Probate fees are increasing and a new death tax is starting

Assured Wealth and Estate Planning guide to the increased fee level and how forward planning can mitigate the new fees

What is probate?

When someone dies, you need to obtain the legal right to deal with their property, money and possessions, and to do so you need a grant of representation, which is commonly known as ‘probate’.

When is probate not needed?

Usually you won’t need to apply for probate if the estate does not include land, property or shares, if it is passing to a surviving spouse or civil partner because it was held in joint names or if the estate is valued at less than £5,000. However, each financial institution has its own rules and may still require a grant of probate certificate.

The new fees will apply to all applications received by the probate service on or after the date it is introduced in April 2019, irrespective of the date of death.

What is happening to probate fees?

Protecting your assets with Trusts and effective Estate Planning

Most of the people within the UK (65%), do not have a valid will to enable them to leave their assets to the people they want to, when they die.  This leaves them vulnerable to having their: savings; investments; life insurance; pensions and property passed to bloodline family that they may not even know, or indeed like.

Divorce and pension sharing outcomes – How UK Law teams can improve their processes and client outcomes

Family Law teams – is your planning process costing your clients thousands of pounds in retirement?

 Xafinity D.B. transfer value index since 2016

Obtaining timely valuations on a client and their spouses final salary (Defined Benefit) scheme, is key to a good pension sharing outcome especially if the market valuation is about to fall, writes Mark Jones – Director of retirement services at Assured Wealth. 

Full and frank financial declarations upon divorce and the rise of crypto currencies – A growing problem for family law teams within the UK

Crypto currency and getting a fair divorce settlement for your client

When it comes to the courts in relation to the disclosure of marital assets, both parties have a duty to provide a full and frank disclosure. However, when it comes to cyber assets, if there is no evidence of cryptocurrency with either party, it could be very difficult to trace these highly volatile investments and their exact values. The problem exists when these assets are purchased directly and then moved offline. It could prove to be a very time consuming and costly task to forensically trace one parties offline investments, as they may have been moved offline soon after the trades has been placed.

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