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.

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.

Disputes over inheritance have soared in recent years, with the number of cases reaching the England and Wales High Court increasing dramatically during the last decade. According to Direct Line Life Insurance, 12.6 million British adults would be prepared to dispute a Will and go to court if they disagreed with the division of their relative’s estate.

It’s no secret that mistakes, misconceptions and unfortunate circumstances occur when people make (or fail to make) arrangements for their estate. However, these errors become amplified when they are made by famous people. As human beings, we are curious by nature and our curiosity often piques when we get a glimpse into the lives of individuals with assets most of us can only dream of and the public battles that may ensue among the deceased’s heirs. Regardless of value and status, there are notable lessons that celebrity deaths have taught us about planning our legacy. Let’s take a look at four celebrities that have passed away, leaving behind lessons we can all learn from.