Reviewing wills and pension beneficiaries is the hidden risk in your financial plan: Have You Reviewed Your Will and Pension Beneficiaries?

Many people assume that once they’ve written a will or set their pension beneficiaries, the job’s done.
But life changes, and if your documents don’t change with it, you could be leaving behind a legal and emotional mess for your family.

Whether you’ve changed jobs, divorced, remarried, had children or bought property, it’s essential to regularly review your will and pension beneficiary nominations to ensure they reflect your current wishes.

“One of the most common mistakes I see is people assuming their pension will be distributed according to their will, it won’t.”
– Wayne Slater,  Financial Planner at Spectrum Independent

Your Pension Is Not Covered by Your Will

This often catches people off guard. Your pension is not part of your estate when you die and is therefore not covered by your will.

Instead, it’s distributed according to your Expression of Wish form, which you complete when you first set up a pension.

This form indicates to the pension provider who you want to receive the funds, and although not legally binding, it strongly influences the trustees’ decision.

If your nominated beneficiary is an ex-spouse, a deceased parent, or simply missing, your loved ones could lose out.

“We often come across pension schemes with no beneficiary named, or one that hasn’t been updated for 10 years. That could mean delays, disputes, or your pension going to the wrong person.”
– Royal London

When Should You be Reviewing Wills and Pension Beneficiaries

You should review your will and pension nominations after any major life event, such as:

  • Marriage or divorce
  • Birth or adoption of children or grandchildren
  • Buying or selling property
  • Receiving an inheritance
  • A change in your financial circumstances

Even if nothing has changed, a review every 3 to 5 years is best practice to make sure your planning still aligns with your values, priorities and tax position.

The Risks of Getting It Wrong

If your will is out of date or your pension nominations are missing, you risk:

  • Delays in probate
  • Assets passing to unintended beneficiaries
  • Family disputes
  • Losing inheritance tax allowances
  • Overlooking minor dependants or new partners

And if you die without a will, the rules of intestacy apply, meaning your estate is divided according to law, not love.

Read why you should make a will.

How a Financial Adviser Can Help When Reviewing Wills and Pension Beneficiaries

An Independent Financial Adviser can work alongside your solicitor to make sure your estate planning is:

  • Aligned with your current family and financial situation
  • Structured to make use of tax allowances and trusts
  • Coordinated across pensions, ISAs, savings and property

Estate planning isn’t just about death, it’s about peace of mind.

Final Thoughts

Your will and pension nominations are more than paperwork, they’re a plan for the people you love most. Make sure they reflect your intentions.

“Don’t leave a legacy of confusion. Keep your documents as current as your commitments”.

Need help getting your estate planning in order? As Independent Financial Advisers, we can help you ensure everything is aligned and up to date, so you can plan with confidence.