Cryptocurrency has only become a popular topic of conversation in the last few years so it may come as a surprise to learn that cryptocurrencies have been in existence for over a decade. As cryptocurrency celebrated its 10th birthday, the digital currency hit the headlines as a man died suddenly without sharing his computer password or recovery key.

Mrs J was widowed and lived in Birmingham. Mrs J left behind her two children (Jackie and Jim) and four grandchildren. At the time of her death, she was a renting tenant, had small cash assets and had accounts with various institutions. Kings Court Trust were instructed to complete the estate administration one month after Mrs J’s death. Her estate appeared to be straightforward, except for one thing. A few years before Mrs J passed, her brother died. Mrs J inherited her late brother’s property in the Republic of Ireland.

Musician, DJ and record producer, Avicii died on 20th April 2018 after reportedly taking his own life. The Swedish electronic dance artist whose real name was Tim Bergling was born in 1989. Despite being just 28 years of age at the time of his death, he left behind an incredible legacy through his musical career and charitable gifts, and a sizeable estate, reportedly worth £20 million.

Bitcoin. Ripple. Ethereum. Litecoin. Dogecoin. To some, these words look like gibberish but the reality is, they are all different types of cryptocurrency.

A recent article from the Telegraph revealed how a personal representative was left with a staggering Inheritance Tax (IHT) bill of £341,278 when he was administering a £1.2 million estate. Mr Harris misguidedly distributed the assets to the beneficiaries before all of the Inheritance Tax had been paid. He did this with the understanding that one beneficiary (who received the majority of the estate) would pay any Inheritance Tax that was still owed. However, this did not happen as the beneficiary left the country without paying, leaving Mr Harris to foot the bill.

Ordinary individuals inheriting assets from overseas could risk criminal charges if they miscalculate the tax owed, reports The Telegraph.

Kings Court Trust firmly believes in the benefits of having a professional help draft a Will to ensure that everybody’s final wishes are made clear and carried out accurately. Drafting a Will and carefully considering what is to happen to our finances is not the most cheery of topics, but one that should be taken very seriously.

The 14th of May this year has seen the Inheritance and Trustees Powers Act 2014 (ITPA 2014) receive Royal assent meaning that, as of the commencement date of 1 October 2014, significant changes to the intestacy procedures, rules regarding claims against an estate and certain powers of Trustees will come into practice. ITPA 2014 amends already existing legislation, namely:

Hugh Lowther, the eldest son of the seventh Earl of Lonsdale, has been left with no other option but to sell his family's mountain in the English Lake District to cover Inheritance Tax (IHT) liabilities on his late father's estate. The decision of the new earl has brought much attention as the sale of Saddleback Fell is probably the first property divestment of its kind, the Society of Trust and Estate Practitioners (STEP) reports.