Wedding bells will ring for Prince Harry and Meghan Markle in a matter of weeks as the royal wedding is due to take place on the 19th of May 2018 at Windsor Castle. The marriage of Prince Henry of Wales and American actress, Meghan Markle, highlights a few important key areas that you should pay attention to, including the impact of marriage on Wills, how the change in family structures is impacting inheritance and the importance of planning ahead.
The legal battle over Prince’s estate continues almost two years after the death of the iconic musician. Now, three of his heirs have ﬁled a petition to review the billing practices of the law ﬁrm that works for Comerica Bank and Trust, Fredrikson & Byron. They were appointed to handle the administration of Prince’s estate in 2017 and are said to be draining the late musician's bank account, leaving little to the beneﬁciaries.
The comedy king of one-liners, Sir Ken Arthur Dodd OBE, leaves behind a truly remarkable legacy after his passing on the 11th of March 2018, at the age of 90. Sir Ken Dodd’s career has spanned over 60 years and he has been described as “the last great music hall entertainer”. Ken lived in Knotty Ash in Liverpool for his entire life and was even born and passed away in the same home.
A record number of inheritance disputes are reaching the High Court despite rising court costs and the risk involved with losing a case. The number of cases brought to the High Court under the Inheritance Act in 2005 was 15, compared to 116 cases in 2016. But this is only the tip of the iceberg when we consider the number of cases that would have been settled out of court or in County Court.
Last week, the Solicitors Regulation Authority (SRA) published two pieces of research supporting the movement to encourage lawyers to be more transparent with regards to their pricing. One research paper is named ‘Price transparency in the legal services market’ which was conducted from a firm perspective with 1,146 legal firms surveyed. The other is ‘Price transparency in the conveyancing market’ from a consumer perspective with 4,001 members of the public and 1,001 recent house buyers.
Sir Bruce’s public and private legacies - an example to us all?
As Strictly returns with a moving tribute to its most famous host, Sir Bruce Forsyth, we were able to look back at the career of a true gentleman and showbiz legend. Although he had not presented the show for last couple of series, his sad passing at 89, leaves a truly remarkable legacy behind, which will be remembered by the public for years to come.
But what about the legacy he leaves his family? Sir Bruce opted for a very modern approach to how his estate will ultimately be passed to his children, illustrating the importance of a proper Will, backed by specialist planning and advice.
Have you protected your legacy?
Sir Bruce avoids inheritance tax by leaving his entire £17million fortune to his wife, Wilnelia, leaving her to distribute the wealth amongst his 6 children & 12 grand & great grandchildren.
Wilnelia can transfer up to £650,000 to each beneficiary, tax free. However, with five children from previous marriages, complex cases like this benefit from expert advice to ensure that more money goes to loved ones. A proper Will backed by specialist planning & advice can offer clarity, ring fencing assets to avoid family disputes & protect the estate from legal costs & tax.
Was he well advised & has he done the right thing for his family? Will you be protecting your own legacy in the same way?
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.