14th July 2026 | David Mulholland TEP | Private Wealth, Wills, Succession Planning

When did you last look at your Will?

If the answer is “a few years ago”, or worse, “I can’t quite remember” then you’re not alone. Once a Will has been executed and filed away, it’s easy to assume the job is done. But a Will is not a one-off task, it’s a document that should keep pace with your life. When it doesn’t, the consequences for your family can be significant – financially, practically and emotionally.

Here’s why we recommend every client reviews their Will at least every five years, and why now might be exactly the right time to act.

 

Your Family Has Probably Changed

Life moves fast. Since you last updated your Will, you may have married, divorced, remarried, welcomed children or grandchildren, or lost someone close. Each of these events can have a profound effect on whether your Will still achieves what you initially intended.

In England and Wales, marriage automatically revokes a Will. If you married after signing your last Will and haven’t updated it since, your Will may no longer be valid at all. This means your Estate could pass under the rules of intestacy rather than according to your wishes.

Divorce, on the other hand, treats your former spouse as having died in your lifetime. If your former spouse is mentioned in your Will then they would be removed as a beneficiary and executor, but your divorce does not revoke your Will entirely. That can leave significant gaps and if you have cohabiting partners or stepchildren you want to provide for, they have no automatic rights under intestacy. This can cause further problems because if they are not specifically provided for in your Will then it’s likely that they will receive nothing from your Estate.

 

The Tax Landscape Has Shifted

Inheritance tax planning is not something you can set and forget. The rules change, thresholds move, and reliefs that once applied may no longer do so, or may have become more valuable.

The Autumn 2024 Budget introduced significant changes to agricultural property relief and business property relief, with reforms taking effect from April 2026. For clients with farming interests or business assets, a Will drafted before these announcements may need to be revisited urgently.

A well-structured Will with the right use of trusts, nil-rate band planning, and carefully drafted gifts can make a very real difference to the amount of tax your Estate pays. An outdated one can cost your family tens or even hundreds of thousands of pounds unnecessarily.

 

Pensions Are Now Being Brought into Inheritance Tax

This is one of the most significant changes in recent memory, and many families are simply not aware of it yet. From April 2027, most unused pension funds and death benefits will be brought within the scope of inheritance tax for the first time. For decades, pensions have been a powerful tool for passing wealth down the generations free of IHT – that advantage is now set to disappear.

If your Estate planning has been structured around leaving your pension intact for your beneficiaries, your existing arrangements may no longer achieve what you intended. It is worth reviewing not only your Will, but your pension nominations, any letter of wishes, and the overall balance of your Estate to make sure your wealth still reaches the right people in the most tax-efficient way possible. The sooner you act, the more options you are likely to have.

 

The End of Non-Domicile Status – What It Means for You

From April 2025, the long-standing non-domicile regime has been replaced by a new residence-based system for determining your exposure to UK tax, including inheritance tax. Previously, individuals who were not domiciled in the UK could shelter overseas assets from UK IHT indefinitely. Under the new rules, long-term UK residents – broadly, those who have lived in the UK for ten or more years, will find their worldwide assets brought within the scope of UK inheritance tax, regardless of where those assets are held or where they were born.

For internationally connected families, this is a fundamental shift. Wills, trusts, and Estate structures that were carefully designed under the old regime may now be significantly less effective or, in some cases, counterproductive. If you or your family have overseas assets, connections to other jurisdictions, or have recently changed your residence arrangements, an urgent review of your estate planning is strongly recommended.

 

Your Assets Are Not the Same as They Were

Think about what you owned when you last made your Will and compare it to today. New property, a business interest, an inherited sum, a pension, investments, or even digital assets? All of these may not be captured properly in an older Will.

Some assets, like jointly owned property or bank accounts, may pass outside your Estate entirely, regardless of what your Will says. If your Will hasn’t been reviewed with your full current asset picture in mind, there’s a real risk that things end up in the wrong hands, or that the overall plan simply doesn’t work as intended.

 

Your Executors May No Longer Be the Right Choice

The people you named as Executors and Trustees when you first made your Will may have moved on, fallen out of touch, lost capacity, or sadly passed away. A Will with no living, willing Executor creates real problems at the point of administration.

The same applies to guardians named for minor children. Circumstances change. It’s worth asking honestly: are the people named in your Will still the right people for the job?

 

An Outdated Will Can Cause Real Harm

The cost of an outdated will isn’t just financial, though that can be substantial. An ambiguous or unfair Will is one of the most common triggers for family disputes and contested Estate claims. Proceedings under the Inheritance (Provision for Family and Dependants) Act 1975 are costly, slow, and deeply distressing for everyone involved.

Probate delays, executor disputes, and unclear drafting can add months and significant legal fees to the administration of an Estate, at exactly the time when your family needs matters to be straightforward.

A clear, current, well-drafted Will is one of the most valuable gifts you can leave the people you love.

 

So, What Should You Do?

The good news is that reviewing your Will doesn’t have to be complicated. In many cases, a short conversation is all it takes to identify whether your existing arrangements still work or whether some targeted updates are needed.

We’d encourage you to ask yourself:

 

  • Has my family situation changed since I last updated my Will?
  • Have my assets, or their value, changed significantly?
  • Are my Executors and Trustees still the right people?
  • Have I recently married, divorced, or entered a new relationship?
  • Have I recently had children or welcomed grandchildren into the family?
  • Do I have a pension that forms part of my Estate planning?
  • Do I have overseas assets, or has my residence or domicile position changed?
  • Has it simply been more than five years since I last reviewed my Will?

If the answer to any of those questions is yes, it’s time for a review.

 

Get in Touch

We work with families and individuals at every stage of life to make sure their Estate planning reflects their wishes, protects their wealth and is as tax-efficient as possible.

The changes that have recently come into force regarding business relief, agricultural relief and to the non-dom regime, coupled with the changes coming into effect from April 2027 regarding pensions, means that the next nine months represent a particularly important window to act. Those who review their arrangements now will be far better placed than those who wait.

If you’d like to discuss your Will and wider Estate planning arrangements, we’d love to hear from you. Getting in touch is the first step – it’s often easier than you think.

Contact our Private Wealth team today to arrange a conversation. Whether you’re starting from scratch, making updates, or simply want peace of mind that everything is in order, we’re here to help.

Related insights