A well-drafted Will is the foundation of any considered estate plan. For individuals with substantial wealth, business interests, property portfolios, international assets, or a complex family structure, the difference between an off-the-shelf Will and a properly considered one could mean substantial amount of inheritance tax, years of avoidable administration, and outcomes for the next generation that diverge significantly from what was intended.
NSS Legal advises high net worth individuals, business owners, professionals and internationally-mobile families on the preparation and ongoing review of Wills. We work regularly with accountants, independent financial advisors, family offices and private bankers as part of the wider planning team, and our work is recognised by the Chambers UK guide and our directors are both full members of the Society of Trust and Estate Practitioners (STEP).
Why a properly drafted Will matters
Nearly two-thirds of UK adults have not made a Will. Without one, the estate is distributed under the rules of intestacy which often do not reflect what the deceased would have wanted, and which can produce significantly higher inheritance tax bills, family disputes and lengthy delays. For HNW estates, the gap between intestacy outcomes and a properly drafted Will is particularly stark.
Even where a Will exists, an out-of-date or inadequately structured Will can be almost as costly. The Will should be revisited at key life events and as the tax position changes particularly given recent and forthcoming changes to the inheritance tax treatment of pensions (effective April 2027), the residence nil-rate band, and Business Property Relief.
When you should make or review your Will
We recommend reviewing your Will at any of the following points:
- on marriage, civil partnership, divorce or separation;
- on the birth of children or grandchildren;
- on the death of a spouse, executor, trustee, guardian or principal beneficiary;
- on acquiring substantial new property, business interests, or significant investment assets;
- on moving abroad or acquiring assets in another jurisdiction;
- on a material change in your tax position - for example, the sale of a business, receipt of an inheritance, or a change in domicile or residence;
- on changes to inheritance tax legislation that materially affect your estate (the April 2027 changes to the IHT treatment of pensions are the most significant current example).
A Will that has not been reviewed in five years should be reviewed regardless of whether circumstances have changed.
What your Will should consider
The right structure for a Will depends on the size and nature of the estate, the family position, and the wider planning objectives. The areas we routinely advise on include:
Executors and trustees
The choice of executors and trustees is often given less thought than it deserves. For HNW estates, executors could include a mix of family members and a professional executor to provide continuity, technical expertise, and independence where the family position is complex. Trustees of any will trust will hold significant ongoing responsibilities and should be chosen with care.
Guardianship for minor children
For parents of children under 18, the appointment of guardians is one of the most important provisions in the Will. The role of a guardian is distinct from that of a trustee holding inheritance on the children's behalf, and positions can held by different people. A separate letter of wishes can be used to record more detailed guidance for guardians as to how parents wish for their children to be raised without overcomplicating the Will itself.
Inheritance tax planning
Tax-efficient drafting can materially reduce the IHT burden on the estate. The principal levers include the nil-rate band and residence nil-rate band (and their transferability between spouses), the spouse exemption, charitable legacies (which can also reduce the overall IHT rate from 40% to 36%), the use of Will Trusts, and the careful structuring of assets that qualify for Business Property Relief or Agricultural Property Relief. Where the estate exceeds £2 million, the residence nil-rate band tapers and may be lost entirely so early planning is essential.
Foreign assets and international families
For clients with assets in more than one jurisdiction or for non-UK domiciled individuals with UK assets the interaction between the English Will and the succession laws of the foreign jurisdiction needs careful thought. In some cases a separate Will in the relevant jurisdiction will be appropriate; in others a single English Will, properly drafted, is sufficient. We coordinate with foreign counsel where required and have particular experience with estates connected to the Commonwealth, the United States and the European Union.
Business assets and succession
Where the estate includes private company shares, partnership interests or other business assets, the Will needs to be considered alongside the company's articles, shareholders' agreement, partnership deed or LLP agreement. Decisions on who inherits, in what proportions and through what structure can have material consequences for both Business Property Relief and the ongoing operation of the business. We work alongside the client's corporate advisors and accountants to ensure the Will and the underlying business documentation are aligned.
Trusts within the Will
Will trusts can be used to protect minor or vulnerable beneficiaries, to defer access to inheritance until a more appropriate age, to preserve assets across marriages, to capture Business Property Relief, or to provide flexibility for the executors and trustees to respond to circumstances or taxation at the date of death. The choice of trust structure life interest, discretionary, age-contingent depends on the planning objective and the family position.
Charitable giving
Where charitable giving forms part of the estate plan, careful structuring can both honour the client's intentions and reduce the overall inheritance tax burden. Where charitable legacies amount to 10% or more of the net estate, the IHT rate on the remainder of the chargeable estate reduces from 40% to 36%. We advise on outright legacies and integration with lifetime giving and Gift Aid planning.
Integration with wider planning
A Will ideally will not be drafted in isolation. We work alongside the client's accountants, IFAs, pension advisors and (where relevant) family office to ensure that the Will is consistent with existing trust structures, lifetime gifts, pension nominations, life policy nominations, business succession arrangements and any pre-existing letters of wishes.
Letters of wishes
A letter of wishes can accompany the Will and provides the trustees, executors and (where relevant) guardians with the personal context they need to exercise their discretion well. It is not legally binding but is often the document that does most to ensure the Will operates as the client intended. We prepare a letter of wishes as part of any instruction involving a will trust, discretionary provision, or guardianship appointment.
Our process
Our approach to drafting a Will is conversation-led. A typical instruction involves:
- Initial scoping conversation is usually 45–60 minutes with a partner, to understand the family position, the asset base, the existing planning, and the planning objectives.
- Draft Will and supporting documents are circulated for review, with a written summary explaining each material provision and the reasons for the recommended approach.
- Review meeting is held to discuss any questions, refine the drafting, and agree any changes.
- Execution - we attend the signing where suitable to ensure the Will is properly executed and witnessed.
- Storage and review: we offer secure storage of the original Will and recommend a review every five years or on any material change of circumstances.
Our private client team
Our Will drafting and estate planning work is led by Oli Sloam and Shamima Begum and our team is ranked in Chambers UK for Private Wealth Law. The team has extensive experience of complex Wills involving business interests, international assets and trust planning, and is regularly instructed by professional referrers including accountants, IFAs and family offices. Both are full members of the Society of Trust and Estate Practitioners (STEP) and the Association of Lifetime Lawyers.
To discuss a new Will or the review of an existing Will, please contact Oli or Shamima directly on +44 208 2091222 or at [email protected] or use the enquiry form below.
Frequently asked questions
Do I need an English Will if I am not UK domiciled?
If you have UK-situated assets particularly UK real estate, UK pension assets or UK investment portfolios an English Will is usually advisable, even where you are not UK domiciled. The interaction between the English Will and the succession laws of your country of domicile is one of the things we address as part of the instruction.
How often should I review my Will?
We recommend a review at least every five years, or sooner on any material change in family circumstances, asset position, or tax legislation. The April 2027 changes to the inheritance tax treatment of pensions are the most significant current example of a legislative change that warrants a review for many clients.
Can I include my pension in my Will?
Pensions are typically dealt with by way of a letter of nomination and wishes to the pension trustees rather than under the Will. The direction of your pension should be reviewed alongside the Will to ensure the overall estate is structured as intended and where necessary tax is mitigated.
What is a letter of wishes?
A letter of wishes accompanies the Will and provides the executors, trustees and (where relevant) guardians with personal context to help them exercise their discretion. It is not legally binding but is often the document that does most to ensure the Will operates as intended. We can help prepare a letter of wishes as part of any instruction involving a will trust, discretionary provision or guardianship appointment.
For related reading, see our article on Pensions and inheritance tax from April 2027: rethinking how you leave your pension.
Contact us
To discuss a new Will, the review of an existing Will, or any aspect of estate planning, please contact our private client team.