your relationship with an attorney — ensure your LPA still reflects your wishes
- Every five years as a minimum — even without any specific event
At Legacy Lines we offer estate planning reviews across Kent, helping families ensure their plans remain current. Contact us to arrange a review, or view our pricing for will and LPA preparation.
Frequently asked questions
What should be included in an estate plan?
A complete estate plan typically includes a valid will, lasting powers of attorney for both financial affairs and health and welfare, a review of how property is owned, consideration of inheritance tax, appropriate trust structures, and clear records of assets and wishes.
How often should an estate plan be reviewed?
An estate plan should be reviewed whenever your circumstances change significantly — marriage, divorce, birth of children or grandchildren, significant changes in assets, buying or selling property, or a change in the health of you or a close family member. As a minimum, a review every five years is sensible.
At what age should I start estate planning?
Estate planning is relevant from adulthood, but particularly important when you acquire property, start a family, or accumulate significant savings. There is no 'right' age — the right time is now, before circumstances make planning difficult or impossible.
How much does a complete estate plan cost?
A basic estate plan including wills and LPAs for a couple typically costs between £800 and £2,000 depending on complexity. More detailed planning involving trusts and inheritance tax advice will be higher. See our pricing page for current Legacy Lines fees.
What happens if I don't have an estate plan?
Without a will, your estate is distributed under intestacy rules that may not reflect your wishes. Without LPAs, no one can legally manage your affairs if you lose capacity. Without IHT planning, your family may face an unnecessary tax bill. Estate planning prevents all of these outcomes.