Only around half of UK adults have made a will, according to charity campaign Will Aid.
Solicitors welcome individuals who require mirror wills with their partner. As the name suggests, terms of mirror wills are identical but in reverse. Such wills usually make provision for everything to pass to the surviving partner. On the second death, the entire estate tends to pass to a third party, commonly their children.
The Financial Times recently reported that the annual amount of inheritance tax (IHT) collected by HMRC has risen above £5 billion for the first time. This surprising news shows how important it is for people to take professional advice when drawing up their estate plans to ensure they reduce their IHT liability as much as possible.
The 4th Anti-Money Laundering Directive took effect in the UK on Monday 26 June and introduces new procedures that must be followed when carrying out Anti-Money Laundering checks. The legislation has the effect of increasing the requirements for identification checks on trusts in particular and makes it a requirement that trusts are registered.