The United Kingdom went into national mourning last week as the news broke that His Royal Highness Prince Philip, Duke of Edinburgh, sadly passed away on Friday at the age of 99. He was the longest-serving royal consort in British history, having been married to Her Majesty The Queen for more than seven decades. The question that is now starting to surface within the industry is “what will happen to Prince Philip’s multimillion pound estate?”.

By now, we should all be aware of the importance of creating a Will. However, you may also want to leave other wishes that would not be legally binding in a Will, such as funeral wishes or guidance on where you would like your ashes to be scattered. You can include requests like these within your Will but there is no legal obligation for your loved ones to follow your wishes. There is also a chance that the Will may be retrieved after funeral plans have already begun. Therefore, if you have any funeral wishes or special places for your ashes to be scattered, it is recommended that you directly inform your loved ones during your lifetime.

Death is not a subject that we like to consider or discuss, however, planning ahead is more important than ever to ensure your affairs are in order before your passing. Regardless of your age, wealth, health or status, planning for your future can guarantee your wishes are followed and ensure your loved ones get the full benefit of your legacy. Taking the necessary steps and precautions during your lifetime can also eliminate any unnecessary stress that your loved ones may face when administering your estate when the times comes.

Four in 10 people fear the UK Government will increase the current 40 per cent Inheritance Tax (IHT) rate to help cover the cost of the COVID-19 pandemic. The findings, from research by Tower Street Finance among 2,000 UK adults, revealed more than half (54 per cent) think the Government is set to hike the rate of IHT to 50 per cent, three in ten fear a rise to 60 per cent and one in seven predict it could rise to 70 per cent.

The Argentine football icon, Diego Maradona, passed away in November after suffering a heart attack at the age of 60. Maradona’s passing has caused speculation about his wealth and complicated financial legacy, as it’s been suspected that he passed away without a Will.

In February 2020, the heartbreaking news broke that Caroline Flack, the popular TV and radio presenter, best known for presenting Love Island, sadly took her life at the age of 40.

It’s a thought no one enjoys pondering, but what would happen if we fell ill or had an accident and were unable to make important decisions for ourselves? Many people believe this only applies as we get older, however, no one is immune to an unfortunate circumstance, which makes it all the more important to think about and plan for sooner rather than later.

As of September 2020, the Wills Act 1837 will be amended to allow the two Will witnesses to be virtually or physically present.

It’s no secret - the Coronavirus (COVID-19) pandemic has posed several challenges to almost every aspect of our lives. The Wills and probate industry is no exception.