Updating your will after a major life change: a guide for HNWIs

Major personal, financial or family events can change whether an existing Will still reflects a person’s wishes. For high net worth individuals, there may also be additional considerations, including business interests, property, family provision and succession planning.

This article explains why updating your Will after a major life change should be considered, the common triggers for a review, and when professional input may be appropriate.

Why reviewing a Will matters after a major change

A Will records how a person wishes their estate to be dealt with after death. It can also appoint executors, trustees and guardians, depending on the circumstances. Where significant changes have occurred since the Will was made, it may no longer reflect current intentions or practical realities.

A major life event may affect:

• who should benefit from the estate;
• who should act as executor or trustee;
• how business interests or significant assets should be dealt with;
• whether family circumstances have become more complex; and
• whether related estate planning documents should also be reviewed.

An outdated Will can create uncertainty and may increase the risk of family disagreement or practical difficulties. A review cannot guarantee that issues will not arise, but it can help identify whether the current document remains suitable.

When should high-net-worth individuals review their will?

When should high-net-worth individuals review their Will? There is no single answer, as the timing depends on individual circumstances. However, the following events are sensible prompts for review:

• marriage, divorce or separation;
• the birth or adoption of children or grandchildren;
• bereavement or serious illness in the family;
• the sale, acquisition or restructuring of a business;
• purchasing or disposing of high-value property or investments;
• changes in dependants, financial responsibilities or family relationships; and
• cross-border assets, residence changes or other international considerations.

For some individuals, a periodic review may also be useful even where no obvious life event has occurred.

Marriage, divorce and relationship changes

A Will review after marriage or divorce is particularly important because marriage, civil partnership, divorce and dissolution can have significant consequences for estate planning. They may also affect how an existing Will operates.

At a general level, marriage or civil partnership may have important implications for an existing Will. Divorce or dissolution may alter how certain provisions are treated. Separation alone may not have the same effect as divorce or dissolution, so it is important to seek advice on the specific circumstances.

Blended families, second marriages, unmarried partners and dependants can make Will planning more sensitive. A review can help ensure that the Will reflects current relationships and responsibilities.

Bereavement, illness and changes in family responsibilities

The death of a spouse, partner, child, beneficiary, executor or trustee may mean a Will needs to be reconsidered. If a named person can no longer act, or if an intended gift no longer reflects the testator’s wishes, the existing document may require updating.

Serious illness or new care responsibilities may also prompt a broader review of family provision and estate planning. These are often difficult conversations, but reviewing the position can provide clarity at a time when personal circumstances have changed.

Updating a Will after selling a business

Updating a Will after selling a business is often relevant for company owners, founders and entrepreneurs. A business exit may significantly change the composition and value of an estate. Existing clauses referring to shares, business assets or succession arrangements may need to be checked.

A sale can also change liquidity, family expectations and future intentions. Sale proceeds may call for a wider review of estate planning for high-net-worth individuals, including how the Will sits alongside other financial and succession arrangements. Tax, asset structuring and succession advice should always be tailored to the individual.

Acquiring or disposing of major assets

Property purchases, investment portfolios, valuable personal assets and other significant acquisitions or disposals can all affect whether a Will remains appropriate. If a Will refers to specific assets that have since been sold, transferred or replaced, those provisions should be reviewed.

Ownership structure can also matter. For example, jointly owned property, business assets and assets held through different structures may need careful consideration as part of a wider review.

Executors, trustees and guardians: are the right people still named?

Reviewing a Will is not only about gifts. It is also important to consider whether the people appointed to carry out responsibilities remain suitable.

Questions to consider include:

• Are the executors still willing, suitable and available?
• Are trustees needed for trusts or minor beneficiaries?
• Do guardian appointments remain appropriate where children are involved?
• Have family or business relationships changed since the Will was made?

The right appointments will depend on personal circumstances, family dynamics and the nature of the estate.

How a Will review may fit within wider estate planning

A Will is often one part of a wider estate planning picture. For high-net-worth individuals, a review may also involve considering Lasting Powers of Attorney, trusts where relevant, business succession arrangements, pension and life policy nominations, jointly owned property and possible probate or contentious probate considerations.

This does not mean every document will need to change. However, coordinated advice can help identify whether the Will and related arrangements still work together.

Practical steps before seeking advice

Before speaking to a solicitor, it may be helpful to:

1. Locate the current signed Will and any codicils.
2. List major personal, family and financial changes since it was made.
3. Identify beneficiaries, executors or trustees who may need updating.
4. Gather details of significant assets, business interests and property.
5. Note any concerns about family provision or possible disputes.

A professional review can help determine whether a codicil or new Will may be appropriate.

When to speak to a solicitor

Professional input may be particularly helpful where the estate is high value or complex, there are business interests, there are children from previous relationships, there is family conflict or a possible risk of challenge, there are vulnerable beneficiaries, assets are held in more than one jurisdiction, or there has been a recent marriage, divorce, bereavement or business sale.

Conclusion

Major life changes are a sensible prompt to consider whether a Will still reflects current wishes and circumstances. For high net worth individuals, a coordinated review may be especially important because personal, family and business assets can be closely connected.

For further information and trusted legal advice regarding Wills, get in touch with us at Carlsons Solicitors.