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Wills - Review
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Case Study: Why Reviewing Your Will Is Essential – A Real Client Example

Background
  • In early 2024, a long-standing couple approached our office to review their existing wills. Their documents had been drafted over a decade ago, and while they believed everything was in order, they wanted to ensure their affairs reflected their current wishes and legal opportunities. What we uncovered highlighted how vital it is to periodically review your will with a professional.
Key Findings from the Will Review
  1. Missing Disaster (or Calamity) Clause
    Their wills made clear provisions for each other and their children, but omitted a disaster clause — a
    critical safeguard in the unlikely event the entire immediate family were to pass away at the same time
    (e.g., in an accident). Without this clause, their estates could have ended up passing to unintended
    beneficiaries, or even defaulted to intestacy laws.

Result: We added a disaster clause to ensure the estate would be directed according to their extended family
and charitable preferences in such an event.

  1. Lack of Charitable Gift Planning for Inheritance Tax (IHT) Efficiency The clients were unaware that by leaving at least 10% of their estate to a qualifying charity, the overall inheritance tax rate on the remaining estate could be reduced from 40% to 36%. This relatively small charitable gift could result in a larger net distribution to their family, while also benefiting a cause they supported.
Result: We incorporated a 10% charitable legacy into the will, aligning with their values while providing significant IHT savings
  1. No Use of Trusts for Asset Protection
    Their original wills left everything outright to beneficiaries. While simple, this structure offered no protection in the event a beneficiary later divorced, became bankrupt, or had care needs. By introducing a discretionary trust structure, we helped protect the assets for future generations while maintaining flexibility for the trustees.

Result: The new wills include a discretionary trust to protect family wealth and mitigate future financial risks to beneficiaries.

Outcome & Client Feedback

The clients left the process with far greater peace of mind, knowing their wills reflected not only their current wishes but also the best legal and financial planning available. They were especially relieved to learn how a small charitable gift could increase the value their family received while supporting a cause dear to them.

Key Takeaway
  • Wills should be reviewed at least every 3–5 years or after any significant life or legislative changes.
  • Missing clauses or outdated planning can result in unintended outcomes or missed financial opportunities.
  • A professional review can unlock real value and protection — for your estate, your family, and your peace of mind.

Please note that wills and powers of attorney are not regulated by the Financial Conduct Authority (FCA).

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