Throughout 2023, there were a number of legal industry updates and news stories that affected the Wills and probate sector. We’ve summarised some of the key changes and the ongoing discussions that could affect professionals and their clients in 2024.

As Inheritance Tax (IHT) interest rates continue to increase, Personal Representatives face additional financial burden when settling a deceased person’s estate. The increased interest rates have been described as a stealth tax, substituting a rise in IHT rates.

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.

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.

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.

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.

We recently asked one of our business partners to get in touch with a prospective partner and share their experience of working in partnership with Kings Court Trust. We received a copy of the email that was sent and we are extremely thankful for the kind words they shared. Therefore, we also wanted to publicly share this email with our network of existing and prospective partners.

On the 24th of July 2019, Boris Johnson became the Prime Minister of the United Kingdom, taking on the task of completing Brexit from Theresa May. After months of turbulent deliberations and a general election, the UK will formally leave the European Union (EU) at 11:00PM on the 31st of January. This blog explores the questions raised about the impact of Brexit on the estate administration process and professionals within the industry.