The rise of accidental inheritances

The Telegraph reports that so-called accidental inheritances are on the rise because people forget to check who benefits from their pension when they die. As they are mostly written into trust, pensions aren’t covered by wills and so forgetting to update pension forms can mean the wrong person receives part of the legacy. Pension consolidator Phoenix Group says three out of five people have not checked who the beneficiaries of their insurance policies are since setting them up, and one in five have benefited from an inheritance they never knew existed.

The Daily Telegraph, Money, Page: 3

New probate fees simply a revenue raising project

Katherine Denham looks at the implications of the Government’s proposed changes to probate fees. A new banded fee structure will see rates rise from a flat rate of £215 to between £250 and £6,000 depending on the size of the estate. Elizabeth Young, head of private client services at Roythornes, says: “This is such an enormous change of direction that it’s going to be extremely difficult for the public to swallow.” Ian Dyall, head of estate planning at Tilney, describes probate fees as a “stealth tax”, and says that the additional cost is purely a revenue raising project.

City AM, Page: 28