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High Net Worth Wills UK: Estate Planning Guide 2025

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Part ofWills & Probate

Written by Brad Askew Solicitor (non-practising)
Brad is on the roll of solicitors of England & Wales but does not hold a practising certificate and does not provide legal advice.
Updated June 2026 · England & Wales
If your estate sits well above the average, a simple will rarely does the job. Once you factor in multiple properties, business interests, investment portfolios, pensions, and assets held overseas, the planning becomes layered and the tax exposure can be substantial. Getting it wrong can mean a significant slice of what you have built ends up going to HMRC rather than to your family or chosen causes. This guide walks through how wills for high net worth individuals in England and Wales tend to work, the tax rules that shape them, and the common structures people use to protect assets across generations. It is written for people who want to understand the landscape before they sit down with an adviser, so you can ask sharper questions and make better calls about what fits your circumstances.

What this document is

A will for a high net worth individual is, at its core, still a will: a legal document that sets out who inherits what when you die and who administers your estate. What makes it different is the surrounding structure.

Someone with a straightforward estate can often rely on a basic will and the standard nil-rate band. Someone with substantial assets usually needs to think about inheritance tax mitigation, cross-border issues if property or investments sit in other jurisdictions, business relief for trading companies, pension nominations, and how to pass wealth down without handing large sums to beneficiaries before they are ready for it.

The will itself sits inside a wider estate plan that may include lifetime trusts, gifting strategies, shareholder agreements, life insurance written into trust, and letters of wishes. The point is not complexity for its own sake. It is making sure each asset passes in the way that best fits your intentions and keeps the tax position as efficient as the rules allow.

How to use this document

  1. Take stock of everything you own. Start with a full picture: UK and overseas property, pensions, investments, shareholdings in private companies, life policies, digital assets, valuable chattels, and any debts. Without an accurate schedule of assets and liabilities, no planning advice can be meaningful, and executors later will struggle to value the estate.
  2. Identify your inheritance tax exposure. Work out the likely value of your estate on death and where it sits relative to the nil-rate band and residence nil-rate band. Factor in any reliefs that may apply to business or agricultural assets. This tells you roughly how much tax the estate might face if you did nothing, which sets the scale of the planning.
  3. Decide who should receive what, and when. Outright gifts suit some beneficiaries. Others, such as young children, a vulnerable relative, or a spouse in a second marriage, may be better served by assets passing into trust. Think about timing, control, and protection from divorce or creditors, not just the headline share each person gets.
  4. Choose executors and trustees carefully. For sizeable or complex estates, the administration can take years. Pick people who can handle valuations, tax returns, and potentially difficult family conversations. Many high net worth individuals appoint a mix of a trusted family member and a professional to balance knowledge of the family with technical expertise.
  5. Review the plan regularly. Tax thresholds shift, family circumstances change, businesses are sold, and new assets appear. A will drafted a decade ago may no longer reflect your intentions or the current rules. Build in a review every few years and after any major life or financial event.

Common questions

If you're dealing with this kind of situation, speak to an experienced legal adviser who can walk you through it — from £89.

Common questions

Q What counts as a high net worth estate in the UK?
There is no single legal definition. In practice, advisers tend to use the term for estates comfortably above the combined nil-rate bands, often those worth several million pounds or more once property, pensions, investments and business interests are added up. The label matters less than the underlying reality: if your estate is large enough to trigger significant inheritance tax or involves assets that need careful handling, specialist planning is worth considering.
Q How does inheritance tax work for larger estates?
Each individual has a nil-rate band, and an additional residence nil-rate band may apply where a main home passes to direct descendants. Amounts above the available bands are generally taxed at the headline inheritance tax rate. Various reliefs and exemptions can reduce the bill, including transfers between spouses or civil partners, charitable gifts, business relief, and agricultural relief. The current thresholds and rates are set out on gov.uk.
Q What is the seven-year rule on gifts?
Outright gifts to individuals are generally treated as potentially exempt transfers. If you survive seven years from the date of the gift, it usually falls outside your estate for inheritance tax purposes. If you die within that period, the gift may be brought back into the calculation, although taper relief can reduce the tax on gifts made between three and seven years before death. The rules around gifts into trust work differently.
Q Should I use trusts in my will?
Trusts can be useful for protecting assets for young or vulnerable beneficiaries, managing a second-marriage situation, keeping business shares under controlled ownership, or providing flexibility for future generations. They are not automatically tax efficient, and some trusts carry their own tax charges. Whether a trust helps depends on what you are trying to achieve, not just on the size of your estate.
Q What happens to my business when I die?
That depends on how the business is owned, any shareholders' or partnership agreement in place, and what your will says. Some trading businesses may qualify for business relief, which can significantly reduce the inheritance tax charge. Succession planning often involves coordinating the will with the company's articles, any cross-option agreements, and key-person insurance so the business can continue without a forced sale.
Q Do I need a separate will for assets abroad?
Possibly. Different countries have different succession rules, and some apply forced heirship regardless of what your English will says. For property or investments held overseas, it is often sensible to take advice in that jurisdiction as well and consider whether a separate local will makes administration easier. Any foreign will must be drafted so it does not accidentally revoke your English one.
Q How often should a high net worth will be reviewed?
A good rule of thumb is every three to five years, and sooner if something significant changes. Marriage, divorce, the birth of children or grandchildren, selling a business, acquiring new property, moving country, or major tax changes are all prompts to revisit the plan. Estates of this size tend to drift out of line with the owner's intentions faster than people expect.
If you're dealing with this kind of situation, speak to an experienced legal adviser who can walk you through it — from £89.

Sources

This guide is based on primary UK law and official guidance.

Brad Askew, Solicitor (non-practising)

Written & reviewed by

Brad Askew Solicitor (non-practising)

Brad is on the roll of solicitors of England & Wales but does not hold a practising certificate and does not provide legal advice. LegalDocuments.co.uk is not a law firm and does not provide regulated legal advice.

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Legal disclaimer
This article is for general information only. It is a tool to help you find your way — not legal advice, and not a substitute for speaking to a qualified adviser about your situation.