For many people, writing a Will feels like the final step in getting their affairs in order. Once it’s signed, witnessed and safely filed away, there’s a sense of relief that the “estate planning” box has been ticked.
In reality, a Will is only one piece of the puzzle, and on its own, it often falls short of what families expect it to achieve.
A Will plays an important role. It sets out who should inherit your assets, who will act as executors, and who should care for minor children. Crucially, it avoids the default rules of intestacy and provides legal clarity at a difficult time. For that reason alone, having a Will is essential.
But what many people don’t realise is that a Will doesn’t control everything you own.
Several significant assets commonly sit outside it. Most pensions, for example, are held in trust and pass according to your expression of wishes rather than the wording of your will. If those instructions are out of date, or missing altogether, benefits may not end up where you expect.
Property ownership can also override your intentions. A home owned as joint tenants will usually pass automatically to the surviving owner, regardless of what the will says. Similarly, life assurance policies written in trust bypass the estate entirely, which can be very effective, but only if the trust structure and beneficiaries are correct.
Then there’s tax. A Will can direct assets, but it does very little on its own to manage Inheritance Tax (IHT). Without wider planning, allowances can be wasted, assets can pass inefficiently, and survivors may face unnecessary tax bills or cash-flow challenges at exactly the wrong time. A proper estate plan considers how and when wealth is passed on, not just who receives it.
Effective estate planning also starts well before death. It often involves reviewing how assets are owned, using pensions strategically as long-term family wealth vehicles, making lifetime gifts where appropriate, and considering trusts for protection and control, not just tax savings. Unlike a Will, a good estate plan evolves as family circumstances, legislation and personal priorities change.
Another major gap is incapacity planning. A will only takes effect on death. If you lose mental capacity through illness or accident, it offers no protection at all. Without Lasting Powers of Attorney in place, families may be forced into applying to the Court of Protection, a process that can be slow, expensive and emotionally draining.
Modern family structures add another layer of complexity. Second marriages, children from previous relationships and long-term partners can all create unintended outcomes. A simple “everything to my spouse” Will may unintentionally disinherit children later on. A broader estate plan looks at timing, fairness and protection, not just legal entitlement.
Ultimately, estate planning isn’t just about paperwork. It’s about reducing stress, protecting the right people, and passing on wealth in a way that reflects your values.
If you have a will, that’s an excellent start. But if it hasn’t been considered alongside pensions, property ownership, tax planning and powers of attorney, it may not deliver the outcome you expect. A true estate plan looks at the whole picture, not just the final document.
