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According to recent reports, the value of the wills, trusts and probate market topped £2bn for the first-time in 2021. The report produced by IRN Research, UK Wills, Probate & Trusts Market Report 2022, recorded strong growth over the past year. They also said that contentious work will continue to rise, and they expect the […]
Read moreRecent figures published by HMRC show that Inheritance Tax payments (IHT) in 2021 totalled £5.9bn. This is a record high for any calendar year. Receipts for April 2021 to December 2021 were £4.6bn. This is £0.6 billion higher than the same period in the previous year. The reason for this increase is expected to be […]
Read moreA recent survey conducted by The Capacity Vault shows that almost half of the Society of Will Writers and Institute of Professional Will Writers are concerned about Wills written during the pandemic being challenged in court. People may be contesting pandemic Wills on many grounds. 45% of those surveyed felt that clients of traditional will […]
Read moreThere are many aspects of inheritance claims that change year on year. Inheritance Tax changes are a big part of this. 2022 is no different. Inheritance Tax Changes in 2022 In accordance with the new changes, if a person has died on or after 1 January this year, only the value of their estate needs […]
Read moreAccording to a survey conducted by the Law Society, only 14% of solicitors used remote Will witnessing in lockdown. This survey was conducted as the Law Society prepare to decide whether to extend the remote witnessing of Wills beyond January 2022, which we reported on during the pandemic. Under the 1837 Wills Act, two witnesses’ […]
Read moreThe first judgment on a reasonable provision claim under s.11 of the Inheritance Act 1975 has been given. This could have major consequences for Inheritance Act claims. In the case the testator was a male divorcee who had divorced his third wife in 2017. At the time of the divorce, he had agreed in the […]
Read moreThere has been research recently that explores the suitability of online Wills. “Online Wills: Are they worth the paper they’re not written on” was authored by Simon Cox, co founder of Funeral Solution Expert, and explores the suitability of Wills which have been written using online services. The research explores three main types of online will writing […]
Read moreRecently, there has been a sharp increase in inheritance tax bills. In the UK, people paid £500m more in the first quarter of the 2021-22 tax year than the same period the previous year; in total they paid £2.1bn. However, there is a link between pensions and inheritance tax. Pensions almost always fall outside your […]
Read moreAccording to recent reports by private wealth law firm Boodle Hatfield, there was a record number of inheritance disputes in the UK high court last year. According to the firm, there were 192 cases brought by people who claimed they were entitled to a share or larger portion of a deceased’s estate in 2020, up […]
Read moreAccording to recent reports, the Trust Registration Service has extended the deadline to report trusts. It has also opened to non-taxable trusts to register. All relevant trusts that were in existence on or after 6th October 2020 must be registered by 1st September 2022. For trusts created after 1st September 2022, the person writing the […]
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