This is the first part of our ‘understanding probate and estate administration’ series. If you are looking for the second blog, you can read it here.

GDPR is certainly an important topic of conversation which shouldn’t be ignored. The new data regulations could result in tougher fines so now’s the time to get to grips with the GDPR. This blog post covers what it is, how it differs from the Data Protection Act, why you should pay attention and the first steps you can take towards being compliant.

Planning for the future means looking after your loved ones after you’ve gone and ensuring they get the full benefit of your legacy. The UK’s older generation has seen their wealth grow by 45%* in the last decade, resulting in more money being passed on as inheritance to the younger generation than ever before. However, this increased wealth means executors are left dealing with complex financial circumstances and legal paperwork. This could see a large chunk of your estate going on professional fees, leaving less money for your loved ones. But it doesn’t have to be this way explains Christopher Jones, Sales & Marketing Director of Kings Court Trust. “Kings Court Trust offers a modern, affordable alternative to the traditional approach, which translates into direct savings, often tens of thousands of pounds. We offer fixed fees and specialist help in supporting executors, every step of the way. Our fee is agreed at the start of the process and that doesn’t change, no matter what happens. We understand that dealing with a late relative or friend’s affairs is never easy, but the added stress of tax, spiralling fees and ensuring all the beneficiaries get what’s left to them can be a daunting task. At Kings Court Trust we focus on reaching a fast, satisfactory conclusion for everyone that ensures more money goes to the beneficiaries rather than being tied up in costly legal fees.” Rising property prices means property is expected to account for over 70%* of the wealth transferred in the coming years. However, this increase in wealth will also see more families liable for Inheritance Tax (IHT). Currently, families can be liable for IHT on estates worth more than £325,000 (or £650,000 between spouses. £325,000 plus the transferable allowance). The good news is, from April 2017 the government introduced the Transferable Main Residence Allowance (TMRA), allowing families to pass on more of their property wealth tax-free.

More than 12 months after the death of the iconic musician Prince, his sister and five half-siblings have been declared his legal heirs by a District Judge in Minnesota.

The average debt for those aged 50-59 now exceeds the average savings for the same age group, research has shown. A recent survey revealed the average amount owed by this age group totals £4,641, compared to £4,511 in savings.

Startling figures have revealed the attitudes of the over 55 age group towards writing a Will. The figures indicate a widespread ignorance of the importance of writing a Will and the risks of dying intestate.

The Government’s decision to change from the flat-rate probate fee to a tiered system based on the value of the estate has been scrapped following an announcement by the Ministry of Justice (MoJ).

Tom Hiskey, 17 March 2017.

The impending increase in probate fees were thrown into doubt earlier this week after they were branded ‘unlawful’ by the parliamentary committee on statutory instruments.