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The Kings Court Trust Blog

Keeping you up-to-date with Wills, probate and estate administration industry news

Why Financial Advisers should speak to clients about intergenerational wealth transfer

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.
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A customer-first strategy: Providing practical and impartial advice for bereaved families

By David Masterton, Chief Revenue Officer at Kings Court Trust   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.
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HMCTS changes: Inheritance Tax reporting for excepted estates

on Jan 26, 2022 1:19:16 PM By | Kings Court Trust | Inheritance Tax Probate Excepted Estates
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.
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Ministry of Justice extends virtual Will witnessing legislation

on Jan 20, 2022 10:17:07 AM By | Kings Court Trust | Remote Will Writing Will Making Wills COVID-19
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.
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A look back at 2021

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.
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Business and Agricultural Relief: What you need to know

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.
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Ministry of Justice proposes increase to probate fees

on Jul 20, 2021 3:41:58 PM By | Kings Court Trust | Grant of Probate Probate Probate Fees
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.
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Intergenerational wealth transfers: The risk and opportunity upon the death of your client

By David Masterton, Chief Revenue Officer, Kings Court Trust 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.
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2020: The year in review

on Dec 10, 2020 9:36:57 AM By | Kings Court Trust | Estate Administration Blog Wills COVID-19
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.
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