Estate Planning for HENRYs: Protect Your Growing Wealth Before It's Too Late

Marcus earned £120,000 as a senior consultant at 38. His pension pot held £180,000, he owned a £450,000 London flat with a £280,000 mortgage, and had £45,000 in ISAs. He'd lived with his partner Priya for six years but never married. When he collapsed during a half-marathon and died from an undiagnosed heart condition, his family discovered he had no will.

Under intestacy rules, Priya inherited nothing. His parents received his entire £595,000 estate—including the flat they'd bought together and renovated. After paying £108,000 in inheritance tax on the amount above the £325,000 nil-rate band, selling the flat to raise the cash, and covering probate costs, Priya was left homeless with £0 from the life she'd built with Marcus.

If Marcus had spent 15 minutes creating a will, Priya would have inherited tax-free through careful planning, kept their home, and had financial security. Instead, his procrastination cost her everything.

If you're a HENRY—High Earner, Not Rich Yet—earning £100,000 or more, your estate is larger than you think, growing faster than you realize, and more vulnerable than you imagine. Here's what you need to know about estate planning before it's too late.

What Is a HENRY and Why Your Estate Planning Needs Are Different

You earn six figures. You're in the top 4% of UK earners. Yet when someone asks if you're wealthy, you probably say no.

You're a HENRY—High Earner, Not Rich Yet. You make £100,000 or more annually, but your income hasn't translated into proportional wealth in savings, investments, or liquid assets.

According to HSBC UK's 2025 research, only 10% of people earning £100k+ describe themselves as "wealthy." Most UK adults believe £213,000 income constitutes wealth—six times the national average. HENRYs themselves think £724,000 income marks the threshold where you're actually wealthy.

This perception gap shapes everything about your financial life. You're paying 60% marginal tax on income between £100,000 and £125,140 due to Personal Allowance taper. Student loans, London rent or mortgage payments, childcare costs, and lifestyle inflation consume much of your income. You feel cash-poor despite earning more than 96% of the country.

But here's what you're missing: Your estate is already large enough to devastate your family with tax.

Common HENRY profiles include senior consultants, hospital doctors, tech professionals, lawyers 3-7 years qualified, finance professionals, and senior civil servants. You're often unmarried or cohabiting, having delayed marriage for career building. Your wealth is pension-heavy—locked away in workplace schemes, SIPPs, and old employer pots you haven't consolidated.

This creates unique estate planning vulnerabilities that standard advice doesn't address.

Understanding you're a HENRY is the first step. The second is recognizing your estate is already large enough to devastate your family with tax—even if it doesn't feel that way.

The Hidden Size of Your Estate: You're Wealthier Than You Think

When you calculate your net worth, you probably count your bank balance, maybe your ISAs, subtract your mortgage, and think "I'm not wealthy enough to worry about inheritance tax."

You're wrong.

Your estate for inheritance purposes includes everything you own at death—valued at gross amounts, not net of debt. That means your £450,000 flat counts as £450,000 even with a £280,000 mortgage. Your pension pots from every employer you've ever worked for. Life insurance policies not held in trust. Share options and equity. Even personal possessions over £6,000.

HENRYs systematically underestimate their estate size by £200,000-£400,000 because they don't count pension wealth that's "locked away" until retirement.

Let's look at three realistic scenarios:

Sarah, 32, Marketing Director earning £105,000:

Pension pots: £95,000 (current employer) + £42,000 (previous employers) = £137,000
Property: £380,000 London flat (£250,000 mortgage = £130,000 equity)
ISAs and savings: £28,000
Life insurance: £150,000 (not in trust)
Total estate: £445,000

Sarah is unmarried. Under intestacy rules, her partner of four years inherits £0. Her parents receive the entire £445,000 minus £48,000 inheritance tax (£445,000 - £325,000 × 40%).

James, 39, Hospital Consultant earning £115,000:

NHS Pension: £340,000 (projected value)
Property: £520,000 house (£180,000 mortgage = £340,000 equity)
ISAs and savings: £67,000
Total estate: £747,000

From April 2027, when pensions become subject to inheritance tax, James's estate faces a £168,800 IHT bill (£747,000 - £325,000 × 40%). His family must find £168,800 within six months or face penalties.

Aisha and David, both 36, Senior Tech Professionals earning £230,000 combined:

Combined pensions: £285,000
Joint property: £680,000 (£420,000 mortgage = £260,000 equity)
Joint ISAs and savings: £89,000
Total estate: £634,000 (each partner's half = £317,000)

They're unmarried. If David dies without a will, Aisha inherits nothing automatically. The entire £317,000 goes to David's parents. Aisha must fight a costly legal battle to claim her share of the home they bought together.

From April 2027, unused pension funds will be included in inheritance tax calculations. The government estimates approximately 10,500 estates will have an IHT liability where previously they would not. Another 38,500 estates will pay more IHT than before, with average bills increasing by £34,000.

Your estate is almost certainly larger than you think. And from 2027, it's about to get much larger for IHT purposes.

Once you see your estate's real size, the next shock is discovering who inherits if you die without a will—and it's probably not who you think.

Intestacy Rules Hit HENRYs Harder: Who Actually Inherits Your £600k Estate

Intestacy—dying without a valid will—is a bureaucratic nightmare for any family. For HENRYs with large estates and often unmarried partners, it's catastrophic.

When you die without a will, the government decides who inherits using rigid intestacy rules. There's no flexibility. No consideration of what you would have wanted. No recognition of relationships that matter to you but aren't legally recognized.

The process takes 12-18+ months. Legal fees consume thousands. And the distribution rarely reflects what you would have chosen.

If you're unmarried, your partner inherits nothing.

Not £1. Not your half of the house you bought together. Nothing.

Under UK intestacy rules, your entire estate goes to your children (if you have them), then your parents, then your siblings, then more distant relatives. Your partner of five years? Ten years? The person you've built your life with?

They get exactly what a stranger would get: zero.

They can make a claim under the Inheritance (Provision for Family and Dependants) Act 1975 if they've lived with you for at least two years immediately before your death. But they must bring the claim within six months from the date of Grant of Probate. It costs £10,000-£30,000 in legal fees, takes 12-18 months, and isn't guaranteed to succeed.

Meanwhile, they're grieving, possibly homeless if you owned property together, and fighting your family in court.

This isn't theoretical. It happens to HENRYs constantly, particularly in London and other cities where couples delay marriage for career reasons.

Unmarried HENRY with £595k estate (Marcus's situation):

Partner: £0
Parents: £595,000 - £108,000 IHT = £487,000
Partner outcome: Homeless, penniless, must sue estate to claim portion

If you're married with children, intestacy still creates problems.

Under current rules, when you die intestate leaving a spouse and children, your spouse receives the first £322,000 (the statutory legacy) plus your personal possessions plus half the remainder. Your children receive the other half, held in trust until they're 18.

Married HENRY with 2 young children, £680k estate:

Spouse: £322,000 + personal possessions + £179,000 (half of remaining £358,000) = £501,000
Children (in trust until 18): £179,000

Sound fair? Here's the problem: The spouse needs £420,000 to pay off the mortgage but only receives £501,000. They can't access the children's £179,000 held in trust. They must either sell the family home while grieving or refinance at higher rates as a single-income household—all while caring for two young children alone.

Married HENRY without children, parents alive, £520k estate:

Spouse: £322,000 + half of remaining £198,000 = £421,000
Parents: £99,000

You intended your entire estate to provide security for your spouse. Instead, your parents—whom you may not be close to—inherit £99,000 you never intended them to have.

Intestacy always creates the worst-case scenario for HENRYs. High estates plus complex family situations equals maximum damage. Legal fees to sort out intestacy often run £8,000-£15,000+. Add the emotional trauma of family disputes over "unexpected" inheritance, and the cost becomes incalculable.

Intestacy is a disaster for HENRYs. But even with a will, high earners face tax traps that can consume 67% of your wealth if you don't plan carefully.

The 2027 Pension Tax Bomb: Why HENRYs Face Up to 67% Tax Rates

If you're a HENRY, your pension is probably your largest asset. A £300,000 NHS pension. £250,000 across workplace schemes. A growing SIPP you've been maxing out to avoid that 60% marginal tax rate.

Right now, pensions sit outside your estate for inheritance tax purposes. When you die, your pension pot passes to your beneficiaries relatively tax-efficiently. If you die before 75, they typically pay no tax. If you die after 75, they pay income tax at their marginal rate when they withdraw, but there's no inheritance tax.

From April 6, 2027, everything changes.

The government will include unused pension funds in your estate for IHT calculations. That means your £350,000 pension pot will push your total estate over the £325,000 nil-rate band, triggering a 40% inheritance tax bill.

But it gets worse. Much worse.

If you die after age 75, your beneficiaries face double taxation:

Your estate pays 40% inheritance tax on the pension pot
Your beneficiaries pay income tax (20%, 40%, or 45%) when they withdraw the remaining funds

The effective combined tax rate can reach 67% on pension wealth.

Let's see this in practice:

Marcus, dies age 76 in 2028:

Pension pot: £380,000
Other estate: £420,000
Total estate: £800,000

Tax calculation:

IHT threshold: £325,000
Taxable estate: £475,000
IHT at 40%: £190,000
Remaining pension after IHT: £190,000 (£380,000 - £190,000)
Beneficiary withdraws remaining pension, pays 40% income tax (higher rate): £76,000
Total tax: £266,000 (70% of original £380,000 pension pot)
Beneficiary receives: £114,000 from £380,000 pension

Your £380,000 pension—money you saved diligently, often by sacrificing lifestyle spending—delivers just £114,000 to your family.

With proper planning—a valid will, updated pension nominations, potentially some trust planning—you could reduce the combined tax burden significantly. But only if you act before April 2027.

The government estimates 10,500 estates will become newly liable for IHT from 2027 specifically because of pension inclusion. Another 38,500 estates will pay more than they would have. The average IHT increase: £34,000.

These aren't billionaires. These are HENRYs. People earning £100,000-£150,000 who've been diligently saving in pensions, often precisely because financial advisors told them pensions were IHT-efficient.

You have less than three years to prepare. After April 6, 2027, the trap closes.

The 2027 changes make estate planning urgent for every HENRY. But there are other tax traps you're probably walking into right now.

The £2 Million Taper Trap and Other HENRY Tax Landmines

You've probably heard of the nil-rate band (£325,000) and maybe the residence nil-rate band (£175,000). You might have calculated that as a married couple, you can pass £1 million tax-free to your children.

But have you heard about the taper?

The residence nil-rate band tapers away for estates over £2 million. You lose £1 of RNRB for every £2 your estate exceeds the threshold. At £2.35 million for individuals (£2.7 million for couples with transferred allowances), the RNRB disappears entirely.

Why does this matter for HENRYs?

Because you're going to hit it faster than you think. London or Southeast property at £800,000-£1.4 million. Growing pensions at £300,000-£600,000. ISAs and investments at £100,000-£300,000. Suddenly you're at £1.5 million to £2.3 million before you even realize it.

Jennifer and Mark, both 48, married:

London house: £1.4 million
Combined pensions: £680,000
ISAs and savings: £210,000
Total estate: £2.29 million

Taper calculation:

Standard RNRB: £175,000 each = £350,000 combined
Estate exceeds £2 million by: £290,000
RNRB reduction: £290,000 ÷ 2 = £145,000 lost
Actual RNRB available: £350,000 - £145,000 = £205,000
Extra IHT due to taper: £58,000 (£145,000 × 40%)

They thought they had £1 million in IHT allowances. They actually have £855,000. The taper costs them £58,000.

Then there are the Business Property Relief and Agricultural Property Relief changes coming April 6, 2026.

Previously, qualifying business assets received 100% relief from IHT—unlimited. From April 2026, you only get 100% relief on the first £1 million of combined business and agricultural property. Above that, you get 50% relief, meaning an effective 20% IHT rate.

Priya, 41, owns consulting business:

Business value: £1.6 million (qualifies for BPR)
Other estate: £520,000
Total: £2.12 million

Before April 2026:

Business: £1.6 million at 100% BPR = £0 IHT
Other assets taxable: £520,000 - £325,000 = £195,000 × 40% = £78,000 IHT

After April 2026:

Business: £1 million at 100% relief + £600,000 at 50% relief = £300,000 taxable
Other assets taxable: £520,000
Total taxable: £820,000 - £325,000 = £495,000 × 40% = £198,000 IHT
Increase: £120,000 additional IHT from 2026

Don't forget the 60% marginal tax trap you're already in. Between £100,000 and £125,140, you effectively pay 60% tax due to Personal Allowance taper. That's £1 of personal allowance lost for every £2 earned over £100,000.

This limits the cash you have available for tax-efficient estate planning moves like pension contributions, ISA maximization, or lifetime gifting.

Speaking of lifetime gifts: the 7-year rule. Gifts only become IHT-free if you survive seven years. Between years three and seven, taper relief reduces the IHT on the gift if you die. Most HENRYs in their 30s and 40s assume they'll easily survive seven years.

Marcus was 38, healthy, running half-marathons. He didn't survive seven months.

Finally, there's the life insurance mistake. You have a £150,000 life insurance policy to "cover inheritance tax." But it's not held in trust. When you die, that £150,000 gets added to your estate, creating £60,000 of additional IHT on the money meant to pay IHT.

These tax traps sound complex, but the good news is that most HENRYs can avoid them with straightforward planning that takes 15 minutes, not £650 in solicitor fees.

What Estate Planning Do HENRYs Actually Need Right Now?

You've been procrastinating on estate planning because you think your situation is too complex for a simple will but not complex enough to justify £650+ for a solicitor.

You're stuck in analysis paralysis, researching trusts and tax planning and business succession while doing nothing.

Here's the truth: 80% of your estate planning protection comes from basic documents you can create yourself. The final 20% requires a solicitor, but only when your estate exceeds £2 million or involves genuinely complex structures.

Every HENRY needs these four documents:

A valid UK will naming beneficiaries, guardians, and executors
Pension nomination forms for every pension pot you own
Lasting Power of Attorney for property/finances and for health decisions
Life insurance in trust if you have policies over £50,000

Let's break down what you need by situation:

Unmarried HENRYs (MOST URGENT):

If you're unmarried, this is your highest priority. Your partner inherits £0 without a will.

Valid will explicitly naming partner as beneficiary
Hold property as "joint tenants" not "tenants in common" (it passes automatically to survivor)
Life insurance in trust benefiting your partner
Pension nominations updated to list your partner
Consider a Declaration of Trust for jointly-owned property showing ownership shares

Cost to solve: £49.99 for will + £0 for pension nominations + free to check property ownership + £200-£400 for LPA.

Married HENRYs with Young Children:

Valid will naming guardians for your children (court decides if you don't)
Consider trusts for children's inheritance (18 is too young for £200,000+)
Life insurance in trust (keeps it outside estate)
Pension nominations to spouse
Consider a letter of wishes explaining education values and priorities

HENRYs with Estates £1M-£2M:

Valid will maximizing both nil-rate bands (£325,000 each = £650,000 total)
RNRB planning for property (£175,000 each = £350,000 total)
Pension nominations urgently updated before April 2027
Consider lifetime gifts using £3,000 annual exemption
Consider larger gifts if you're healthy and have a seven-year planning horizon

HENRYs with Estates Approaching £2M:

At £1.8 million, you're 18 months of London property appreciation away from the taper threshold. Every £2 over £2 million costs you £1 of RNRB, which means 40p extra IHT.

Solicitor review for taper planning strategies
Business/agricultural relief planning before April 2026 if applicable
Trust structures may become beneficial
Downsizing or gifting strategies to stay under taper threshold

HENRYs with Complex Situations (SOLICITOR NEEDED):

Blended families with children from previous relationships
Business owners with succession planning needs
International assets or expat status
Estates over £2 million hitting the taper
Agricultural or business property over £1 million

Most HENRYs—those with estates under £2 million and straightforward families—do not need £650+ solicitor wills. Basic will creation solves 80% of the problem: intestacy protection, guardians named, IHT allowances used properly, partners protected.

You're likely overestimating complexity as an excuse to procrastinate.

Start with a simple will now. Upgrade to a solicitor when your wealth or complexity truly demands it. A £49.99 will today is infinitely better than the "perfect" £650 solicitor will you never get around to making.

Knowing what you need is half the battle. But HENRYs make predictable mistakes that turn good planning into estate disasters. Here's what to avoid.

The 5 Biggest Estate Planning Mistakes HENRYs Make

HENRYs are intelligent, successful professionals. You make good decisions in your career. You're analytically minded. You research thoroughly before acting.

Yet you make the same five estate planning mistakes over and over.

Mistake 1: Waiting Until You're "Actually Wealthy"

Tom, 35, was a senior lawyer earning £118,000. He said, "I'll do my will when I make partner and am actually wealthy."

He died in a car accident 14 months later. His estate—pension, flat, and savings—was worth £467,000. His unmarried partner inherited £0 under intestacy rules. His parents received everything minus £56,800 in inheritance tax. His partner was left homeless and penniless.

Your estate is already large enough to create catastrophe. Death doesn't wait for you to feel wealthy enough to plan for it.

Mistake 2: Assuming "My Partner Gets Everything Anyway"

Aaliyah, 39, was a married consultant earning £124,000. She assumed her husband would "automatically get everything" when she died.

Her will—written before marriage and never updated—left her entire estate to her parents. Under UK law, marriage doesn't automatically revoke gifts to parents in pre-existing wills in all circumstances, and because she never updated it, her will stood.

When she died suddenly, her parents inherited her £680,000 estate under the terms of her old will. Her husband had to mount a costly legal challenge. It took 18 months, cost £24,000 in legal fees, and settled for 60% of the estate. He lost £272,000 plus 18 months of hell.

Marriage doesn't automatically mean your spouse inherits everything. Children, old wills, and intestacy rules can all interfere. If you're unmarried, your partner gets nothing.

Mistake 3: Forgetting About Pension Nominations

David, 42, updated his will after remarrying. He carefully specified that his new wife and stepchildren should inherit everything. He felt organised and responsible.

He forgot to update his pension nomination forms.

When he died, his £290,000 NHS pension went to his ex-wife—still listed on the pension nomination form from 15 years earlier. His new wife and stepchildren received £0 from his pension despite his will saying otherwise.

Pension schemes have discretion over death benefits, but they typically follow nomination forms. Nominations override wills. If your ex-partner is still listed, that's likely where your pension goes.

Mistake 4: Life Insurance Not in Trust

Sarah, 38, was a careful planner. She bought £200,000 life insurance specifically to "cover inheritance tax" so her family wouldn't have to sell assets to pay the bill.

The policy wasn't held in trust.

When she died, the £200,000 life insurance was added to her £550,000 estate, creating a total estate of £750,000. The IHT bill became £170,000 (£750,000 - £325,000 × 40%, with RNRB not applying as she had no children).

The life insurance policy meant to pay IHT created £80,000 of additional IHT. After paying the tax bill, only £120,000 remained from the policy—40% less than intended.

Life insurance policies must be written in trust to stay outside your estate. It's usually a simple form your insurance provider can send you. Most HENRYs never complete it.

Mistake 5: DIY Complex Planning

James, 40, earned £135,000 and had three children from two marriages. He wanted to ensure each child received specific assets—his eldest son would get his buy-to-let property, his daughter would get his share portfolio, his youngest son would get his pension.

He downloaded a free will template and filled it in himself.

He didn't specify what would happen if he no longer owned those specific assets at death. He didn't clarify whether his children's inheritance should be equal in value or just receive the items listed. He didn't set up trusts or consider guardianship for his youngest who was under 18.

When he died, all three children claimed they deserved equal value, not just the items listed. The will was ambiguous. They fought in court for three years. Legal fees consumed half the £680,000 estate. Each child received roughly £113,000 from an estate that should have given them £226,000 each.

A solicitor will would have cost £800. The DIY template cost his children £340,000.

Know your limits. Simple situations—married with kids, or unmarried wanting partner to inherit—are perfect for online will services. Blended families, business succession, and estates over £2 million need solicitors.

These mistakes are predictable for HENRYs. Overconfidence in your complexity. Procrastination because you're "not wealthy enough yet." Analysis paralysis because you're researching the perfect solution.

Each mistake costs £50,000-£300,000 in lost inheritance. Most are solved with 15 minutes of focus and £49.99.

Avoiding these mistakes starts with one simple action: creating a valid will. Here's how to do it properly.

How to Create Your Will as a HENRY (Properly and Affordably)

You have three options for creating your will:

Option 1: DIY/Free Templates (RISKY FOR HENRYs)

Free templates are tempting. They're available online. They cost nothing. But they're risky for anyone with an estate over £100,000.

Free templates don't account for pension complications, large asset values, unmarried partners, or the 2027 tax changes. They're often generic, poorly explained, and easy to execute incorrectly. An invalid will costs estates £8,000-£15,000 to rectify through courts.

For a £500,000+ estate, paying £0 for a will is poor economics.

Option 2: Online Will Services Like WUHLD (SUITABLE FOR MOST HENRYs)

Online will services provide legally valid wills with professional guidance at a fraction of solicitor costs. They're suitable for straightforward estates under £2 million without complex trust needs.

Perfect for:

Unmarried HENRYs needing to protect partners
Married HENRYs with straightforward families (spouse and children)
Estates under £2 million without business succession needs
Anyone who's been procrastinating due to solicitor cost or time requirements

Not suitable for:

Estates over £2 million hitting the taper
Blended families with contested interests
Business succession planning
Overseas or offshore assets
Agricultural property over £1 million

Option 3: Solicitor (NECESSARY FOR COMPLEX ESTATES)

Solicitors are essential when you need sophisticated trust structures, when your estate exceeds £2 million and hits the taper threshold, or when you have genuinely complex family dynamics.

Cost: £200-£500 for simple wills, £1,000+ for trusts and complex planning.

What Makes a Will Legally Valid in the UK:

Your will must be:

In writing (typed or handwritten)
Signed by you
Witnessed by two independent adults who are not beneficiaries (and not married to beneficiaries)
Created when you have mental capacity
Made voluntarily without coercion

Key Decisions You Must Make:

Who inherits what — Especially critical if you're unmarried
Guardians for children under 18 — Court decides if you don't specify
Executors — Trusted people to administer your estate
Residuary estate vs specific gifts — Avoid "I leave my Tesla to X" if you might sell it before death

HENRY-Specific Will Provisions:

State asset allocation clearly for large estates
Address pension pots separately via nomination forms (they don't pass through your will)
If unmarried, make partner intentions crystal clear to defeat intestacy
Consider staged inheritance for children (not lump sum at 18)
Include a letter of wishes for executors (non-binding guidance)

The WUHLD Process for HENRYs:

Answer simple questions about family, assets, and wishes (15 minutes online)
Preview your complete will free—no credit card required
Pay £49.99 one-time fee (no subscriptions)
Download four documents: Will + Testator Guide + Witness Guide + Estate Information Guide
Print, sign, and witness properly (two independent witnesses)
Store securely and tell executors where to find it
Complete pension nomination forms separately
Consider putting life insurance in trust

What You Get with WUHLD:

Legally valid UK will in 15 minutes
Four comprehensive documents included
Preview free before paying
Suitable for estates up to £2 million
£49.99 one-time payment vs £650+ solicitor
No subscriptions or hidden fees
Update anytime for same low price

A valid will today is better than a perfect will "someday." £49.99 vs £650 is a straightforward decision for most HENRY estates. You can always upgrade to a solicitor later when wealth or complexity demands it.

Preview free and check if an online will suits your needs. It's zero-risk and takes 15 minutes to find out.

Creating your will is crucial, but it's just one part of comprehensive HENRY estate planning. Here's what else you need to do.

Beyond the Will: Complete Estate Planning Checklist for HENRYs

Estate planning feels overwhelming when you look at everything you "should" do. The key is breaking it into phases: immediate actions this week, tasks for the next 30 days, and ongoing review.

Immediate Actions (Do This Week):

☐ Create a valid will or update an outdated will (especially if written before marriage or children)
☐ Review and update all pension nomination forms—check every pension pot from every employer
☐ List all your assets and current values (use the estate calculation method from earlier)
☐ Check life insurance beneficiaries and update if needed
☐ Tell your executors where your will is stored and provide them a copy
☐ Gather account numbers, passwords, and key contacts in one secure document

Next 30 Days:

☐ Put life insurance policies over £50,000 into trust (keeps them outside your estate)
☐ Review property ownership type if unmarried (joint tenants vs tenants in common)
☐ Consider Lasting Power of Attorney for property/finances and health (£82 registration each plus solicitor fees)
☐ Consolidate old pension pots for easier management (check for guaranteed rates first)
☐ Review ISA and investment account beneficiaries
☐ Create a letter of wishes for executors with non-binding guidance

Before April 2027 (Pension IHT Changes):

☐ Calculate potential IHT on pension pots after 2027 changes (40% on amount over £325,000)
☐ Consider increasing pension contributions now while pensions remain IHT-free
☐ Review pension vs ISA savings strategy (ISAs always in estate, pensions IHT-free until 2027)
☐ Discuss 2027 impact with financial advisor if pension exceeds £300,000

Before April 2026 (Business/Agricultural Relief Changes):

☐ If you own business assets worth over £1 million, consult a solicitor about BPR planning
☐ Consider succession planning before relief restrictions take effect

Ongoing/Annual Review:

☐ Review will after major life events (marriage, divorce, children, house purchase, inheritance received)
☐ Update will every 3-5 years minimum even without life changes
☐ Use £3,000 annual gift exemption if estate approaches thresholds
☐ Track estate value annually (property appreciates fast in London/Southeast)
☐ Monitor approach to £2 million taper threshold (take action at £1.8 million)

HENRYs with Unmarried Partners (EXTRA CRITICAL):

☐ Declaration of Trust for jointly-owned property (proves ownership shares)
☐ Cohabitation agreement (clarifies financial arrangements)
☐ Will explicitly stating partner as beneficiary
☐ Consider marriage for IHT spouse exemption (unlimited tax-free transfers between spouses)

HENRYs with Children:

☐ Name guardians in your will
☐ Set up trusts for children's inheritance if over £50,000 (18 is too young for large sums)
☐ Write a letter explaining education and values wishes
☐ Consider staggered inheritance (25% at 18, 25% at 25, 50% at 30, for example)

When to Upgrade to Solicitor:

☐ Estate exceeds £1.8 million (approaching £2 million taper)
☐ Business or agricultural property over £1 million
☐ Blended family with complex dynamics
☐ Offshore or international assets
☐ Need sophisticated trust structures

You don't need to complete everything at once. Start with the immediate actions this week. Those alone solve 80% of HENRY estate planning needs. Tick off remaining items over 3-6 months. Set a calendar reminder to review annually.

Estate planning feels overwhelming, but breaking it into steps makes it manageable. Here are the most common questions HENRYs ask.

Frequently Asked Questions: Estate Planning for High Earners

Q: Do I really need a will if I'm married and my spouse will inherit everything anyway?

A: Yes, absolutely. Without a will, your spouse doesn't inherit everything if you have children. Under UK intestacy rules, they receive the statutory legacy (£322,000) plus half the remainder. Children get the other half, held in trust until 18. If your estate is £680,000, your spouse gets £501,000 and children get £179,000 locked away—creating immediate cash problems. You also can't name guardians without a will. It takes 15 minutes to create a will guaranteeing your spouse receives 100%.

Q: My estate is only worth £450k, so I don't need to worry about inheritance tax, right?

A: Wrong. Your estate is likely larger than you think when you include all pension pots (current plus old employers), full property value (not just equity), life insurance not in trust, and investments. Most HENRYs underestimate by £200,000-£400,000. From April 2027, pensions will be included in IHT calculations, potentially pushing your £450,000 to £650,000+ and creating a £130,000 IHT bill. Calculate your real estate size now.

Q: Can't I just use a free will template online?

A: You can, but it's risky for HENRYs. Free templates don't account for large estates, complex assets (multiple pensions, property, investments), or HENRY-specific needs (unmarried partners, 2027 pension changes). Invalid wills cost estates £8,000-£15,000 to rectify through courts. For £49.99, a proper online service like WUHLD provides a legally valid will checked by professionals plus guides for execution and estate planning. Worth paying £50 to protect £600,000.

Q: I'm not married to my partner. Does that really mean they inherit nothing?

A: Correct. Unmarried partners have zero automatic inheritance rights under UK intestacy law, regardless of years together or joint property ownership. Your entire estate goes to children, parents, or siblings—your partner gets £0. They can make an Inheritance Act claim if they've lived with you for at least two years immediately before death, but must start within six months, costs £10,000-£30,000 in legal fees, takes 12-18 months, and isn't guaranteed. The only way to protect an unmarried partner: create a valid will naming them as beneficiary.

Q: What's the difference between joint tenants and tenants in common, and does it matter?

A: Huge difference for unmarried HENRYs. Joint tenants: Property automatically passes to surviving owner outside the will (good for married couples). Tenants in common: Each person owns a specific share (50/50, for example), which passes via will or intestacy (essential for unmarried partners to prove ownership and protect their interest). If unmarried, use tenants in common plus Declaration of Trust showing ownership shares plus will leaving your share to partner. Otherwise your 50% could go to your parents, not your partner.

Q: When should I use a solicitor instead of an online will service?

A: Use a solicitor when: Estate over £2 million (hitting taper threshold), blended family with children from multiple relationships, business succession planning needed, agricultural property over £1 million, offshore or international assets, need sophisticated trusts for tax planning. Use an online service like WUHLD for: Straightforward estate under £2 million, married with kids or unmarried with partner, standard assets (pension, property, savings), need will now and can upgrade later. Most HENRYs with estates under £2 million don't need a solicitor yet—start with a £49.99 will, upgrade when wealth or complexity demands it.

Q: What happens to my pension pots from April 2027, and should I change my strategy?

A: From April 6, 2027, unused pension funds will be included in your estate for IHT. If you die with £350,000 pension plus £450,000 other assets, your £800,000 estate faces £190,000 IHT (£800,000 - £325,000 × 40%) plus potential income tax when beneficiaries withdraw. That's up to 67% combined tax. Strategy changes: maximize pension contributions now while still IHT-free, update pension nominations urgently, consider whether to shift some pension savings to ISAs (always in estate but no income tax on withdrawals), discuss with financial advisor if pension exceeds £300,000.

Q: How do I make sure my children don't inherit £200k at age 18?

A: Set up a trust in your will specifying age restrictions (25% at 21, 25% at 25, 50% at 30, for example) or conditions (must complete education, trustee discretion for emergencies). Simple age-based trusts can be included in online wills; complex discretionary trusts need a solicitor. Also write a letter of wishes (non-binding) explaining your values and intentions for children's inheritance to guide trustees.

Q: My employer provides life insurance—is that enough?

A: Depends. Check: Is it in trust? (Most employer policies are, which keeps it outside your estate). How much? (2-4× salary is typical, but is that enough to pay off your mortgage and support your family?). Does it continue if you leave your job? (Usually not). Consider supplementing with a personal policy if: mortgage over £300,000, young children, unmarried partner (needs cash to fight intestacy), employer cover under £150,000. Put personal policies in trust to avoid IHT.

Q: I'm only 35 and healthy. Can't this wait a few years?

A: Marcus thought so too. At 38, earning £120,000, healthy, running half-marathons, he died of an undiagnosed heart condition during a race. No will, unmarried partner inherited £0 from his £595,000 estate, parents got everything. Statistically rare? Yes. Devastating when it happens? Absolutely. Estate planning isn't about age or health—it's about protecting the people you love from catastrophic consequences if statistics hit you. Takes 15 minutes. Do it this week.

Protect Your Family: Create Your Will Today

You've built an impressive career. You earn more than 96% of the UK. You've accumulated more wealth than you realized—£400,000, £600,000, perhaps £800,000 when you count everything.

But without proper estate planning, your family faces catastrophic consequences.

Your next steps:

Calculate your real estate size including all pension pots, property value, life insurance, and investments
Create a legally valid will naming beneficiaries, guardians, and executors
Update pension nomination forms for every pension pot you own
Put life insurance over £50,000 into trust
If unmarried, explicitly protect your partner through your will
Prepare for April 2027 pension IHT changes before the window closes

The consequences of inaction are severe. Your unmarried partner inherits £0 and becomes homeless. Your estate pays 67% tax on pension wealth from 2027. Your children go to guardians you never chose. Your family spends 18 months and £15,000+ sorting out intestacy.

Marcus earned £120,000, had £595,000 in assets, and thought he'd handle estate planning "when he was actually wealthy." His procrastination cost Priya everything.

Don't be Marcus.

Create your will and name your beneficiaries today. With WUHLD, it takes just 15 minutes online.

For £49.99 (vs £650+ for a solicitor), you'll get:

Your complete, legally binding will
A 12-page Testator Guide explaining how to execute your will properly
A Witness Guide to give to your witnesses
A Complete Asset Inventory document to organize your estate

You can preview your entire will free before paying anything—no credit card required. If your situation is more complex than our service handles, the preview shows you that at no cost, and you'll know you need a solicitor.

No subscriptions. No hidden fees. Just one £49.99 payment for complete peace of mind.

Preview Your Will Free – No Payment Required

Legal Disclaimer: This article provides general information about estate planning for high earners in the UK and does not constitute legal or tax advice. Estate planning, inheritance tax, and pension regulations are complex and subject to change. Pension inheritance tax changes are scheduled for April 2027 based on current government policy and may be subject to final legislation. For advice specific to your individual situation, tax position, or complex estate, please consult a qualified solicitor, tax advisor, or financial planner. WUHLD's online will service is suitable for straightforward UK estates; complex situations involving estates over £2 million, business succession planning, offshore assets, or sophisticated trust structures may require professional legal advice.

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