The Ministry of Justice (MoJ) has outlined plans to align the fees for Grants of Probate to cost recovery, stating that the current fees do not cover the cost of running the service. The proposal outlines that the probate fee in England and Wales would increase from the current £155 for probate professionals and £215 for personal applicants to one standard fee of £273 for both professionals and individuals.

If you work in the wealth management industry, you’re already likely to be familiar with intergenerational wealth transfers and the associated risks and opportunities that they present to your practice. Although, from my experience, many Financial Advisers have only just scratched the surface and are still unaware of the importance of acting now to retain funds under management upon the death of a client.

Looking back to our first blog of 2020 where we predicted what could make headlines throughout the year, there was definitely a prediction that did not make the list – a global pandemic that would affect our personal and professional lives in unprecedented ways. Aside from the pandemic, we saw some other news that impacted the estate administration industry, as well as accomplishments from Kings Court Trust that have affected how we work with each of you.

Traditionally, cash, properties, high value possessions, investments, etc. all formed part of a person’s estate when they passed away. However, in the 21st century, digital assets are becoming more and more common when administering an estate.

Intergenerational wealth transfer is the term used to describe wealth that is passed down from one generation to another. It is one of the greatest opportunities and challenges facing the wealth management industry over the next thirty years. With an ageing population and rising levels of wealth, the UK is set to see substantial growth in the number of inheritance transfers and financial gifts taking place each year. We've created an intergenerational wealth transfer infographic to highlight some of the key statistics and opportunities for the financial services industry. Let's take a look...

£15 billion – This is the estimated value of unclaimed assets shown to be outstanding in recent research by The Independent. The reason these assets were unclaimed? Simply because a Will could not be located.

In August, we published a blog on the changes being made to the Wills Act 1837, which prescribes how Wills are to be created in the UK. These changes are have now taken effect, so how do professionals feel about the amendment? They’re quite torn.

In a recent report from HM Revenue and Customs (HMRC), it was shown that the amount of income generated from Inheritance Tax (IHT) decreased to £5.2 billion last year, which is a decrease of £223 million or 4%. This was the first decrease in a decade. The last decrease was seen in 2009/2010 when estate values took a hit following the global recession. Since then, the amount of tax paid rose annually at a steady rate of an average of 3% or £4,200 per estate.

Transparency is a critical element in the legal services industry as it ensures the public is able to make informed choices before instructing a firm by having accurate and relevant information about that firm.