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As we step into 2025, many of us are setting goals for the year ahead. While resolutions often focus on health, finances, or personal growth, one crucial task that is frequently overlooked is creating or updating your Will. January is the perfect time to ensure your affairs are in order, providing peace of mind for you and your loved ones.

Following last month’s Budget announcement, several significant updates have been made regarding Inheritance Tax (IHT), which will likely impact how people plan for the future. While the current IHT nil rate bands remain unchanged, an important shift is on the horizon: most inherited pensions will soon be subject to IHT.

Following last month’s Budget announcement, business-owning and farming families are facing significant changes to Business Relief and Agricultural Property Relief, with new limitations proposed to take effect from April 2026.

Planning for the future and securing your family’s financial well-being is a top priority for our clients, but estate planning can be a complex and often confusing process. One common concern we hear from our clients is about the implications of Inheritance Tax (IHT) for their children.