Is a will enough? What you should consider when passing on wealth

But for many Baby Boomers (those aged between 62 and 80), the reality is that a will is just one part of a much bigger picture. Passing on wealth today can involve a range of financial decisions, from tax considerations to family conversations and even planning during your lifetime. Taking a broader view could help ensure your plans are as effective and meaningful as possible.

The good news is that Lloyds Wealth research has found that many Baby Boomers have already taken important steps. Around 65% have written or updated a will, while 61% have discussed their wishes with family. These are strong foundations and can go a long way in reducing uncertainty later on.

There is also recognition that passing on wealth matters. When thinking about the future, 56% say passing on wealth is an important priority, alongside 81% who prioritise supporting family and 78% who focus on retirement planning.

However, while a will is an essential part of this, it does not always cover everything. It may not take into account how assets are structured, how pensions are passed on, or the potential tax implications that could affect what your beneficiaries ultimately receive.

One area that is sometimes overlooked is how different assets are treated. For example, pensions often sit outside of a will, and decisions such as beneficiary nominations may play an important role. Yet only 40% of Baby Boomers say they have completed or updated these nominations, suggesting there may be gaps in planning.

There is also the question of whether to pass on wealth during your lifetime. At the moment, 18% say they have considered lifetime gifting. This approach can allow you to see the benefits of your support while you are still here.

Again, this is not about replacing a will, but building around it to create a more complete plan.

When it comes to passing on wealth, most Baby Boomers are not focused on a single outcome. Instead, they are trying to strike a balance between enjoying what they have built and leaving something behind.

61% say they want to enjoy retirement while still passing on wealth, while 24% say they want to pass on as much as possible. A smaller number either have not thought about it (7%) or are focused on spending their wealth during their lifetime (8%).

This reflects a thoughtful and measured approach. It is not simply about giving everything away or holding everything back. It is about making decisions that support both your own lifestyle and the people who matter most to you.

While a will provides structure, it cannot fully address some of the challenges that come with passing on wealth today. Tax is one of the most significant factors.

The tax landscape is expected to change from April 2027, with pensions set to be included within estates for inheritance tax purposes, potentially increasing the amount of tax some families may need to pay. These policy changes have led to uncertainty. For Baby Boomers, 38% are concerned that inheritance tax could reduce what their family receives, while 41% worry about beneficiaries facing both inheritance tax and income tax.

Without a broader strategy, there is a risk that more of your wealth could be lost to tax or that your intentions may not be carried out as smoothly as you would like.

Please remember that tax treatment depends on your individual circumstances and may change in the future.

While many have taken steps, confidence levels vary. Around 42% say they have made a start but still have gaps to address, while 19% say they know they should act but have not yet done so. On the other hand, 35% feel confident their plans are in good shape.

This suggests that even among those who have a will, there is often more to consider. Planning is rarely a one-off task. It tends to evolve as your circumstances, family situation and financial priorities change.

So, what helps people move beyond the basics?

Our research highlights a clear desire for simplicity. Around 44% say a clear, simple plan of next steps would motivate them to take action, while 36% want to better understand how much their family could lose to tax. A further 33% say a conversation with a professional they trust would help.

If you would like to discuss your plans with a financial adviser, You can book a free, no obligation call with one of our team today. There are no hidden fees or charges, and you’ll only pay if you choose to go ahead with the recommendations in your personalised financial plan.

Remember that passing on wealth does not need to feel overwhelming. Often, it is about building on the work you have already done and making sure all the pieces fit together.

A will remains a vital part of any plan. It provides structure and peace of mind. But on its own, it may not tell the whole story.

By looking more broadly at how your wealth is structured, how tax could affect your estate, and whether there are opportunities to plan during your lifetime, you can create a more complete approach. One that supports your own lifestyle while also helping you pass on wealth in the way you intend.

Taking the time to review your plans now can help ensure that your wishes are clear, your family is supported and your legacy reflects what matters most to you.

Source: Passing on wealth research, Lloyds Wealth, May 2026, based on 1,126 respondents.

This article is for information purposes only. It is not intended as financial advice.

If you need will writing or Power of Attorney services, your adviser can introduce you to specialists in these areas as Lloyds Wealth do not provide these services. If you need estate administration or trust management services, your adviser can refer you to Lloyds Bank or Bank of Scotland. Certain areas of these services (for example will writing and Power of Attorney) are not regulated by the FCA and you should refer to the provider's literature for confirmation.

Lloyds Wealth might receive a referral fee from some of the partners we introduce to you.

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