06 May 2025
An old will can lead to complications, inefficiencies, and even unexpected tax consequences for your loved ones.
Tax Efficiency Matters More Than Ever
Tax legislation has changed significantly in recent years. If your will was written some time ago, it may not take advantage of current inheritance tax (IHT) thresholds, exemptions, or reliefs. For example, the introduction of the residence nil rate band (RNRB) has changed the way many estates are taxed, and older wills may not reflect this. Without an update, your estate could face a larger tax bill than necessary, potentially reducing what your beneficiaries receive.
Do You Really Still Need That Trust?
In the past, trusts were commonly included in wills for tax planning purposes. However, many of these structures have become less relevant or even counterproductive under today’s legal framework. In some cases, trusts can complicate matters unnecessarily, especially where simpler arrangements would now achieve the same goals more efficiently. While trusts still have their place particularly for asset protection or vulnerable beneficiaries, not all legacy trust structures remain useful.
Legislation Changes. Your Will Should Too.
UK inheritance law isn’t static, and your personal circumstances probably aren’t either. Marriage, divorce, the birth of children or grandchildren, property purchases, or changes in your wealth can all affect the suitability of your will. Add to this the regular changes in tax legislation, and it’s clear that even the best-written will needs to be reviewed from time to time.
A Simpler Will May Be a Better Will
Sometimes, older wills become bloated with outdated clauses, complex trusts, or unnecessary conditions. A simplified, modern version could make life easier for your executors and beneficiaries, while still achieving your estate planning goals. Reviewing your will isn’t just about tax: it’s about clarity, relevance, and peace of mind.
What Should You Do?
We recommend reviewing your will every 3-5 years, or after any major life event. Our team is here to help assess whether your current arrangements remain fit for purpose, and if not, guide you through updating them in a way that’s clear, compliant, and tax efficient.
Don’t leave your legacy to chance — book a will review with us today. Call us on 01202 527008 or via online: Contact Us AB Solicitors For Your Legal Needs
