Many people make a Will and then tuck it away in a drawer, assuming the job is done.

However, proposed changes to inheritance tax rules, due to take effect from April 2027, could affect the way some estates are taxed, particularly where pension savings form a significant part of a person’s wealth.

Traditionally, pensions have often been considered separately from the rest of an estate. Under the proposed changes, pension funds may be taken into account when calculating inheritance tax. This could mean that gifts in a Will which were expected to pass within the available nil rate band may instead become subject to inheritance tax at 40%.

The message is simple: a Will should not be regarded as a “one and done” document. Changes in tax laws, family circumstances, property values and personal finances can all affect whether your existing Will still achieves what you intended.

If it has been several years since you last reviewed your Will, or if you have substantial pension savings, now may be a good time to seek advice and ensure your affairs remain in good order.

A regular review of your Will can provide peace of mind for you and your family and help avoid unexpected complications in the future.

“Looking after your Will is one of the simplest ways to make life easier for those you leave behind.”

Ben Holden
Partner, Wills, Probate & Trusts

This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.