Finding the ‘Will’ to not worry – the lasting benefits of updating your Will

Revisiting your Will can be one of the most valuable actions you can take, and here’s why.

For many individuals and families, revisiting a Will later in life is rarely just a legal exercise. It’s a deeply personal process that invites reflection on a lifetime of achievements, relationships, values and responsibilities. It asks difficult but important questions: have I done enough to protect the people I love? Have I left clear guidance? Could I make things easier for those closest to me?

These are not always easy questions to answer, which is why many people tend to put them off. However, taking the time to make these decisions now can help provide clarity, certainty and peace of mind for you and your loved ones in the future.

In this article our legal and financial experts uncover the emotional realities of legacy planning, the true cost of avoidance and how a joined-up team can benefit you.

The emotional weight of legacy planning

Successful individuals spend decades building businesses, growing investments, nurturing families and creating opportunities for future generations. Yet many find that updating a Will can feel the most emotional.

Unlike choosing an investment strategy or reviewing a portfolio, estate planning involves deeply personal considerations. And as life evolves, those considerations can change significantly over time.

Family circumstances may have shifted, with children now adults and perhaps starting families of their own. There may be grandchildren to provide for, charitable causes that have become important, or additional assets such as property portfolios and business interests to consider. In some cases, family structures may have become more complex, meaning a Will written years ago may no longer fully reflect current wishes or priorities.

For some, the process brings uncomfortable reminders of aging or mortality, thinking about life after you have passed can feel upsetting and easy to dismiss. For others, there is a lingering concern about making the wrong decision or creating unintended consequences. As a result, conversations that would bring clarity are often postponed. Ironically, it is this uncertainty that often creates the greatest emotional burden.

The risks of leaving an outdated Will in place

Many families assume their affairs are straightforward because they already have a Will in place. However, a Will written ten or twenty years ago may no longer reflect current circumstances, tax legislation, asset values or family priorities.

Without a regular review, important questions can remain unanswered:

• Are assets structured efficiently for future generations?
• Could beneficiaries face avoidable tax liabilities?
• Have family circumstances changed?
• Are powers of attorney in place if needed?
• Have business succession plans been fully considered?
• Will loved ones know where to turn when decisions need to be made?

When these questions are left unresolved, families can be left navigating complex situations during periods of grief or emotional stress.

The greatest gift is often not the wealth itself, but the clarity surrounding it.

Our legal perspective:

“Although a Will takes legal effect only on death, it should be viewed as a living document during your lifetime.

As life changes, so too should your Will. Events such as welcoming a new family member, acquiring or disposing of assets, changes in personal circumstances, or the death of a loved one may all prompt a review of your Will. By keeping your Will under review, you can ensure that it continues to reflect your wishes and provide for your loved ones as intended.  

Even where no major changes have occurred, reviewing your Will periodically can help refresh your understanding of its provisions and confirm that it still reflects your wishes and intentions.

Protecting your assets is another key reason to keep your Will under review. Changes in the circumstances of your beneficiaries, such as a divorce, bankruptcy or financial vulnerability, can create risks that may not have existed when your Will was first prepared. Reviewing your arrangements regularly provides an opportunity to ensure that suitable safeguards are in place, helping to protect your assets and secure your family’s inheritance for the future.

It is also important to ensure that your Will continues to support your wider estate planning objectives, including maximising tax efficiency for you and your family. Regular reviews can highlight opportunities to strengthen your arrangements and ensure they remain effective.” – Lucy Tootill, Solicitor.

Why estate planning works best with legal and financial expertise

Estate planning is most effective when legal and financial professionals work together.

A solicitor can ensure legal documents accurately capture intentions and remain compliant with current legislation. A financial planner can help ensure that wealth is structured efficiently, objectives are clearly defined and future implications are fully considered.

Together, these professionals provide a more holistic perspective.

Rather than viewing a Will as a standalone document, they can consider broader questions such as:

• Intergenerational wealth transfer
• Inheritance Tax Planning
• Trust structures
• Business succession arrangements
• Charitable giving strategies
• Family wealth education
• Long-term care considerations

Our financial perspective:

“We believe it is hugely beneficial to work closely with solicitors, we can help ensure that our clients’ financial and legal affairs are aligned, resulting in better overall outcomes.

Working together allows us to provide a more holistic service, particularly in areas such as estate planning, Trusts, Inheritance Tax planning, business succession and powers of attorney. While we can advise on the financial and tax implications, a solicitor can ensure that the necessary legal documentation is drafted correctly and reflects our clients’ wishes.

A strong relationship with a legal professional also helps us identify potential issues that could otherwise be overlooked, such as outdated Wills, inappropriate Trust structures, or inconsistencies between estate planning documents and wider financial arrangements. This reduces risk for our clients and helps ensure their plans are implemented as intended.

From a client experience perspective, having trusted professional connections means we can introduce clients to specialists we know and trust, creating a more seamless and efficient process. Clients often appreciate the ability to access coordinated advice rather than managing multiple advisers independently.

By working collaboratively, we can support clients through significant life events and provide joined-up advice that addresses both their legal and financial needs.

Ultimately, this close collaboration with a solicitor enables us to deliver a more comprehensive, professional and valuable service, helping clients achieve their objectives with confidence.” – Alex Shaw, Associate Director, Wealth.

For many families, this planning process becomes less about preparing for the end of life and more about protecting the quality of life for future generations.

“Having everything in one place made a big difference. My financial planning, tax, legal work, Wills and Trusts are all connected. It means I have one place to go and one team who understands everything.

It has also given me peace of mind for my family. I have been able to tell my children that if anything ever happened, they would only need to make one call. Everything is organised and taken care of, which is incredibly reassuring.” – Ronnie, Progeny Client

Confidence through preparation

Perhaps the most reassuring aspects of estate planning is the sense of control it brings. While none of us can predict the future, we can make thoughtful decisions while we still have the time, clarity and the freedom to do so.

A carefully reviewed Will, supported by sound financial planning and expert legal advice, helps ensure that loved ones are protected and important decisions are not left to chance.

You can move forward with confidence knowing that when the time comes, family members will be guided rather than burdened, supported rather than overwhelmed, and able to focus on what truly matters.

Because ultimately, the purpose of a Will is not simply to distribute wealth – it is to provide clarity, care and reassurance for the people you love most.

If you haven’t reviewed your Will or wider financial plans in recent years, now may be the ideal time to start. By bringing together experienced legal and financial professionals, you can create a plan that reflects your wishes, protects your legacy and gives both you and your family greater confidence for the future.

The Financial Conduct Authority does not regulate will writing and some forms of estate planning.

Important Note

The information contained within this document is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

This article is distributed for educational purposes only. This communication does not constitute financial advice. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult your financial planner to take into account your particular investment objectives, financial situation and individual needs.

The opinions stated in this document are those of the author and do not necessarily represent the view of Progeny and should not be relied upon to make a financial decision.

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