Why every London family should be reviewing their Wills in 2026

Many families in London underestimate the importance of reviewing their Wills regularly. With property values continuing to rise at a faster rate than the rest of the country, more and more estates are falling within the scope of inheritance tax. Even middle-income families may face unexpected tax bills if their Wills are out of date or poorly drafted. As we enter 2026, particularly with changes in the law surrounding inheritance tax looming, it is an ideal time to review your arrangements and ensure that your estate is protected for the future.

London’s property market has always been buoyant, but in many London districts, the average family home can now easily exceed well over £1 million. With the current inheritance tax threshold at £325,000 (or £500,000 if the additional residence nil-rate band applies), even modest family homes are enough to trigger significant tax liabilities.

Without proper planning, your loved ones could face a 40% tax bill on anything above the threshold. Our expert team can work with you to ensure you have a carefully structured Will which could help to mitigate this by making use of exemptions, trusts or other estate planning tools.

Many clients we meet assume that:

• A spouse automatically inherits everything - this isn’t always true and is absolutely not the case for unmarried couples.
• A Will written years ago still meets their needs - life events such as marriage, children or buying property can invalidate or complicate a Will.
• Inheritance tax won’t affect them - with rising house prices, more families than ever are affected.

These misconceptions can lead to unnecessary stress and financial loss.

It is not just older generations who should be thinking about Wills. Many young professionals and families often assume they can wait until later in life. However, making a Will early ensures guardianship for children is clearly set out, partners or spouses are properly protected and family wealth is secured for the next generation.

In 2026, no family can afford to leave their Will out of date. Reviewing your arrangements now will ensure your loved ones are protected, your wishes are respected and your estate is managed tax-efficiently.

Our expert London Private Wealth & Succession team can advise on updating or drafting a will tailored to your family circumstances. Contact us on 0113 207 0000 to arrange a confidential consultation.