FATF’s adopted amendments to Recommendation 24
The Financial Action Task Force (FATF) announced a public consultation of its review of Recommendation 24 in 2020. The Society of Trust and Estate Practitioners (STEP) has attended multiple public and private meetings with FATF to discuss the potential amendments to the regime. The main objective is to strengthen the measures in place and mitigate […]
Why Financial Advisers should speak to clients about intergenerational wealth transfer
In January 2022, HM Revenue & Customs collected £5 billion in Inheritance Tax, which is up by £700 million from the same period a year earlier. This rise poses a number of risks and difficulties for Financial Advisers, but also offers many opportunities. Kings Court Trust’s latest blog on intergenerational wealth transfer covers: Interesting statistics […]
Contentious probate services “more than doubled”, report finds
According to the latest IRN Research report, UK Wills, Probate & Trusts Market 2022: Market Trends, the wills, trusts and probate market passed the £2.0 bn mark for the first time in 2021, and although fragmented, is a market that is growing. Research also finds that the sector is still populated by thousands of mainly […]
Rise in trust clauses within wills
Law firms have seen an increasing number of trust clauses within wills that specify when and how an inheritance is paid, showing a rise in demand among testators to have a greater degree of control over their inheritance once they have passed away. This rise in trust clauses may be due to increasing values of […]
One in five donors now write a charity into their will
Public appetite for legacy giving has hit a new height with almost one in five UK charity donors choosing to leave a gift in their Will (19%), up from 14% in 2013. A further 10% intend to make a gift from their Will or are preparing to do so. Legal advisers play a critical role […]
Celebrating International Women’s Day: Women in Wills
Women in Wills, in partnership with Today’s Media, has been a recognised platform for championing and supporting women in the sector since it was first founded just a few years ago. So what better day to reflect on the group’s successes and upcoming event, than today, on International Women’s Day! Women in Wills was founded […]
Law firm reports 72% spike in inheritance disputes
Law firm JMW Solicitors has seen a circa 72% rise in Inheritance Act claims in 2021 as relatives quarrel over much smaller sums of money. Partner Alison Parry has warned of the need to take a robust approach to Will-making to avoid loved ones falling victim to a legal challenge. A recent case handled by […]
Law Society and MPs raise concerns over courts backlog
On Wednesday, both the Law Society and the Public Accounts Committee (PAC) raised their concerns over the lack of progress made with the courts backlog, with the PAC questioning the government’s “meagre ambition” of cutting the number of outstanding Crown Court cased to 53,000. The committee pointed out in their report that the Ministry of […]