Five big factors in the £1.27bn UK wills, probate and trusts market
Fragmented and largely unregulated, the UK wills, probate and trusts market was worth £1.27bn last year, but this is set to grow, according to market research company IRN Research.
Wills And Trusts
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Probate disputes to rise over ‘digital messages’
An unsent text accepted as a man’s dying wish in Australia could signal more disputes in the UK, after a Law Commission will consultation concludes in November.
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Dubai’s DIFC prepares to implement CRS and reform trust laws
The Dubai International Financial Centre is preparing new laws to implement the Common Reporting Standard (CRS), and to reform its rules surrounding trusts and foundations.
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Unsent text is last will says Australian court
An unsent text message has been accepted as an official will by an Australian court.
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Not all trusts need to register clarifies HMRC
HMRC has issued new guidance for users of its online trust registration service and confirmed the circumstances in which offshore trusts do not need to register.
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Offshore trusts hit by fresh anti-avoidance measures
Anti-avoidance measures targeting the tax treatment of payments and benefits from offshore trusts will make the use of such vehicles less appealing, says FPI’s Brendan Harper.
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Australia ramps up strategy to hit aggressive int’l tax plans
Australia’s tax avoidance taskforce has set out a new strategy to target aggressive international trust planning, having already raised over A$279m (£182m, €197m) over the last four years through its fight against “tax avoidance or evasion by privately owned and wealthy groups”.
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HMRC targets trusts used for tax planning with new register
HM Revenue & Customs has kickstarted a new beneficial ownership register targeting those who set up trusts to “generate tax consequences” in guidelines published on Tuesday.
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Woman loses £50m UK divorce case over ‘sham offshore trust’
A woman in the UK has lost a £50m (€56.7m, $63.2m) divorce court battle after failing to prove her millionaire husband’s offshore trust was a sham.
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Qrops Bureau launches estate planning service for advisers
Isle of Man-based The Qrops Bureau has launched a trust and estate planning service for financial advisers.
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Abu Dhabi creates will registry for expats
Abu Dhabi has created a new register of wills for non-Muslim expats living and working in the UAE, which may allow them to circumvent Sharia law when estate planning.
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Why disputes over wills are on the increase
It is difficult to open a newspaper these days without reading about disinherited relatives challenging the will of a loved one alongside reports of a rise in the number of diagnoses of dementia being made, says Gareth Ledsham, partner at law firm Russell-Cooke.