Why Every Landlord Needs a Modern Will

Many landlords draft a Will early in life and rarely revisit it. Years later, their circumstances have changed: new properties, refinancing, business partners, children, and sometimes divorce or remarriage. Yet the Will remains the same. In practice, an outdated Will can create as much difficulty as having none at all.

A modern Will reflects not only who should inherit but also how your property business now operates. It is the document that determines whether your family faces clarity or confusion at an already stressful time.

When Wills fall behind

Older Wills often fail to account for company shareholdings, partnership arrangements, or portfolio growth. They may reference properties that have been sold, omit new purchases, or name executors who are no longer able to serve.

Even the wording can be problematic. Many older Wills include blanket instructions such as “divide my estate equally between my children.” Without guidance on how to handle mortgaged property, that clause can force executors to sell assets simply to release cash—undoing years of careful investment planning.

A modern Will anticipates these realities. It can specify whether properties should be retained, refinanced or transferred in-specie to beneficiaries, and it can incorporate trusts to protect vulnerable family members or minor children.

Executors and decision-making

Executors are the people who carry out your instructions. For landlords, that means dealing with tenants, lenders, accountants and solicitors while also managing the sale or transfer of assets. It is a demanding role.

Choosing the right executors is crucial. Many landlords appoint a combination of family members and professionals to balance personal insight with technical experience. Professional executors can maintain momentum, prevent delays and help the family navigate the probate process efficiently.

Aligning your Will with your business

A Will should never exist in isolation from your ownership structures. If you hold property through a company or partnership, the governing documents—shareholders’ agreements, partnership deeds and loan notes—must complement the Will rather than contradict it.

Regular reviews are essential whenever there is:

• A new purchase or sale of property

• A change in borrowing or refinancing

• A family event such as marriage, divorce or birth of a child

• The creation of a trust or update to your life-insurance arrangements

By updating the Will at the same time as these events, you keep your legacy plan coherent and enforceable.

The cost of delay

Without a valid and current Will, your estate falls under the rules of intestacy. Those rules may not reflect your intentions and can leave unmarried partners or step-children unprotected. Probate can also take significantly longer, particularly when ownership structures are complex.

Modernising your Will today is one of the simplest ways to save your family months of administrative stress later.

Thinking beyond documents

A Will is only part of the story. The most effective legacy plans combine Wills, Lasting Powers of Attorney, and written guidance for executors and attorneys. Together they form a practical framework for continuity—ensuring that both life and death are planned for with equal foresight.

Where to begin

Every landlord’s situation is different: some hold properties jointly, others within partnerships or companies. Some rely on rental income for retirement, while others plan to pass assets directly to children.

To help landlords assess their own position, Property118 provides an online conditional-logic Fact Find. It typically takes 15 to 30 minutes to complete and highlights the planning areas that apply to you personally.

Next Step

If you would like to understand how these principles apply to your own portfolio and family circumstances, please complete our online conditional-logic Fact Find.

It typically takes 15 to 30 minutes and helps identify the planning areas that are relevant to you personally.

Upon completion, your information will be referred to our chosen FCA-regulated partner, who will arrange a free, no-obligation initial consultation to discuss your options in confidence.