A basic will can be a useful starting point, but it may not be enough for property owners, business owners, blended families or families with larger estates who want to protect their wishes, property and family legacy. It allows you to set out who should receive your estate when you die and who you would like to deal with your affairs.
But for many families, especially those with property, business interests, children, grandchildren, blended family circumstances or larger estates, a basic will may not give enough protection.
At Evans Legacy Planning, we often speak with people who already have a will, but are not sure whether it still reflects their wishes, family situation or financial position. In some cases, the will may have been written many years ago. In others, it may only deal with the basics and leave important questions unanswered.
That is where advanced family legacy planning becomes important.
If you own property, run a business, have a blended family, want to protect children’s inheritance, or have concerns around inheritance tax, care fees, probate or family disputes, your planning may need to go beyond a simple will.
Learn more about our dedicated Advanced Family Legacy Planning service.
A will sets out what should happen to your estate when you die. It can name your executors, state who should inherit, and include wishes around guardianship if you have children.
For many people, a straightforward will may be suitable. But where family, property or business arrangements are more complex, a basic will may not deal with all the risks.
A basic will may not fully consider:
GOV.UK explains that a will must be formally signed and witnessed to be legally valid, and that if someone dies without a will, the law decides who inherits.
A basic will may not be enough if your family or financial situation is more complex than average.
This is especially relevant if you own property, run a business, have children from a previous relationship, are concerned about inheritance tax, or want to protect family wealth for future generations.
For many families, the home is the largest asset. A basic will may say who should inherit it, but it may not consider how that property should be protected, what happens if circumstances change, or whether trust planning may be appropriate.
This can be especially important where there are children, grandchildren, remarriage concerns, care-fee concerns or blended family situations.
If you own your home or other property, it is sensible to review whether a basic will gives your family enough protection.
Landlords and property investors often need more detailed estate planning. Rental properties can create questions around ownership, income, mortgages, inheritance tax, probate and who should manage things if you become unable to deal with them yourself.
A basic will may not be enough if you own:
For these clients, estate planning should consider both death planning and lifetime protection.
This is where advanced family legacy planning can be especially valuable.
Business owners often have more to think about than a standard homeowner.
Your estate planning may need to consider:
A basic will may not be enough to protect the business, your family, or the people who depend on the company.
Business owners and company directors should also consider Lasting Powers of Attorney. A will deals with what happens after death, but an LPA can help if you are alive and unable to make decisions yourself.
Blended families need careful planning. If you have remarried, have children from a previous relationship, stepchildren, or want to protect both a spouse or partner and your children, a simple will may not reflect what you truly want.
Without the right planning, there can be risks such as:
Clear planning can reduce the risk of misunderstanding and help make sure your wishes are properly recorded.
Many parents and grandparents do not just want to pass wealth on. They want to protect it.
Concerns may include:
In these situations, it may be worth discussing whether trust planning or more detailed legacy planning is appropriate.
GOV.UK describes a trust as a way of managing assets such as money, investments, land or buildings for people.
Not every family will pay inheritance tax, but families with property, savings, investments, business interests or larger estates should understand whether it could become relevant.
GOV.UK explains that Inheritance Tax may be paid when a person’s estate is worth more than the available tax-free threshold, with different rules and allowances depending on circumstances.
This does not mean everyone needs complicated tax planning. But it does mean families with larger estates should not ignore the issue.
A proper review can help you understand:
At Evans Legacy Planning, we do not believe in frightening people into decisions. The aim is to help you understand your position clearly and make informed choices.
Good estate planning is not just about writing a will.
For many families, the right plan may involve:
A will deals with what happens after death.
A Lasting Power of Attorney helps deal with what happens if you are alive but unable to make decisions yourself. That could include decisions about property, finances, health and welfare.
This is important because a family can have a valid will but still face serious difficulties if there is no LPA in place and someone loses mental capacity.
For higher-value or more complex families, wills, trusts and LPAs should not be treated as separate documents. They should be considered together as part of one joined-up family legacy plan.
To see how we support families with wills, trusts, LPAs and wider planning, visit our How We Help page.
You should consider reviewing your planning if:
A will is not something you should write once and forget about forever. Life changes, families change, assets change, and the law can change too.
A basic will can be useful, but it may not deal with trusts, business interests, LPAs, inheritance tax concerns, blended family issues or long-term family protection.
Old wills may no longer reflect your current wishes. They may also be based on outdated family or financial circumstances.
Estate planning is not only about death. It is also about what happens if you cannot make decisions during your lifetime. This is where LPAs become important.
Business owners often forget that company shares, succession plans and decision-making powers need careful thought.
Unclear planning can create stress, delays and disputes at the worst possible time. The clearer your planning is, the easier it is for your loved ones to follow your wishes.
Advanced family legacy planning is a more detailed review of your circumstances, wishes, assets and family structure.
It is especially useful for people who want to protect more than just basic assets.
It may be suitable for:
The aim is to create a clearer plan around your family, property, wealth and wishes.
Read more about our dedicated Advanced Family Legacy Planning service.
Evans Legacy Planning Ltd helps families across Cardiff, South Wales, England and Wales with wills, trusts, LPAs and advanced family legacy planning.
We provide a clear, calm and plain-English approach. We help you understand your options, review your current arrangements and decide whether anything needs to be updated or improved.
Our focus is on helping families protect:
We do not believe estate planning should feel confusing or intimidating. It should be clear, personal and built around the people and property you want to protect.
You can learn more about the company on our About Evans Legacy Planning page.
If you own property, have business interests, have children or grandchildren, are part of a blended family, or simply want to know whether your current will is enough, a review is a sensible starting point.
Our complimentary Family Legacy Review gives you the opportunity to discuss your current arrangements and understand whether anything may need attention.
Book your complimentary Family Legacy Review.
Or learn more about Advanced Family Legacy Planning.
Concerned that a basic will may not be enough?
Evans Legacy Planning Ltd helps families across Cardiff, South Wales, England and Wales with wills, trusts, LPAs and advanced family legacy planning.
If you own property, have business interests, have children or grandchildren, or want to protect family wealth and inheritance, book your complimentary Family Legacy Review today.
Enter your details below and one of our team will contact you to arrange your complimentary Family Legacy Review.
We will help you understand whether your current wills, trusts, LPAs or estate planning provide the right level of protection for your property, family wealth and future wishes.
Note: Your details will only be used to arrange your review and will never be shared.
