Do I need to update my will or set up a trust after buying?
Purchasing a property — especially at auction where decisions are made quickly — is a significant financial commitment. It’s also a good time to think about how your property fits into your wider estate planning. In some cases, it may be wise to update your will or consider holding the property in a trust or other legal structure.
WHY SHOULD I UPDATE MY WILL?
If you die without a valid will (intestate), your property will pass according to the rules of intestacy, which may not reflect your wishes.
You should update your will if:
- The property is your main residence and you want to specify who inherits it
- You own it with other people and want to clarify what happens to your share
- You want to leave the property to a partner you’re not married to, or
- You have children from a previous relationship and want to protect their inheritance
Even if you already have a will, it’s important to update it after buying any significant asset.
SHOULD I HOLD THE PROPERTY IN TRUST?
Trusts are legal arrangements where property is held by one person (the trustee) for the benefit of another (the beneficiary). You might consider using a trust if:
- You want to ringfence the property for children or vulnerable beneficiaries
- You’re buying as part of tax planning (e.g. for inheritance tax mitigation)
- You want to avoid probate delays or shelter the property from third-party claims
- You’re buying as a group and want clear control arrangements
These can be useful for investment properties, family homes, or assets held for future generations — but specialist legal and tax advice is essential.
WHAT ABOUT JOINT OWNERSHIP?
If you’re buying with someone else, we’ll ask you to choose between:
- Joint tenants — both owners have equal rights and the property passes automatically to the survivor
- Tenants in common — you each own a defined share, which can be passed on under your will
We’ll explain the differences and help you make the right choice — but if your family or financial circumstances are complex, a will or trust may be necessary to support your wishes.
SUMMARY
Buying a property — especially at auction — is a major milestone and an ideal time to review your will or estate planning. At Versus Law, we can refer you to trusted will and trust specialists if needed. Making sure your assets are protected, structured properly, and left to the right people gives you peace of mind beyond the transaction.










