PROBATE AND TRUST PRACTICE: UPDATE ON THE BIG CHANGES

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This update will focus on 3 big private client practice developments due between Summer 2021 and January 2022. Whether you mainly supervise staff doing the detailed work, or do the processing yourself, what are the changes that will affect your practice?

• Probate applications – some big improvements to the much criticised digital process are coming from end June onwards; this talk will consider:
  • where we have now reached, what you can and can’t do online
  • the changes to allow different people to work on one file, and make “partners of the Firm” applications easier
  • some tips for making digital applications work better
• Inland Revenue accounts – the changes due for deaths from 1 Jan 2022, to cut substantial numbers of non-tax paying estates doing IHT forms:
  • With the potential end of the IHT 205, when do you still have to do an IHT 400?
  • What more is needed in the digital process, where more tax info may be needed?
  • What needs doing about changes in values after the application?
• Trust Register (TRS): non-taxable “registerable express trusts” – the new rules to put onto TRS, due to be fully implemented by September, including:
  • What guidance does the new TRS Manual, from HMRC, give us on how to understand the new rules and our obligations?
  • What do practitioners need to do with new and old files before Summer 2022?
  • How this relates to probate work, estate planning, joint ownership of property and wills & estates disputes

John Bunker has been in meetings with HMCTS on Probate, since April 2020, and with HMRC on the TRS Manual, advising on content, so can speak with some insight re what is happening.

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer