A Trust is a legal arrangement that can form part of a person’s Will and come into effect upon death, granting the named Trustees in a Will control of assets, such as funds and property, on behalf of the beneficiaries. Various types of Trusts can be written into a Will, depending on an individual’s circumstances. This blog will provide an overview of our experience of working with Trusts in Wills upon death, specifically exploring Property Trusts, Nil Rate Band Discretionary Trusts (NRBDT), and Trusts for Minors.

Kings Court Trust is celebrating its 20th anniversary since being founded in 2002. Over 20 years on, we are proud to be the UK's leading specialist estate administration provider and work in partnership with hundreds of Will Writers, Financial Advisers, Estate Planners, and Funeral Directors to provide our award-winning probate and estate administration services to their clients.

The number of inheritances and financial gifts taking place each year in the UK is increasing and predicted to continue to grow substantially. This is due in part to the ageing population and increasing wealth. HM Revenue & Customs collected £5 billion in Inheritance Tax (IHT) in January 2022, which is up by £700 million from the same period a year earlier. The rise in IHT receipts is likely due to increases in wealth, including higher property prices, as well as the rise in inflation.

A customer-first strategy is crucial in most businesses. Not only does it help nurture clients in a way that meets their needs and exceeds expectations, but it is also the result of a corporate culture that fosters loyalty, value, and win-win relationships between a business and its customers. In the bereavement sector, this approach is arguably even more important. Whether you’re providing funeral services, drafting Wills, or offering an estate administration service, client relationships need to be handled sensitively and with the utmost respect.

Our ‘Wealth Transfer in the UK: the continuing story of the inheritance economy’ research paper, provides new insights into an area of growing importance to the UK economy – intergenerational wealth transfers. It follows on from our first Inheritance Economy research paper, ‘Passing on the Pounds’, which identified that £5.5 trillion will pass between generations within the next 30 years. This amount of inheritance is unprecedented and raises both opportunities and threats for the financial services industry.

HM Courts & Tribunals Service (HMCTS) has recently changed the Inheritance Tax (IHT) reporting requirements for excepted estates. The amendment made under The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2021 applies to all deaths on or after 1 January 2022.

The legislation, which was first passed in 2020, that allows for Wills to be witnessed via virtual means in England and Wales due to the COVID-19 pandemic has been extended until January 2024. Though the amendment was originally due to end 31 January 2022, the Ministry of Justice (MoJ) has deemed it necessary to remain in place, as many continue to isolate.

A year ago, we reflected on one of the most unpredictable and uncertain years in our lifetimes due to the onset of the global COVID-19 pandemic. Looking back, most industry news and headlines directly, or indirectly, mentioned the pandemic and the impact it had on our professional and personal lives.

Due to the rise in estates that include a business or land/pasture used to rear animals, it is more important than ever to understand the reliefs available that may help reduce an Inheritance Tax (IHT) bill. In this blog, we explain the basics of Business Relief and Agricultural Relief, by explaining what they are, what can be claimed upon death, the process of claiming, and how you can best advise your clients.