New year, new plans: Private wealth, succession, and family

As we step into the New Year, it’s the perfect time to reflect on your personal and family planning.

Whether you're looking to safeguard your estate, protect your assets, or ensure your loved ones are cared for, there are several essential legal steps to consider.

In this blog, we explore the key legal tools and considerations that can offer peace of mind and protect your future.

• Get a properly drafted Will in place: One very important yet often neglected step you can take is to make a Will, or if you already have a Will, to make sure this is still up to date. This will ensure your estate passes according to your wishes, and provides certainty for you and your loved ones. Changes to your circumstances could also mean your current Will is no longer suitable and/or valid, for example, if you have recently got married or divorced (or are planning to). This year, there is even more reason to act, as the Government has announced changes to the Inheritance Tax legislation which is set to impact business owners and farmers (taking effect on 6 April 2026) and pensions (taking effect on 6 April 2027).  It important that your Will is tailored to suit your circumstances and maximise all available Inheritance Tax allowances and reliefs, safeguarding your assets for future generations. Our specialist Private Wealth & Succession team can assist with this and will ensure your Will is in line with your needs and objectives.
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• Make Lasting Powers of Attorney: While many people will consider their Will, fewer think about what might happen if they lost mental capacity during their lifetime. A Lasting Power of Attorney (LPA) allows you to appoint trusted individuals—be it a family member, friend, or professional attorney—to make decisions on your behalf regarding your finances and health, if you no longer had capacity to make decisions. This could be vital in both emergency situations, such as a temporary loss of capacity, and also in managing long-term mental health conditions. For business owners, it is possible to establish a separate LPA to appoint attorneys to manage business-related decisions, ensuring continuity and stability. Having a legally valid LPA in place will provide you and your loved ones the peace of mind that your affairs will be handled by those you trust the most, should you lose capacity. Our specialist team will provide bespoke and professional advice to you on your LPAs, supporting you through the whole process, and, most importantly, will ensure the LPAs are compliant for registration at the Office of the Public Guardian.
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• Declarations of Trust: When purchasing property with another, a Declaration of Trust is required if you want to own it in unequal shares. The Deed will set out your respective financial interests in the property should you come to sell or transfer the property in future. Declarations of Trust can both be either fixed or floating depending on your requirements. Some of our clients choose a floating shares trust, for example if they want to make improvements to the property during their joint period of ownership which may not necessarily be paid for equally and want to reflect that in how the property is owned. However, with this parties need to be prepared to keep a record of any significant expenses. We recommend keeping an up-to-date account using a spreadsheet, which is reviewed annually and would be referred to in the event of any dispute.
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• Pre/post-nuptial Agreements: Couples marrying in the New Year should refer back to their Declarations of Trust and consider whether to seek advice from a family lawyer, since these Deeds may not necessarily be followed if they marry, as the legal position is then somewhat different. Couples in this position may wish to consider a pre-nuptial agreement before marriage, or a post-nuptial agreement where they’ve already tied the knot.
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• Cohabitation Agreements: Couples who do not intend to marry or enter a civil partnership but are cohabiting may also benefit from a Cohabitation Agreement. A Cohabitation Agreement can be beneficial in several ways by setting out how the couple wish to organise their financial affairs. If you are unsure whether a Cohabitation Agreement is for you, our experienced family lawyers will be able to discuss this with you.
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• Parenting Plans: Parents who are co-parenting and separated (or due to separate) may benefit from drawing up a Parenting Plan. A Parenting Plan is a written agreement between the parents focussing on the needs of their child(ren). A Parenting Plan can give a sense of stability and security for both parents and children involved, in addition to having something clear to refer to. CAFCASS provide a parenting plan which can be completed online, however, our experienced family lawyers can help where parents are struggling to reach an agreement. Usually, one parent will start with preparing a draft plan and making some suggestions before referring to the co-parent with their proposals.

To speak to a member of our Private Wealth & Succession and/or Family Law teams , please call us on 0113 207 0000 today.