There is a key opportunity in the financial services industry as trillions of pounds are expected to be handed down from the rich to their children in the coming years. Independent financial advisers (IFAs) could more frequently be called upon for financial advice as heirs inherit large sums of money.
Our first blog post about the GDPR looked at what it is, how it impacts your business and shared some actionable steps for you to take. Now, our second article goes into more detail about data including what information the GDPR applies to, how data can be used for Marketing and three of the biggest changes which you need to act upon as soon as possible.
The first blog in this series identified the difference between probate and estate administration. It shared that probate actually just refers to the ‘Grant of Probate’ which is obtained before an executor or administrator starts to gather in the assets associated with an estate. And estate administration is much more than that, it is the process of dealing with a person’s legal and tax affairs after they have died and covers everything from bank accounts, belongings and property to debts, pensions and Inheritance Tax.
Our recent research paper, ‘Wealth Transfer in the UK: the continuing story of the inheritance’, provides new insights into an area of growing importance to the UK economy – intergenerational wealth transfers. It follows on from our first Inheritance Economy research paper, ‘Passing on the Pounds’, which identified that £5.5 trillion will pass between generations within the next 30 years. This amount of inheritance is unprecedented and raises both opportunities and threats for the financial services industry.
Both probate and estate administration are associated with handling an individual’s estate after they’ve died but they are defined differently and often misunderstood. When it comes to probate, it’s a widely used term but there’s a lot of confusion about what it means and what is included in the probate process. On the other hand, estate administration is much less commonly known and referred to, even though the term more accurately describes the process of dealing with a deceased person’s estate.
GDPR is certainly an important topic of conversation which shouldn’t be ignored. The new data regulations could result in tougher fines so now’s the time to get to grips with the GDPR. This blog post covers what it is, how it differs from the Data Protection Act, why you should pay attention and the first steps you can take towards being compliant.
Planning for the future means looking after your loved ones after you’ve gone and ensuring they get the full benefit of your legacy. The UK’s older generation has seen their wealth grow by 45%* in the last decade, resulting in more money being passed on as inheritance to the younger generation than ever before.