The Kings Court Trust Blog

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 spoke with Linda Fisher, Will and Estate Planning Manager, and Sarah Corp, Senior Will Writer to find out about how Will Management Services works in partnership with Kings Court Trust. Will Management Services runs alongside Invest Southwest and provides a fully holistic and personal service to fit every client’s needs.

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.

It’s a new year and a new decade – Welcome to 2020! This time of year can trigger many feelings – optimism, reflection, uncertainty or all of the above. As we think back to some of the hot topics we followed throughout the year, we realise many are still relevant as we step into the new year.

Death still remains to be a taboo subject and people avoid talking about it. Whether that’s discussing what they want to happen when they die with their family, or speaking to a professional (such as a Financial Adviser or Will Writer) about plans to protect their legacy when the time comes. People typically still find talking about death uncomfortable and struggle to bring it up as a topic of conversation. Almost 60% of people do not have a Will in place, which makes you wonder whether that is due to this stigma surrounding death.

The deadline has now passed for individuals, including Executors and Administrators of estates, to reclaim Payment Protection Insurance (PPI). In order to claim money back for PPI, complaints needed to be submitted to the providers or Financial Ombudsman Service by the 29th of August 2019. Financial institutions had set aside money to cover the billions of pounds that remained unclaimed.