Category: Private Clients

Millions of Brits prepared to contest loved ones’ wills in court

Over 12.6 million people would be prepared to go to court to dispute a will of a family member if they disagreed with the division of their estate, according to Direct Line Life Insurance research.

Britons at a loss when it comes to property inheritance tax

The lack of awareness around inheritance tax (IHT) in the UK has increased in the last year, with half (50 per cent) of liable over 45-year-olds admitting to being unaware their main property could be subject to IHT.

Important: UK citizens need to be aware of lasting power of attorney

Lasting power of attorney (LPA) allows UK citizens to choose someone to act on their behalf in case they are incapacitated – whether it be through illness, an accident, or a lack of mental capacity – but only 14 per cent of people have set it up.

Potential probate rule changes could cause inheritance tax rush

A spike in the amount of inheritance tax (IHT) receipts is being predicted this year as bereaved family members move to complete their paperwork before potential changes to probate fees come into effect.

Thousands of grieving spouses are unnecessarily paying tax on inherited ISAs

As many as 150,000 married people that die each year are ISA holders, the Tax Incentivised Savings Association (TISA) have said.

Santander fined millions for probate failings

Santander has been fined more than £32 million for “serious failings” in its probate and bereavement process, the Financial Conduct Authority (FCA) has revealed.

5.4 million Britons ‘do not know where to start’ when it comes to writing a Will

A new study published this week suggests that a staggering 5.4 million UK adults are ‘completely perplexed’ by Wills and ‘would not know where to start’ if they wanted to write one.

Hundreds of thousands of Britons yet to claim LPA fee refunds

A Freedom of Information (FoI) request has revealed that hundreds of thousands of Britons who were previously overcharged for Lasting Power of Attorney (LPA) registration fees have not yet claimed the refunds they are entitled to.

Report calls for Government to revamp Inheritance Tax system

A new report has called for the Government to move to a new fully digital system for inheritance tax (IHT).

Plans to hike probate fees ‘resurrected’ by Justice Minister

Previously-shelved plans to increase probate fees have been ‘resurrected’ by the Government this week, but will have a slightly lesser impact on wealthy estates than was previously expected, it has emerged.