Kensington family homes quietly push single wills into complex estate territory
A family home in Kensington bought twenty years ago for £600,000 now sits at £2.4 million, and most owners have not updated their wills since before the appreciation happened. The single will that covered the estate then no longer fits the estate now.
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Why a single Kensington will is rarely as simple as it looks
Kensington single wills sit on top of estates where the family home alone may exceed the combined nil-rate bands. Once you add pensions, ISAs, and any second property in the country or abroad, the estate is well into IHT territory, and the will either accounts for that or it does not.
The demographic in W8 includes a high proportion of blended families, where wills must protect children from a previous relationship without disinheriting a current partner, and international residents whose UK will interacts with foreign succession law. Neither group is served by a template.
A specialist drafted single will here tends to run longer than a generic one, because the drafting anticipates scenarios that a Kensington estate actually produces, rather than generic scenarios a template assumes.
The Kensington will that matches the house, not the one you wrote before it appreciated
Holland Park and Notting Hill homeowners who drafted a will in the early 2000s frequently have no nil-rate-band trust, no residence nil-rate-band planning, and no awareness that the residence nil-rate band tapers above £2 million. The appreciation that made their home valuable is the same appreciation that made their will obsolete.
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If the last time you looked at your will the Kensington house was worth half what it is today, you almost certainly need a new one rather than an amendment. We will match you with a specialist who understands what has changed about the estate, not just the asset list.